Buying a Property
What is Low Cost Home Ownership/Shared Ownership?
Low Cost Home Ownership, previously known as Shared Ownership, allows you to buy a share of a property (usually 50%, although can be 25%) from a housing association and pay rent for the remainder. Your monthly outgoings will include repayments on any mortgage you have taken out, plus rent on the part of the property retained by the housing association. Later, when you can afford it, you can increase your share until you own the whole property. The purchase of further shares is based on the current market value of the property, whether it has gone up or down.
Does the Association have any Low Cost Home Ownership Schemes?
The Association provides two types of low cost home ownership for people who may not be able to afford to purchase a property out right – leasehold for the elderly and shared ownership.
There are leasehold schemes for the elderly located in Hoveton and New Costessey. Applicants buy the full lease at a subsidised 70% of market value. This is not shared ownership housing and no rent is therefore payable for the discounted 30%. A service charge is, however, payable as a full repairs service is provided along with buildings insurance, communal gardening and services of a residential part-time caretaker. For further information about leasehold schemes for the elderly please contact the Association on 01603 731699 or complete this form
The Association has shared ownership schemes in several locations in and around Norwich, in Pulham St Mary, near Diss and at Terrington St Clement, near king’s Lynn.
Periodically existing shared owners decide to move and sell their share. If you wish to be considered for future sales, please contact Orbit First Step www.orbit.org.uk/ofs to complete an application to register your interest in shared ownership.
Can I buy my property?
Almost all of the Association’s properties are exempt from the Right to Buy Scheme. A small number of properties built in very recent years have the Right to Acquire. Qualifying residents are eligible to buy their property at a set discount, currently £9000 in Norwich. To find out if your property qualifies and for further information on the Right to Acquire scheme please contact your Housing Officer on 01603 731699.