LOW COST HOME OWNERSHIP
The Association's 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 outright – leasehold for the elderly and shared ownership.
Leasehold for the Elderly
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 612927 or download this form.
Shared Ownership
The Association has shared ownership schemes in several locations in and around Norwich, and in Pulham St Mary, near Diss. However, the Association has closed its Shared Ownership waiting list. We now seek nominations for any Shared Ownership vacancies from Orbit First Step www.orbit.org.uk/ofs
The decision was taken due to a number of contributing factors. Firstly, we have not developed any new shared ownership housing since 1997. Vacancies usually occur when an existing shared owner decides to assign the lease. The Association has only 37 such properties in management and, as such vacancies are extremely rare.
The number of enquires received and applications made are wholly disproportionate to the levels of Shared Ownership stock managed, and we feel we are raising expectations that we will be able to make an offer of housing, when this is, in fact, extremely unlikely.
We believe that the Association can provide a fairer and more consistent service if we use a central list provided by an organisation such as Orbit First Step for any future vacancies. This is entirely in keeping with the principles by which we allocate our rented stock.
Right To Buy/Acquire Scheme
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 £9,000 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 612927.