We operate a shared ownership housing scheme, to help people purchase a home a that is affordable to them.
Shared ownership is a part buy, part rent scheme - you purchase a share of the property and rent the remaining share from the us, making it cheaper than buying a property outright.
We currently have 94 properties within the city, which were built for the sole purpose of shared ownership occupation.
Who is eligible to buy?
To qualify for our shared ownership scheme, you need to be a first time buyer and either living or working within Cambridge city. You also need to be on the housing needs register. If you are an existing council tenant, you need to apply for a transfer application via your housing officer.
In some cases the we will nominate applicants to housing association properties. However, from 1 April 2006, the government has changed the way in which shared ownership applications are dealt with. Most newly built shared ownership accomodation will be allocated through a local 'homebuy agent', called Keyhomes East.
This means that in order for you to receive details of available new-build properties, you must apply directly to Keyhomes East. You will still need to remain registered on our shared ownership register, as well as the our housing needs register. This is because some developments and resales will not be dealt with by Keyhomes East and we will still be asked to check the eligibility of applicants being considered for housing.
How much you can purchase
In the majority of cases, you would initially purchase a 50% share in the property.
You would need to fund the purchase of 50% (you may need to obtain a mortgage) and pay a weekly rent on the share still owned by us.
Please note that your home may be repossessed if you do not keep up repayments on your mortgage.
Additional shares
Once you have lived in your property for a while, you may want to purchase further shares, to increase the percentage you own. This is called 'staircasing'.
You can staircase up to 100% ownership.
As you purchase further shares, your weekly rent will decrease.
How much it costs
The cost of purchasing a home will vary, and the price will be detailed when a property is marketed.
The figures in the table below, only give an indication of the costs involved. Please remember that in addition to the weekly rent payments, you will also have to pay your mortgage fees and household bills.
| Property size | 100% valuation | Value of 50% share | Weekly rent payable |
|---|---|---|---|
| 1 bedroom house | £135,000 | £67,500 | £24.38 |
| 2 bedroom house | £172,000 | £86,000 | £32.37 |
| 3 bedroom house | £200,000 | £100,000 | £36.15 |
Other costs relating to buying a home are legal fees and survey fees. You will also have to pay Stamp Duty, if the cost of your share amounts to more than £125,000.
You would be responsible for all repairs and maintenance to the property.
We do not operate our own mortgage scheme and therefore you will need to approach a bank or building society to obtain a mortgage offer. It is advisable that you shop around for the best deal, however, be aware that not all lenders will lend on a shared ownership lease.
How to apply
If you are interested in this scheme and would like an application pack or would like any further information, please contact the leasehold services team:
Email leasehold.services@cambridge.gov.uk
Telephone 01223
457827
Leasehold Services
City Homes North
171 Arbury Road
Cambridge CB4 2YG
To apply to the Zone Agent please contact:
Keyhomes East c/o BPHA
Pilgrims House
Horne Lane
Bedford
MK40 1NY
Telephone 0845 456 6757
www.keyhomes-east.org.uk