We operate a shared ownership scheme, which enables people to become homeowners.
We currently have 91 properties within the city, which were built for the sole purpose of shared ownership occupation.
What shared ownership is
Shared ownership is a part buy, part rent scheme that allows you to purchase a home that is affordable to you.
You purchase a share of the property and rent the remaining share from the council - making it cheaper than buying a property outright.
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.
You also need to be on the Homelink register.
If you are an existing council tenant, you need to apply for a transfer application via your housing officer.
New build sites
If you are interested in any of the newly built shared ownership and low cost housing schemes in Cambridge, you will need to contact Orbit First Step, who act as the zone agent for the local area. You can contact them on 03458 50 20 50 or visit them at their website www.orbitfirststep.org.uk.
This means that in order for you to receive details of available new-build properties, you must apply directly to Orbit First Step. You will still need to remain registered on the Homelink register as you need to be registered with the local authority.
Homebuy scheme
Orbit also operate a Homebuy scheme, which is a range of low cost home ownership and discounted market rent products developed to make home ownership more affordable and help you get a foot on the property ladder.
Orbit Homebuy Agents provide a one-stop shop service to people interested in Homebuy products within Bedfordshire and Cambridgeshire. Please visit their website at www.orbithomebuyagents.co.uk for more information.
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 the council.
Your home may be repossessed if you do not keep up repayments on your mortgage.
How much it costs
The cost of purchasing a home will vary, and the price will be detailed when a property is marketed.
Please remember that in addition to weekly rent payments, you will also have to pay your mortgage fees and household bills.
The figures in the table below only give an indication of the costs involved.
These figures were calculated in April 2010.
Property Size | 100% Valuation | Value of 50% Share |
Weekly Rent Payable
|
1 Bedroom House
| £138,000 | £69,000 | £27.00 |
2 Bedroom House
| £164,000 | £82,000 | £35.76 |
3 Bedroom House
| £200,000 | £100,000 | £38.64 |
Other costs relating to buying a home are legal fees and survey fees. You will also have to pay stamp duty, if the value of the property 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, please be aware that not all lenders will lend on a shared ownership lease.
Purchasing additional shares in the property
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.
Where the properties are
We have established shared-ownership properties in the following places:
- Callander Close — one-bedroom terraced house
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 457835
Leasehold Services
City Homes North
171 Arbury Road
Cambridge CB4 2YG
To apply for any of the new build properties in this area, please contact the zone agent, Orbit First Step direct at:
Telephone:
03458 502050
Website: www.orbitfirststep.org.uk
Orbit First Step
Garden Court
Harry Weston Road
Binley Business Park
Coventry
CV3 2SU
