Low cost home ownership for purchase
Cheshire East is committed to helping local people secure their own homes who might not otherwise be able to afford a property at the full market value
What properties are available?
There are a variety of affordable homes currently available across Cheshire East, including new developments and low cost discounted re-sales.
For a list of low cost homes for sale visit Cheshire Homechoice 'Homes to Buy Page'.
How do I apply for low cost home ownership?
If you would like to apply for relevant types of affordable housing you need to:
Discount for Sale affordable homes - contact the Low Cost home ownership Advisor email@example.com or phone 01270 685647
Shared Ownership new build properties and re-sales - contact Help to Buy North West for further information by visiting www.helptobuynw.org.uk or calling 0300 790 0570. Help to Buy North West is the agent appointed by the Government to provide access to Help to Buy and Shared Ownership products in the Cheshire East area.
What is affordable housing for purchase and how does it work?
There are several types of affordable housing for purchase available:
Discount for sale
Properties are offered for sale to eligible purchasers at a discounted price of the full market value. For example, a £100,000 house with a 25% discount would be offered to eligible applicants for £75,000. This is not a shared ownership scheme and even though there is a discount on the sale price, the purchaser still owns 100% of the property. When you want to sell the property, you must do so on the same terms, which means you must sell it with the same level of discount you received and to someone who meets the criteria for affordable housing.
Shared Ownership is available to help people to gain home ownership even though they cannot afford to purchase a property outright.
A developer will sell the affordable properties to a Registered Provider (RP), who then sells a percentage (25% - 75%) of the property to you. As well as any mortgage you take out, you will also pay rent to the RSL on the remaining percentage. In some cases, if a high percentage is bought at the initial stage, you may not have to pay rent. You would usually be able to buy further shares in the property from the RP – this is called “staircasing”.
In many cases it may be possible to staircase to 100% and own the property outright; however, on certain sites (especially in rural areas) staircasing may be restricted, for example to 80% ownership. This way, the RP retains ownership of a small percentage of the property, to ensure that the property continues to be available as affordable housing for the next buyer when you move on.
Our Strategic Housing Customer Charter and Strategy and Development service standards tell you what you can expect from our service.