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 91 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. You also need to be on the Home-Link 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 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 Home-Link register as you need to be registered with the local authority.
Homebuy scheme
Orbit also operates 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 provides a one-stop shop service to people interested in any of the 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 us.
Please note that 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.
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.
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, be aware that not all lenders will lend on a shared ownership lease.
Purchasing additional shares in your 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 a number of established shared ownership properties in the following places:
- Banff Close – two-bedroom houses
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:
Orbit First Step
Garden Court
Harry Weston Road
Binley Business Park
Coventry CV3 2SU
Telephone
0345 8502 050
www.orbitfirststep.org.uk
