WEST END FARM – Shared Ownership Housing Development
Are you a first time buyer or used to own a home but cannot afford to buy one now?
East Riding of Yorkshire Council is developing 10 shared ownership dwellings targeted at local people from South Cave and the surrounding villages. The Council secured planning permission in February 2018 to build four 2 bedroom and six 3 bedroom houses in the village to be sold as shared ownership housing. Shared ownership schemes are a cross between buying and renting; aimed mainly at first-time buyers. You own a share of the property as small as 25% and then pay rent on the remainder to the Council at a reduced rate. It’s a way for people to become home owners who otherwise would be unable to afford to do so.
National eligibility criteria for shared ownership is fairly broad but because there is a Local Sales Policy in place for the development at West End Farm Close, the Council will prioritise purchasers in the following order:
(a) Normally resident in the Parish of South Cave or have a local connection by way of employment or family connections or are former residents; or if none
(b) Normally resident in the neighbouring parishes of North Cave, Newbald, Rowley, Ellerker, Broomfleet,, Newport and Hotham or have a local connection by way of employment or family connections or are former residents of the same; or if none
(c) Normally resident in Dale Ward or have a local connection by way of employment or family connections or are former residents; or if none
(d) Currently living or working in the East Riding of Yorkshire;
(e) Currently living in an area outside of the East Riding of Yorkshire.
Purchasers must also meet the national criteria for shared ownership. You should be eligible if:
- Your household earns less that £80,000 per year
- You are a first time buyer or used to own a home but cannot afford to buy one now
- Able to obtain a mortgage and/or savings for your share (deposits are typically 5-10% although may be higher in certain circumstances)
- Your income is sufficient to cover the mortgage (if applicable), rent and service charges
- Savings (or access to) £2,500 to cover the fees of buying your property plus the deposit.
- Have access to a minimum 5% depositHouseholds interested in shared ownership should visit the Government sponsored Help To Buy website https://www.helptobuyneyh.co.uk/ to find out more information. Here they will be able to complete the affordability calculator which will tell them the value of the property they can afford to buy (taking into account deposit, income and outgoings). If they wish to take their application further they will also be able to apply on-line. Potential purchasers are advised to apply as soon as possible so that they can be approved by the Help to Buy agent. Applicants should also register on the Council’s waiting list as this will help the Council to monitor demand for low cost home ownership and assess housing need. East Riding of Yorkshire Council will maintain updates on the development with the Parish Council. For regular updates visit the Parish Council website www.southcavepc.gov.uk