Wealden District Council is offering local people the chance to own a home of their own through a shared ownership scheme for new developments in Crowborough and Polegate.
Cllr Roy Cade explained to Tony Williams the outline of the scheme:
From summer 2020, the Council will have 2 two-bedroom homes at Woodpecker View, Jarvis Brook, and 3 three-bedroom homes at Woodland View, Polegate, available for shared ownership.
“Shared ownership provides people on low incomes the opportunity to own part of a new home,” said Councillor Ray Cade, Wealden Cabinet member for Housing. “They may be first time buyers or people who currently do not own a home. Over time, they can buy further shares in their home to secure outright ownership or sell their share. It can provide an effective way to help people working locally to move on to the housing ladder.”
Shared ownership can work out cheaper than renting a property, as you will be paying a mortgage on only part of the property, and renting from Wealden District Council on the remaining share. The share of the property you will be buying could be between 25% and 75% of the new home. You will have to put down a deposit of around 5% on the value of the share you buy, and your joint household income should be less than £80,000. As the Council will be your landlord, it is able to offer rents at below market rates.
The new homes at Woodpecker View are among the first new homes commissioned by the Council’s separate housing development arm, Sussex Weald Homes, in Crowborough. Both the Woodpecker View and Woodland View properties included turfed back gardens, fitted kitchen with fridge–freezer and washing machine and carpets.
You can find out more about Wealden District Council’s shared ownership scheme, and register your interest on the Affordable Home Ownership page of the Wealden website.