Shared Equity Housing Scheme
Local Needs Housing Scheme
Larkfield Road, Ely
Ramsey Road, Ely
The scheme was designed in order to meet the housing needs of local people who were unable to afford to purchase a home of their own in the commercial housing market. Properties are sold on an ‘Equity Share’ basis whereby the purchaser owns a 72 - 76% share of the equity and pays a nominal charge to cover rent and administration costs to the Council for the remainder. This has the effect of keeping the price of these properties considerably lower than similar properties in the commercial market.
Prospective purchasers should note that the Council will retain its share of the equity in perpetuity and it will not be possible now, or in the future, to purchase the Council’s share.
The development comprises 54 properties at Larkfield Road and Ramsey Road, Ely.(off High Barns , between Ely Infants School and Larkfield).
- 50 x 2 bedroom houses
- 2 x 3 bedroom houses
- 2 x 1 bedroom bungalows
When completed in 1992, each property had gas central heating, double glazing and a fully fitted kitchen. Each property has gardens to front and rear and allocated space for parking of 2 cars.
WHO CAN BUY?
As these properties are intended to meet the housing needs of local people, prospective purchasers will need to satisfy at least one of the following conditions ;
- They must currently live in the parish i.e. Ely, Prickwillow, Chettisham, Stuntney or Queen Adelaide.
- They must work in the parish
- They must have close relatives living in the parish.
Their income must be insufficient to enable them to purchase a home in the commercial housing market.
Applicants from outside the parish but living in East Cambridgeshire may also be considered, but priority will be given to applicants living in the parish.
At the time this information was posted on this site, the equity share value of 2 bedroom houses is in the region of £105,000 - £110,000.
Specific details about an individual property which is for sale should be obtained from the seller of the property when viewing.
You should bear in mind that house prices are subject to fluctuation and may rise or fall.
WHAT ABOUT A MORTGAGE?
Prospective purchasers are responsible for arranging the finance necessary to purchase a house and are advised to consult a bank or building society about their mortgage position before making an application to the Council. It should not be assumed that a mortgage for the full purchase price of a property will be offered and the balance of money required to make up the purchase price would need to be provided from another source. In addition there will be legal costs concerned will the purchase.
Prospective purchasers are advised to consider the implications of house purchase very carefully before committing themselves.
HOW THE SCHEME OPERATES
A waiting list of prospective purchasers is maintained by the Council. If you wish to apply to join the list you should download and complete the application form.
Use this link to download the application form for the Local needs Housing Scheme.
Once you have completed the form, please return it to:
City of Ely Council
72 Market Street
Cambs, CB7 4LS
After verification of the information you have supplied e.g. salary, you will be invited to attend an informal interview at which your application will be discussed and where you may wish to ask questions about the scheme etc. You will then be informed whether or not you have been accepted onto the waiting list.
HOW LONG WILL I WAIT FOR A HOME?
Existing owners of houses notify the Council when they wish to sell their properties. The property is then valued by an independent valuer and offered to the first person on the waiting list at the valuation price and , if accepted by the first person on the list, the sale proceeds in the normal way. Should the first person refuse the property, it is then offered to the second on the list, and so on until a buyer is found.
If you require any additional information or have any questions about the scheme, please contact the City of Ely Council tel: 01353 661016 or email email@example.com