Local Needs Housing
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 a Fixed Shared Equity Leasehold basis whereby the purchaser owns around a 76% share of the equity and pays a monthly rent (currently £37.39) in respect of the remaining percentage.
The development comprises 54 properties at Larkfield Road and Ramsey Road, Ely (off High Barns, between Ely Infants School and Larkfield Centre).
There are 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 two cars. However, over the years many properties have been updated by current owners.
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:-
(a) They must currently live in the parish i.e. Ely, Prickwillow, Chettisham, Stuntney, Queen Adelaide or Shippea Hill.
(b) They must work in the parish
(c) 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.
If you are unsure if you would meet the criteria for the scheme, please contact the Council. These conditions have been updated recently in the event of a property being in repossession by a lender enabling them to dispose of the property more freely. Further details are available on request.
At time of printing, the equity share value of 2 bedroom houses is in the region of £155,000-£170,000. Specific details including a Home Energy report, about an individual property for sale, should be obtained from the seller of the property when viewing.
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 with the purchase. Please be advised that the Council does now offer a mortgage protection clause. This will be added when a property is sold.
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 complete and return the enclosed application form. Once the application has been assessed, 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 seller then arranges for the property to be valued by 2 local estate agents. The property is then offered to prospective purchasers on the list who are in a position to purchase. They then make arrangements directly with the owner to view the property. Any offers are made to the owner and if accepted, confirmed in writing to the Council.
IF YOU REQUIRE ANY ADDITIONAL INFORMATION ABOUT THE SCHEME OR HAVE QUESTIONS ABOUT POINTS NOT COVERED ABOVE, PLEASE DO NOT HESITATE TO CONTACT:
City of Ely Council
TEL: 01353 661047
OPEN MONDAY TO FRIDAY 9.30AM – 2.30PM