Home: Our Homes: Low Cost Home Ownership
Low Cost Home Ownership
Low cost home ownership (LCHO), which is sometimes referred to as shared ownership or part-rent, part-buy, offers those eligible the opportunity to purchase part of their home and begin building their own equity.
First-time homebuyers are often shut out of the high-priced housing market, and yet they play an important role in the successful running of the local community. At Colne, we are actively developing low cost housing available to first-time buyers earning less than £28,900-a-year who live or work in Colchester and who don't earn enough to buy a home on the open market.
The range of schemes is wide and varies greatly depending on personal circumstances, the area in which the applicant lives and/or works and employment status. We have developed two types of low cost home ownership:
Housing for rent
Rents are set at around 80% of the equivalent market rent. Accommodation is granted on an assured shorthold tenancy basis.
"Shared Equity" Home Ownership
The homeowner buys a share in the property (typically 70%) and owns that share in perpetuity. When they sell the property, they get the same % of the profits from the sale.
For more information on low cost home ownership, details of the properties available or to receive an application form, please visit Colne Solutions or contact us on 01206 244700.
