Low Cost Home Ownership Scheme
Our low cost home ownership scheme helps first time buyers get onto the property ladder through a shared equity scheme.
How the Assisted Home Ownership scheme works
The scheme offers newly built properties on a shared equity or shared ownership basis. The properties are made available by private sector house builders on specific housing developments in Cardiff.
This usually means that a successful applicant will finance the greater share of the property through a mortgage and personal savings, and CCHA will finance the lesser share.
The exact share available to own will depend on the criteria of the property offered under the scheme, but this will typically be 70%. As this is a shared equity arrangement you won’t have to pay rent on the share that you do not own.
You will repay the share you don’t own when you sell the property or buy it outright. This will be based on the current market value at the time.
Usually the scheme runs on the shared equity model but occasionally an ownership opportunity becomes available. This differs from the shared equity in that the successful applicant would pay a discounted rent on the percentage of the property that they do not own. This allows you to buy further shares (known as ‘staircasing’). This means you could achieve 100% ownership depending on the terms of the lease.
Some properties will become available when existing owners who have bought through the scheme decide to sell. We refer to these as resales.
If you bought through the scheme and now wish to sell your property, you must let CCHA know first so that Cardiff Council can find a buyer from the list of applicants on the scheme.
If we are unable to find a buyer for your property within a given time, you are free to sell your property on the open market and repay CCHA the agreed share of the purchase price.
To check your eligibility and register for the scheme, please visit the Cardiff Council website
For more information on these properties please click here , contact Cardiff Council on 029 2053 7366 or email LCHO@Cardiff.gov.uk to arrange a viewing.
(100% Price – £115,000) 62.478% Purchase Price £71,849.70
Available for sale is this modern 1st floor one bedroom apartment in Harrowby Street, Cardiff Bay
SOLD SUBJECT TO CONTRACT
(100% Price – £120,000) 70% Purchase Price £84,000
Available for sale is this modern 1st floor one bedroom apartment in The Granary, Magretian Place, Cardiff Bay
SOLD SUBJECT TO CONTRACT
Please email Cardiff Council at LCHO@cardiff.gov.uk to arrange an appointment, or
(100% Price – £134,000) 70.496% Purchase Price £94,464.64
Available for sale is this modern 5th floor, two bedroom apartment in Aquila House, Cardiff Bay
Viewings will be taking place on Friday, 27th between 4-7 pm and closing date for Applications is 5pm on 10 December 2020.
Please email Cardiff Council at LCHO@cardiff.gov.uk to arrange an appointment.
(100% Price – £132,000) 70.496% Purchase Price £93,054.72
Available for sale is this modern light and airy 4th floor, two bedroom corner apartment in Aquila House, Cardiff Bay.
Viewings will be by appointment only. Please email Cardiff Council at LCHO@cardiff.gov.uk and deadline for applications is 5pm on 8th December 2020.