Mansfield District Council is helping people to get onto the housing ladder by offering five newly-renovated properties for shared ownership.
The council acquired the properties in Warsop and refurbished them to a high standard, thanks to £500,000 funding from the Homes and Communities Agency. The properties are valued at £70,000 and will be ready in the New Year.
All the properties will have been fully rewired and have a new boiler, mains fire alarm system, new doors and Upvc windows, carpets throughout, fitted kitchen with integral oven/hob and appliances and a P shaped bath with top of the range shower. All works come with a 12 month guarantee.
The Portfolio Holder for Tenancy Services and Housing Needs, Cllr Mick Colley recently approved the adoption of the Social HomeBuy policy, which sets out how Social HomeBuy will be operated within the district.
This is a shared ownership scheme that the Council is offering which aims to help its existing tenants who have a statutory Right to Buy, but are unable to afford the outright purchase of their home. The scheme allows tenants to buy a share of their home and pay a subsidised rent on the remainder. Tenants can then increase how much of the home they own by buying more shares until they own the property outright.
Mansfield Building Society is offering shared ownership mortgages for these properties, subject to the usual financial assessments. Sales and marketing manager Mike Taylor said: “Mansfield Building Society is delighted to be supporting the Council and the Mansfield District by helping to provide affordable housing solutions within the local community.”
Coun Mick Colley, Portfolio Holder for Tenancy Services and Special Housing Needs said: “These high quality properties in Warsop provide an excellent opportunity for people who wish to buy their own homes, but cannot afford to do so.
“The shared ownership scheme is more affordable than people think and gives our social tenants a range of financial options and flexibility, if they wish to get on the housing ladder. Tenants can choose how much of their property they wish to purchase and how much they wish to rent. This policy is part of the Council’s commitment to ensuring there is an adequate supply of good quality housing, which is accessible and affordable.”
If existing tenants would like more information they can contact Landlord Services on 01623 46741.