This exciting new provision of low cost homes will give people who would not otherwise be able to afford an outright purchase the opportunity to buy a high quality new home.
The homes will be built by Norfolk Homes to our usual high standard and will be externally indistinguishable in style.
A Shared Ownership Property is when the buyer purchases a share in the property and the remaining share of the property is owned by a separate organisation. The buyer can purchase the initial share with the aid of a mortgage and upon completion is granted a 125 year lease on the property. During the course of that lease, the buyer does not have to pay any form of rent on the remaining share of the property. Where as many other forms of shared ownership require rent to be paid on the unowned share.
Please note: For Mortgage application purposes your financial adviser must apply for a shared ownership mortgage, stating rent is not payable.
If the buyer wants to sell the property, they are free to do so, but would only receive the market value of the share they own.
The buyer has the opportunity to purchase the remaining unowned share of the property, but only after a period of 5 years of owning the initial share. This is known as “staircasing”.
Norfolk Homes will be selling the shared ownership lease to the individual buyers and drafts of the leases have already been agreed with North Norfolk District Council, the owners of the remaining share of the property, in respect of both apartments and houses.
The Company’s Solicitors, will deal with the granting of the shared ownership leases to buyers and so will be issuing contract documents in the usual manner.
On the date of legal completion of the sale of the shared ownership lease to the buyer, completion of a transfer of the freehold of the property to North Norfolk will also take place. Therefore, whilst Norfolk Homes Ltd will be the landlord under the terms of the leases, North Norfolk will take over as landlord upon legal completion of the property. Under the terms of the agreement with North Norfolk, 14 days notice must be served on them of the date it is intended to complete the sale of the shared ownership lease. As a result, there will have to be a period of at least 14 days between exchange of contracts and legal completion.
Please refer to Eligibility Criteria form.
The shared equity leases are based very closely on the Housing and Communities Agency Model Shared Ownership Lease which have been approved by the Council of Mortgage Lenders. The lease will be for a term of 125 years at a peppercorn* rent.
Applicable only to the following home types:
75% Shared Equity: Fleming ‘A’ (Plots 71, 72 & 74).
85% Shared Equity: Babbage ‘A’ (Plots 76 & 77.
** For full details of exterior and construction finishes to specific plots at Park View, please ask our Sales Manager. The finishes form part of our planning permission and unfortunately may not be changed.
Every care has been taken to ensure the accuracy of this information, but the particulars, plans and prices do not form part of any contract and cannot be guaranteed. All homes are offered subject to contract. Norfolk Homes Limited reserves the right to alter plans and specifications without notice but endeavour to let customers know of material changes as soon as possible. Our commitment to update and improve our homes continuously and improve the designs of our homes may mean that some amendments may not yet be incorporated in these particulars. The very latest detailed plans and an update sheet are available on our website or on request. No person in the employment of Norfolk Homes Limited or their Selling Agents has the authority to make or give representation or warranty whatsoever in relation to our properties. Any prospective purchaser or person in any way interested in our properties should satisfy themselves by inspection or otherwise as to the correctness of each statement contained in these particulars.
(Last updated 7th December 2020)