The affordable homes are being sold at 60% of the current market value and will always be sold on this basis.
At the point of resale an owner will, only in perpetuity, own 60% of the market value at any time regardless of the sale price.
Stair-casing to own a 100% share is not an option with an affordable home.
A Section S106 agreement applies, therefore South West Help to Buy will process documents and assess clients based on their local connection to Lostwithiel as follows:
- The client has lived/worked in the Lostwithiel parish for 3 years, within the last 10 years. OR
- The client has lived in the Lostwithiel parish for the first 10 years of their 16 years in the area. OR
- The client was a resident at birth in the Lostwithiel parish and has a birth certificate to prove this.
Applications not meeting this criteria will be considered as follows:
From: October 22nd 2017 – clients from surrounding areas such as Lanlivery, Lanhyrdock, St Winnow, St Sampson may apply for an affordable home.
Then: Following a lapsed period of 90 days, 21st November 2017 onwards – clients anywhere in the Cornwall area may apply for an affordable home.
Then: From 21st December 2017 – clients anywhere in the UK, and may not necessarily need to meet a housing need or a local connection, may apply for an affordable home.
South West Help to Buy have advised that they will not approve any client who does not meet the above criteria until the relevant time has lapsed.
To reserve a plot a £1000 deposit is required, payable to Wombwell Homes, and a reservation form is to be completed which is held at the Brunel 2 Site Office in Lostwithiel.