Part of Cottam Hall development A group of new homes that were earmarked for a shared ownership scheme in the Preston suburbs could be switched to a differe
A group of new homes that were earmarked for a shared ownership scheme in the Preston suburbs could be switched to a different type of purchasing arrangement – designed for first-time buyers – after they failed to attract any takers.The nine properties in Cottam have been “extensively marketed” since last summer, according to the housing association responsible for them – and have even had their prices reduced – but remain unsold.
Over time, the part-owners can increase their share and will see a corresponding reduction in their rental payments. That is achieved by cutting the rent payable on the property, usually 20 per cent below the market rate. The money that would have been spent on rent can then be saved to fund the deposit at a later date.
To be eligible for rent-to-buy, a prospective purchaser must be a first-time buyer, in full or part-time employment and in a position to pay the discounted rent and save at the same time. A person may also be able to rent-to-buy if they are returning to home ownership following a relationship breakdown.
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