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Bridport Co-Housing Properties

 

In 2008 a group of local people in Bridport, Dorset, got together to design a cohousing neighbourhood focusing on ‘affordable homes for local people'.

Designed to be affordable, high quality, energy efficient, climate resilient and nature friendly, Hazelmead will be managed by the community itself. Car-free streets will provide safe space for children to play. The Common House and outdoor areas will give opportunities for socialising, companionship and mutual support.

 

Property Availability: 

We have six 1 bedroom flats available at £175,000 as shared ownership properties through the Help to Buy Scheme.

The minimum share is 25%, so the minimum you can personally purchase is 25% of the overall price, depending on your income and savings, allowing for a lower deposit up front. 

For more information on the properties that are available, please click here.

 

 

Eligibility:

You could buy a home within the Bridport Community if:

  • Your household earns £80,000 a year or less or £90,000 a year or less in London 
  • You are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move
  • You have a connection to the local area
  • You become a member of the Bridport Co-Housing Group

For more information on becoming a member of Bridport Co-Housing, please click here or contact the Group directly on 07907 993 587.

 

 

What is Shared Ownership?

Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property. 

The purchaser pays a mortgage on the share they own, and pays rent to a housing association on the remaining share. Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is usually a lot lower when compared to the amount that would be required when purchasing outright. 

The purchaser has the option to increase their share during their time in the property via a process known as staircasing and in most cases can staircase all the way to 100%. In this instance, the shared owner will no longer pay any rent, just their mortgage along with any service charges and ground rent. 

 

 

Start your journey to shared ownership:

  1. Login or register with a Help to Buy Agent for the South before you can express interest in these properties (subject to eligibility). Register your interest here
  2. Express your interest in the Hazelmead properties here
  3. Become an ‘Active member’ of Bridport Co-Housing here  
  4. Reserve the property: If you've been successful, you’ll receive a reservation form to complete and there will be a £500 reservation fee to secure your new home
  5. Solicitors: To progress to the next step, you will need a solicitor with experience in dealing with shared ownership purchases. If you need help in finding a solicitor, please contact us for some suggestions.
  6. Mortgage: To progress to the next step, you will need an independent financial assessment from a Mortgage Advisor. If you need help finding a Mortgage Advisor, please contact us for some suggestions
  7. Exchange: Once all documentation has been received, you will exchange contracts. You will sign a contract to buy the home, and we will sign another to sell it to you. Your solicitor will ask you to pay your deposit. On exchanging contracts, the date for completion (when you become the owner of your new home) will be agreed. This is normally one or two weeks from exchange, or if your house is still being built we’ll keep you up to date with its progress. 
  8. Move in: Congratulations – you will now be able to enter your new home!