Aspen criteria at Augustus Fields
16th May 2024
What is a Discount for Sale property?
These are properties on housing developments that are sold by the developer initially with a discount from the open market value which remains with the property through all subsequent sales.
This is not a shared ownership scheme and even though there is a discount on the sale price, the purchaser still owns 100% of the property.
When you want to sell the property, you must do so on the same terms, which means you must sell it with the same level of discount you received and to someone who meets the eligibility criteria.
Who can apply for these properties?
This scheme is for people whose income is not enough to enable them to buy a property to meet their needs on the open market, but enough to buy a property at a discounted price.
Am I eligible to apply?
Applicants for these properties must satisfy the eligibility criteria which includes the following:
Local connection:
- A resident within the Cheadle area for a minimum of 6 months.
- A person who can demonstrate a local connection or who has a family association within the Cheadle area.
- Persons with employment in the Cheadle area.
The Cheadle area is defined as towns, villages and immediately surrounding areas in the Staffordshire Moorlands District comprising of Cheadle, Alton, Blythe Bridge, Boundary, Caverswall, Checkley, Cookshill, Cotton, Dilhorne, Draycott, Forsbrook, Foxt, Hollington, Kingsley, Froghall, Kingsley Holt, Kingsley Moor, Lower Tean, Oakamoor, Swinscoe, Tean, Whiston and Hulme.
Financial criteria:
- Maximum household income of £80k.
- Unable to purchase a home suitable for your needs without assistance.
- Savings must not exceed 30% of the discounted property price.
There are strict rules associated with the properties and who is eligible to purchase them. In summary the selection criteria is as follows:
- Local connection.
- Financial circumstances.
- Housing need.
- Household size eligibility.
If you purchase a discounted property under this scheme, you will be bound by a legal agreement which means that if you decide to sell your property, you will be required to contact the local authority first to agree the open market value of your property. You will then be bound to sell your property at 70% of the agreed open market value and to someone meeting the selection criteria set.
Should you require any further information or to arrange an appointment please do not hesitate to contact Anita on 07793 325 976 at Augustus Fields, Cheadle, Stoke-on-Trent or pop down and visit us. We are open 11am – 5pm, Thursday – Monday.