Affordable housing in Mevagissey

Jan 2007 - Mevagissey Parish Council has given the go ahead for 14 council houses (rising to 40 in the future) to be built opposite Higher Lavorrick, Vicarage Hill, Mevagissey. This is a green field site, in a conservation area and a designated area of Outstanding Natural Beauty. 7 of the houses will be council houses for rent and 7 for shared ownership. Ocean Housing, Restormels social landlord for council houses, will be the developer. The proposed site is on Glebe land owned by the church and currently worked by a local farmer.

What is Rented Ownership?

Rented ownership is where the tenant pays a rent to Ocean Housing, ie council houses.

What is Shared Ownership?

With Shared Ownership, you can buy an initial share of the home of between 25% and 75%. A subsidised rent is paid to the Housing Association involved on the remainder. The share that you own can be increased over time until, in rural areas like Mevagissey, you can own up to 80% of the property.

Shared ownership costs
 

Below are some figures provided by Ocean Housing for an affordable development in Foxhole.
From Ocean, Mevagissey prices will probably start from about £650 per month.

Shared ownership costs are based on the market value of the property.

FOXHOLE
 

Market value of house

If you purchase 25% of the property


 
If you purchase 50% of the property

 

£143,500

Mortgage
Rent to Ocean
Total per month

Mortgage
Rent to Ocean
Total per month 

£234
£266
£500 

£467
£181
£648

Buying - Initial costs include, a survey, legal fees, deposit, stamp duty and removal costs. The home owner is also responsible for all bills and running costs. Running costs include mortgage repayments, rent, council tax, repairs, insurance and service charges, heating and lighting bills and water and sewerage charges, fittings and furniture. This and further information is available in the governments guide to shared ownership housing below.

To qualify for one of these affordable homes you should have lived or worked in the parish for 5 years or been born or brought up in the parish. If you would like to buy or rent an affordable home you will need to be able to prove that you would be unable to buy a suitable property on the open market.

Mevagissey already has affordable housing for the over 50's (one sold in 2007 for £95,000), and another 10 affordable properties are being built around the village on brown field sites. If there are not enough local people to buy/rent the planned houses on Vicarage Hill, they will be filled from people who are on Oceans social housing waiting list.

Shared ownership guide

The information on this page has been obtained from Restormel Borough Council, Ocean Housing and Mevagissey Parish Council.