Low Cost Home Ownership
Low Cost Home Ownership(LCHO) / Assisted Purchase
MVMP wants to keep communities together and has created relocation packages to facilitate this. Three of the settlements, Warsop Vale, Pleasley and The Royal Estate, Warsop, involve demolition of some or all of the owner occupied properties. For some owners, it is important for them to stay situated in the same settlement. Alternative properties in terms of refurbished retained houses will be offered where possible. However, in the Royal Estate this will not be possible as the whole site is to be redeveloped. In Pleasley opportunities may be limited or not suitable. To meet this need MVMP has developed a LCHO / Assisted Purchase model.
For owner occupiers the
main issue that has been identified is that
the value of existing homes will be below the value of homes on the new
development which means that the homeowner may have to find a
substantial sum of money to bridge the gap to enable them to remain in
the same area.
For this reason an Assisted Purchase model has been developed which, put simply, provides financial assistance to enable such owners to acquire new homes within the new development. Further details and information regarding the qualifying criteria can be obtained by contacting us. For further details of the LCHO / Assisted Purchase scheme please contact the MVMP office.
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