£1 houses

Invitation for expressions of interest in £1 house scheme – Middleport

harperstreet

Expressions of interest in the Middleport £1 house scheme are now closed. Thank you to everybody who applied, the response was amazing. If you’ve applied we will be getting back to you shortly. If not feel free to use the form below to express your interest in any future schemes we may run.  None are available at the moment, but we do hope to run similar schemes in the future.  If you are interested, let us know and we will let you know if anything becomes available.  Here are the details of the Middleport scheme:

We are working in conjunction with Stoke City Council and local housing associations would like to offer people the opportunity to buy an ownership stake in a house for £1. The offer is for ten houses on Harper Street in the Middleport area of the city.

The offer is in many respects similar to other homesteading schemes that you may have read about including Stoke city council’s “houses for £1″ clusters scheme. But there are some important differences to both the scheme itself and the eligibility criteria for people wishing to apply.

The houses are next to the Middleport pottery, currently being renovated by the Princes Regeneration Trust and Port Street where all of the houses have recently been renovated. The houses are brick built two-bedroom terraced houses, built in approximately 1900. They are currently empty and require internal and external works before they are habitable.

Ten of the eleven houses in the terrace will be offered through this scheme, and all of the houses in the terrace will be renovated over the same period.

We are inviting expressions of interest in the scheme from people who meet the eligibility criteria.

Expressing interest does not commit you in any way, but we will invite people who submitted forms that met the criteria to formally apply at a later date.

 

The Scheme

  • £1 buys the applicant a 25% ownership stake in the house. (We estimate this stake will be worth approximately £15,000 at the point of sale)
  • The other 75% will be owned by a housing association, to whom the applicant will pay a below market rent of approximately £75 per week
  • Once work is complete the house must be the applicant’s sole home.
  • The house will be partly renovated by the housing association before the applicant buy’s the stake. This work will include all necessary structural work leaving the house weather tight and in excellent external condition. These works will be paid for by the housing association and will cost approximately £42,000 per house.
  • The applicant will need to carry out the rest of the renovation works to the house within 12 months. These works will include replacing bathroom and kitchen fittings, carrying out minor internal repair work and decorating. The finished house must, as a minimum, meet the decent homes standardmeaning the house must be warm and have reasonably modern facilities.
  • Once the applicant has lived in the house for a predetermined time they will have the right to buy part or all of the housing association’s stake at a pre-agreed price.
  • The offer is currently inviting expressions of interest. If there is sufficient interest in the scheme full applications will be invited at a later date.

 

Eligibility Criteria

  1. The applicant must have a right to reside permanently in the United Kingdom.
  2. The applicants, or if joint applicants, at least one of the applicants, must be currently working at least 16 hours per week and have been in continuous and secure employment or self-employment for the last 2 years.
  3. Applicants must have a gross income or a joint income of at least £18,000. Gross income is the income before taxes and deductions are taken out. This will be subject to a financial assessment.
  4. The applicant must demonstrate the ability to raise the finance and resources necessary to complete the refurbishment of the house.
  5. Applicants must intend and undertake to occupy the property as their main and principle home for a minimum period of at least five years.
  6. The applicant must agree to complete the renovation of the property to the Decent Homes Standard within 12 months of completing purchase of the property.
  7. The applicant must not own property (real estate), whether in Stoke-on-Trent or elsewhere.

 

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