Shared ownership – your guide to getting on the property ladder from Latimer, the developer behind York’s The Cocoa Works
Latimer (the developer behind The Cocoa Works in York, itself offering a high proportion of affordable properties with shared ownership) has compiled a guide to help you explore this option for the first time.
Step by step to shared ownership
Buying any property can be a confusing process, so to add clarity, Latimer has provided a step-by-step guide to taking advantage of the shared ownership scheme.
Eligibility: Check the eligibility criteria on the developer’s website and also gov.uk/shared-ownership-scheme to ensure you qualify. This can include age, household income, credit score and ensuring you have enough money to cover your deposit.
Financial Assessment: Complete a financial assessment with an independent mortgage advisor to ensure you can afford your desired property and the maximum share you can purchase.
Book an appointment: Once you’ve found your perfect home and location, book an appointment online or call one of Latimer’s sales advisers who can help answer any questions along the way.
Fill in a reservation form: Once you’re ready to make the move you’ll complete a reservation form and pay a reservation deposit, which is deducted from your full deposit. This takes the property off the market.
Solicitors: You'll need to use either your own solicitor or one of Latimer’s own recommend solicitors who will work on the legal conveyancing process and help check your lease whilst also working with your mortgage lender. All of Latimer’s solicitors carry out searches, anti-money laundering checks and ensure that paperwork and mortgage are in place to complete the purchase.
Completion: Once Latimer has reviewed your application (including financial assessment and mortgage offer) and all is approved, you'll receive an official offer letter. Once this is signed you are the legal owner of the property, and you’ll receive a completion date which includes the date you can officially move into your dream property.
Shared ownership at The Cocoa Works
Latimer offers a high proportion of affordable homes available through shared ownership, including at the Cocoa Works, the transformed former Rowntree’s factory on Haxby Road in York.
Named in honour of its rich history and the iconic confectionary brands that were produced there throughout the 20th century, this development forms an exciting new community made up of 279 studio, one, two and three-bedroom apartments.
The Cocoa Works is notable for the high proportion of affordable homes it brings to York, as 84 apartments (30 per cent of the development’s total) are available through shared ownership.
Buyers looking to make the move to Yorkshire and own a part of York’s history can do so with a deposit of just £3,550 for a one-bedroom apartment (based on a minimum 35% share).
The typical asking rent price in York is £1,100 per calendar month compared to Latimer’s shared ownership scheme where outgoings could be as little as £834 a month for a one-bedroom apartment. This means that The Cocoa Works could have savings of up to £266 per month.
The Cocoa Works also comes equipped with the same lower running costs featured in new-build homes thanks to its latest technologies, fixtures and fittings.
To learn more about The Cocoa Works, and the affordable routes to owning an apartment there, can visit thecocoa-works.com for more information, or call 01904 390301.