How to Join and Finance
To join the project now, each member/household needs to buy £5,000 worth of shares and to fully pay for your chosen plot. See Plot Costs for details. Membership is self-selecting – this may seem radical, but it works. You must agree with the principles of cohousing. You will then be part of the development company. Most of the design work has been completed over the last year, however there still may be a chance to make some final changes to your internal layout. Choosing a building plot is on a first come first served basis. Members will exchange contracts with the development company and legally complete the purchase when the buildings are finished – expected to be summer 2001. We have a group price for this legal work of £320 plus expenses per member including acting for the lender if necessary. Although you can of course use another lawyer or DIY but you will have to pay the Company lawyer a small amount for their extra work.
Most existing members have obtained increased mortgages or sold their houses and rented in order to pay for their plot. The second stage is actually paying for the building of your cohouse. If possible we encourage members to pre-pay as much as possible, for which you will receive a discount of 2% p.a. pro-rata. The Cohousing Company can lend you the outstanding amount during the building phase. This will cost 5% p.a. paid on the full amount in equal monthly payments. We borrow this money from the bank at a similar rate of interest.
Members will need to pay in full for their finished houses/flats either in cash or by getting a mortgage when building work is complete. This means paying back to the Cohousing Company any money they have borrowed. Mortgages should be arranged in principle as soon as possible, so they will be ready in time for completion. There are many lenders who are prepared to give mortgages for these amazing houses/flats. Contact firstname.lastname@example.org if you need help with this or use a mortgage broker such as John Charcol on 0800 718191. Lenders who have expressed an interest are the Ecology Building Society Tel 0845 6745566 and Stroud & Swindon Building Society on 0800 616112.