St Minver, Cornwall

A partnership experience with a Housing Association


St Minver CLT self build, on time and on budget

 The scheme at Dingles Way, Rock, was provided for St Minver CLT by Cornwall Rural Housing Association (CRHA). 12 self built part ownership bungalows were completed on budget and on time before Christmas 2008, paying the development loan back in full and on time as well. The construction cost of a large 3 bed bungalow with a garage was under £85,000. With 100% mortgages the self builders were able to meet most of the cost of construction with a modest top up from North Cornwall District Council at under £3,000 per unit. Project management was provided by Alan Fox at Cornwall Rural Housing Association (CRHA). A single Building Society provided all the Dingles Way mortgages using the ‘resale covenant’ model. If in future a householder may be threatened with repossession the CLT has a ‘pre-emption right’ which allows time for it to nominate a new purchaser. CRHA hopes to offer communities the Declaration of Trust Lease in future. Two further building societies will provide mortgages for future schemes, with 10% deposits (aprx £10,000) possibly required. Development loans were provided by Local Authorities and Charity Bank. St Minver phase 2 is now in for planning for 12 more homes, with 4 of these for rent via CRHA. Blisland CLT is due for completion at the end of this March 2009.

This project is part financed by the European Agriculture Fund for Rural Development: Europe Investing in Rural Areas with Defra as the Managing Authority.