The United Kingdom’s government is dedicated to creating more home ownership. This goal has spawned a few scheme to help people with different backgrounds, low-income and disabilities. Shared ownership is one of those programmes that help individuals with low income to own a portion of the house which is between 25-75% of the total property. […]
There is nothing better than having a little assistance when buying property. Property prices in the UK are very high and are still rising. These properties have become more and more unavailable to new buyers especially those from the low-income category. These prospective buyers have had to put up with tenanted properties or live with […]
Owning a home in the Home in the United Kingdom is harder year after year. A buyer will have to save up a huge sum of money to even think about purchasing a home. A recent Halifax study in 2016 shows the average price needed for the first time is £400,000. That is not going […]
House prices are extreme considering an average person’s income in the United Kingdom. Moreover, most people resort to getting a huge mortgage to pay for their new home. Although this the norm, considering a joint investment with a friend to buy a home can be an alternative to being chased by mortgage arrears. Buying a […]
Shared ownership enables low-income earners to get homes at reduces prices. All they have to do is pay between 25% to 75% of the price of the house. The rest of the cost of the house is catered for by a financial institution. The buyer must then pay a rent to the financial institution with which he enters […]
The biggest question on the minds of most first time buyers considering shared ownership scheme is what is shared ownership houses. The reason behind this question is that shared ownership houses are cheap to buy and are at the same time rented. A buyer pays a portion of the price of the house and rents […]
The UK government has come up with various home ownership schemes that enable low-income earners to own homes. One such scheme is the part buy part rent scheme. This system is also known as shared ownership scheme. Part buy part rent involves paying a percentage of the cost of a house, with the balance of […]
Transfer of equity refers to the process where property ownership is transferred from one owner to the other. For example, if a couple with dual ownership are separating then the number of ownership is changed. Similarly, when couples get married the ownership may change to dual ownership. Solicitors are rarely involved in property transaction because […]
Due to exorbitant house prices in the UK, real estate agents have come up with various schemes to enable people to own property. One of these is the cohabitation agreement. Cohabitation agreement allows two individuals who are not married to share ownership of property. It is a legally binding agreement and is recognised law. Its […]
Shared ownership occurs when a buyer purchases a stake in a property while paying rent on the rest of the share of the property. The buyer must meet eligibility criteria for shared ownership. Eligibility criteria include a household income of no more than £60,000, a first time home owner, or a homeowner who cannot buy […]
Solicitors