Co-ownership of real estate in London: what is it?

#1. What co-ownership is. Common ownership is a scheme financed by the government and helping to buy housing for those who do it for the first time and under other circumstances could not afford a purchase. This scheme is implemented mainly by London housing associations.

# 2. How the circuit works. It involves partial purchase and partial rent. You buy a share of the property (usually pay 25-75% of the total cost) and then pay the rent for the remaining part.

# 3. Can you become the sole owner of the property? You have the right to purchase the remaining parts of the property when you can afford it. Additional shares are evaluated in accordance with the market value of your property at the moment.

#4. What types of housing can be shared ownership? Almost everything, from studio apartments to four-bedroom houses. There are different schemes in London.

#5. Who has the right for shared ownership. You need to have savings of at least £3 thousand and a family income of 71 thousand for one-room and two-room apartments, as well as income of at least £85 thousand for a three-room and four-room apartments.

# 6. Can you buy a big house? It depends on the income of your family.

# 7. How much is common ownership? Prices are tied to the market value of real estate. For example, to get a 25% share in a house with a cost of £250 thousand, you must pay £1094 a month (a mortgage is £447, a rent is £430, a maintenance fee is £125, and a municipal tax is £92) .

#8. Are there any restrictions? Most schemes have rules for pets, satellites and floor coverings. Also you must pay the rent on time. So nothing new.

Read other news here

Co_ownership real_estate London
If you notice an error, highlight the text you want and press Ctrl + Enter to report it to the editor
10 views in august
I recommend
No recommendations yet

Comments

Comments are designed to communicate and discuss the features of an enterprise or event, as well as to find out the interesting questions on it.

Society
Soaring rents are costing London families more than £300 extra a month compared with eight years ago, it was claimed today. One million private renters are having to find £3,600 a year more, costing households £3.8 billion. The scale of the squeeze was revealed in figures produced by Labour to support its policy of rent controls - writes standard.co.uk Shadow housing secretary John Healey said rent rises since 2010 have cost families in England and Wales a...
Society
In a first, shoppers in south London can now buy groceries in Sainsbury’s without going to the checkout or self-service scanner. By just using their phone, shoppers can skip the queue all together and scan what they need themselves in the Clapham North branch of the chain store. The supermarket is trialling a new scan, pay and go technology that will enable customers to buy products by scanning them on their smart phone. The trial is thought to be the firs...
Society
A parrot stuck on aLondon rooftreatedfirefighters who came to its aid this morning with a torrent of expletives, it is claimed. Officers from the London Fire Brigade were called to rescue Jessie the Macaw parrot, who had spent three days languishing on a neighbour's roof after escapingher home in Cuckoo Hall Lane, Edmonton. The firefighters were called amid concerns for Jessie's welfareafter owners and the RSPCAfailed to get her down. Inan effort to bond w...
Society
New fingerprint scanners are set to be rolled out across London, giving Met Police officers greater power than ever to identify members of the public in the street. A number of forces have used similar devices since 2012 but the UK's largest police force has developed its own technology , dropping the cost so it can roll out six times as many scanners in the field. The cheaper product means that 600 of the Met's 30,000 officers can run a suspect's fingerpr...
Society
Hundredsof fish have died inLondon rivers as the hot weatherconcentrates pollution in the water, environmentalists said today. The heat has caused extremely low water levels and depleted oxygen, which is crucial for marine life  - writes standard.co.uk The affected waterways includeBeverley Brook, which runs through Richmond Park , the Wandle in south-west London, and the River Lea and River Roding in the east. Images taken by the Moo Canoes clean-up team...
Incidents
'He would come up behind her and whisper in her ear as an excuse to get too close to her'. The girl, who was 16 when she started, was sexually harassed, intimidated and had her hours cut after she rejected her supervisor's advances. She was working 10 hours a week as a receptionist at Pizza Hut Delivery when she was targeted by Sultan Tanha - writes independent.co.uk Stratford employment tribunal in east London ruled he subjected her to "unjustified threat...
Society
A British holidaymaker has died following a suspected fight in a popular tourist resort on the Spanish island of Ibiza . The man, named by local police as 23-year-old Conor Lee, is thought to have died following an altercation with a group of men in San Antonio in the early hours of Sunday morning - writes independent.co.uk Police have now launched an investigation into the death of the man, who was understood to be staying at the Bergatin Hotel around 10...
Society
Rail commuters are being warned to expect a 3.5 per cent fare increase in 2019, which could see passengers on some longer distance routes paying up to £150 more each year for their travel. Exact fare rises will not be confirmed until the July Retail Prices Indexconsumer inflation measure is released by the Office for National Statistics on Wednesday. However, economists at both Investec and EY Item Club both forecast that the figure, which the Department f...
Society
There is no new money in thegovernment’s flagship £100mfund to eradicate rough sleeping within a decade, the housing secretary has admitted - writes independent.co.uk Charities had welcomed the fund as a significant step towards helping the estimated 4,751 people sleeping rough on English streets on any given night. But speaking on BBC Radio 4’s Today programme, James Brokenshire said the cash had been“reprioritised” from existing budgets in his department...