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.

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