New Build Rooms
Posted on 22nd November 2018
The issue may not be quite as bleak as first it sounds. Leaving aside the messy issue of Brexit; one of this current Government’s main commitments is to build new affordable housing. And build they are! We are currently living in new build BOOM! (Just thought I’d put some capitals in to distract from that terrifying figure I mentioned before!).
Many who are part of “Generation Rent” believe that they may never be able to afford their own home as month after month they pay a huge proportion of their rent to Landlord’s each month. This is a far cry from the previous generation when it seemed that every man, woman, dog and cat…. you get the gist…. owned their own home!
MG Legal, Solicitors in Lancaster, consider the options available to Generation Rent and what is being done to help First Time Buyers take the leap from renting to owning.
Help to Buy
MG Legal, specialist conveyancers in Manchester, are expects in dealing with Help to Buy purchases.
Equity Loan Schemes
Currently available until 2020; this option is available to First to Buyers and existing home owners who are looking to purchase a new build property under £600,000.00. Under this scheme you only need a 5% deposit to be eligible to borrow 20% of the purchase price for the first five years.
Right to Buy
Well established Solicitors in Longridge, Manchester, Preston and generally UK wide often struggle with this option due to the pressures of dealing with local councils however MG Legal are on hand. Right to Buy is an option for tenants across England and Wales who rent their home from the local Council. It allows certain tenants to purchase their home at a discount – depending on where you live and what you want to buy. Generally, you must have rented from the public sector for three years before you are eligible to apply for a Right to Buy.
Shared Ownership
You buy a bit and rent the other bit. No; this isn’t like when your sisters, boyfriend’s, cousin’s friend rented the spare room from your Aunty and used all of the shampoo and ate the good biscuits! No no no! This is where you can apply for a mortgage to pay for your share, which can be between a quarter and three-quarters of the home’s full value. You then pay a reduced rent on the share you don’t own. Later you can choose to buy a bigger share in the property up to 100% of its value.
Call, MG Legal, specialist Property solicitors in Lancaster and Garstang on 01995 602 129 or email enquiries@mglegal.co.uk to discuss buying your first home.
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Tagged as: Buyers, Conveyancing, Conveyancing Solicitors Preston, First Time Buyers, Garstang Solicitors, Lancashire Solicitors, Lancaster Law, Lancaster Property Law, Lancaster Solicitors, Law, Longridge, Property Advice, Property Law, Property Solicitors Preston, Purchase, Solicitors in Lancashire, Solicitors in Lancaster, Solicitors in Longridge, Your Local Solicitors
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