chunk89
Member
Registered: 16th May 07
Location: Huddersfield
User status: Offline
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two of my freinds are living in one of these newly built. i dont really get what it is? he said that the goverment pay for some of the flat and you pay the other part. how much do they pay? and when u sell your flat do you have to split the money with them? if so how much extra you have to pay them? any info would be great thanks
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MikeE
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Registered: 7th Mar 03
Location: Milton Keynes
User status: Offline
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i thought they payed some of the legal fee's and stamp duty
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John
Member
Registered: 30th Jun 03
User status: Offline
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They own a certain percentage of it, you pay them a bit of rent, when you sell it they get that percentage back.
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chunk89
Member
Registered: 16th May 07
Location: Huddersfield
User status: Offline
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whats the percentage ruffly? and do it make your monthly repayments on a mortgauge cheaper?
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Matt L
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Registered: 17th Apr 06
User status: Offline
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my cousins bought one of the new ones by the gas works in hanley, not sure if its bought through the same way but the governemt effevtivly give him 40k towards it 100k altogether (but was kinda of a offer type thing going on at the time) so not sure if this is the case all the time.
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chunk89
Member
Registered: 16th May 07
Location: Huddersfield
User status: Offline
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but the property is his? and when he comes to sell it you pay back what the government gave u plus whatever intrest rate the charge am i right?
Matt L you might no the flats im on about just off from fezz by eutria just started buildin new ones. and also how do i get more info on this or apply for it?
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Matt L
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Registered: 17th Apr 06
User status: Offline
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yeh he has to pay them back if he sells not sure if its plus interest or not though.
and best thing to do is find out who they belong too/whos building them and see what they say. id imagine they would already have like a show home type thing there as thats the first thing most places do.
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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AFAIK You mortgage say 50% and then pay rent on 50% to the govt. They will also cover some or all of your legal fees (depending on who and where etc). However there are strict things you have to agree to, such as annual checks you might not necessarily have done (or would do yourself, say boiler inspections if you are a plumber), decorating inside the place, basically still under most rental T&C's even though you own half of it.
I think you can mortgage more and more as you can afford it, so decreasing your rent but upping your mortgage payments. When you come to sell, you pay the government the % they own in the %/% agreements + a certain amount agreed before you move in.
However, I could just be talking gobbledeegook (sp) so dont take it as gospel
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