With house prices continually on an upward trajectory, it can be a good idea to take advantage of government schemes to help those who don’t have enough money of their own to buy a house. These government schemes change over time, and so it can help to have a mortgage solicitor in London who can offer guidance on the latest terms and criteria for eligibility for each scheme.
Saracens Solicitors, a leading law firm in London’s West End, has a great deal of experience in this aspect of home buying. Let’s take a look at some of the schemes:
This is a great scheme for people who cannot get a mortgage for the full amount of their home. It allows them to take advantage of shared ownership of a home, usually in conjunction with a housing authority or local council. You buy a portion of the house and pay rent on the rest. You can choose to increase the percentage of ownership over time until you own the whole property. As the percentage of your ownership and mortgage goes up, your rent decreases. This option is called staircasing.
If you choose Saracens Solicitors as your mortgage solicitor in London, we can guide you through the process of acquiring a share in your property, advise on the terms of your lease, such as any service charges you may have to pay and how your agreement will affect your monthly outgoings.
Right to Buy
The Right to Buy scheme is aimed at giving council tenants a chance to get onto the property ladder, and to start building an asset for themselves and families. It gives them a chance to purchase the property that they are living, often at much cheaper rates than the market value. In fact, outside London, tenants could pay as much as £78,600 less for their home, and in London, it could be up to £104,900 less.
A mortgage solicitor in London can help you access the scheme and get a mortgage. Most people who access this scheme will never have bought a house before, and having someone to help and keep them well-informed can take a lot of the stress out of the process.