Buying property at auction isn’t just for those on television or for seasoned developers. Increasingly, it’s seen as a way to cut through the lengthy and occasionally convoluted buying process – and potentially secure a bargain if nobody else has spotted a property’s potential. Another plus is that once the deal is done, there is no danger of getting gazumped or the whole chain collapsing at the last minute. However, there are certain pitfalls to watch out for so it pays to be prepared and gather as much information in advance of the auction as possible. how to buy a…Read more..
Equity is how much value is left in your property, minus the amount still owing on any mortgage. So, for example, if your home is worth £150,000 and you still owe £50,000 on your mortgage, then you would have £100,000 of equity. Transfer of equity is a change in co-ownership so that this pot of money is either split or shared with somebody else – for reasons which we will discuss below. Why is a transfer of equity necessary? There are a number of reasons why home owners seek a transfer of equity, including: Separation or divorce when one party…Read more..
If you’re a council house tenant, then you may be eligible to apply to buy your home outright – and at an often-sizeable discount too. However, there are some factors to take into consideration (particularly if you come to sell on your property at a later date) so it’s important to seek legal advice before committing to a purchase. How does right to buy work? Under the current scheme, you can apply to buy your council property if: It’s your main residenceIt is self-contained and you do not share other rooms with somebody else (for example a bathroom or kitchen)…Read more..
In today’s market, it can be difficult to get a foothold on the property ladder. House prices have more than tripled since the late 1970s, and although salaries have also increased, wages have generally lagged behind in the ever-expanding housing bubble. The discrepancy means that more people are finding themselves in rented accommodation or looking for alternative ways to buy a home. Step forward, shared ownership. What is shared ownership? Shared ownership schemes are aimed at people who do not have enough income or savings to buy a property outright. Instead, would-be purchasers are allowed to buy a percentage of…Read more..