Available government support to home ownership Flashcards

1
Q

What is right to buy?

A

it is a scheme created to allow individuals to purchase their council owned homes

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2
Q

how long do you need to rent from the government to be applicable for the right to buy scheme?

A

you need to have rented the same occupancy for at least 3 years

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3
Q

what discount is allowed on properties through the right to buy scheme?

A

Between 35% and 70%

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4
Q

what is the name given to the process of purchasing more shares of a home in the Shared ownership scheme?

A

Staircasing

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5
Q

What is the Shared ownership scheme?

A

it is when you purchase a % of your property, typically between 25% and 75%, and then pay rent on the remainder

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6
Q

What were the requirements for the Shared Ownership scheme?

A

To qualify, you typically need to have a household income below a certain threshold, be a first-time buyer, or be unable to afford full ownership on the open market

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7
Q

When did the help to buy scheme end?

A

2016

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8
Q

What was the maximum property value in the Help to buy scheme

A

£600,000

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9
Q

What does LISA stand for?

A

Lifetime Individual Savings Account

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10
Q

What is the age range for opening a LISA?

A

18-39

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11
Q

What is the maximum property price for a home bought through a LISA

A

£450,000

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12
Q
A
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