PURCHASING A HOUSE Flashcards
What is an RSLandlord?
Otherwise known as Housing Association is
•Independant
•Non profit
What is SOCIAL HOUSING?
= Affordable homes provided by council & housing associations
•Government funded to build properties
•Allocated through points system then bidding process
What is a HOUSING TENURE?
= Type of property being lived in
What is a PRIVATE LANDLORD?
Owns a property which they rent out to make money from it
•Easier to access
•Tenancy agreements (6 months min)
Why is CONVENTIONAL HOME PURCHASE expensive?
- Deposit
- Legal fees
- Stamp duty
- Land tax
- Searches & Surveys
What is a MORTGAGE?
=A loan from a bank or building society used to buy a home
•Interest only
•Repayment
What are the different types of LOW COST HOME OWNERSHIP?
- New build home buy scheme
- Social home buy scheme
- Open market home buy scheme
What are low cost home ownerships ASSESSED ON?
- Personal circumstances
- Employment statuS
- Links to location
- Where they live
What is a NEW BUILD HOME BUY scheme?
Government funded shared ownership opportunity.
- Buy share of property & pay rent on rest
What is a SOCIAL HOME BUY scheme?
Local council offers tenants of 2+ years chance to buy their house.
- SOCIAL HOUSING TENANTS can buy a share or whole of their home
What is an OPEN MARKET HOME BUY scheme?
=Access to equity loan that will run alongside normal mortgage
What is SHELTERED ACCOMMODATION?
When those who are no longer able to live alone they can live in a Warrener area with alarms etc - purchase or rental
What is SHELTERED ACCOMMODATION?
When those who are no longer able to live alone they can live in a Warrener area with alarms etc - purchase or rental
