Shared ownership of property in the UK
If for some 100% of the home mortgage is not available for financial reasons, the British program “Help to Buy”: “Shared ownership” allows you to buy a share of the house (from 25% to 75% of the cost of the house) and pay a rental fee on the remaining share . Later you can buy the rest of the share.
You can buy a house through “Help to Buy”: “Shared ownership” in England if:
the family earns 80,000 pounds a year or less outside London, or £ 90,000 per year or less in London;
Housing is bought for the first time, or the former owner of the building can not afford to buy it now or the existing general owner wants to move.
With the help of “Help to Buy”: “Shared ownership” you can buy a newly built or existing home through resale programs from housing associations. You need to take a mortgage to pay your share of the purchase price of a house, or to finance it at the expense of your own savings. Shared ownership properties are always leasehold.
Under the general scheme, there are several options for housing: ownership of a maximum of 75% of the value of the real estate. If in this case, the owner wants to make any changes (repairs) in the apartment, he will have to agree with the housing association.
Owning 100% of real estate. Such property is less in the market. In the case of ownership of 100% of the property, the owner has the right to sell it.
Priority to other groups will be given to servicemen through state-owned shared ownership schemes. However, local councils with their own housing programs with partial ownership may have some priority groups based on local needs in housing.
For the purchase of a one-room apartment, the priority is given to single people without children.
In case of purchase of two-room apartments, priority is given to married couples or joint applicants.
It is also a priority when the person is renting an apartment and working in the same area.
People with Disabilities: The HOLD Housing Assistance Center can help you to buy any house that is sold on a shared ownership basis if the applicant has a long-term disability.
You can only apply for HOLD if the properties available through other homeownership schemes do not meet the needs of people with disabilities, for example, if you need ownership on the ground floor.
Older people can get help from another housing scheme called “Older People’s Shared Ownership” if the person is aged 55 or over.
It works in the same way as the general Shared Ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you won’t have to pay rent on the remaining share.
Affordable Housing Program in Ukraine
Today, according to the State Fund for Youth Housing Development (SFfYHD), the “Affordable Housing” program can be used by citizens (families):
– persons who are registered as requiring improvement of living conditions;
– persons who do not have the right to own property for residential property (excluding housing located in the temporarily occupied territory);
– persons who own residential real estate with an area of no more than 13,65 square meters. m
The average monthly aggregate monetary income of these categories of citizens and their family members per one person shall not exceed 5 times the average monthly salary in the corresponding region calculated according to the State Statistics Service.
The amount of state support for the purchase of housing is:
– 30% for citizens who need improvement of living conditions;
– 50% for citizens affected by the action of pp. 19 and 20 parts of Article 6, paragraphs. 10-14 Part II, Article 7, and Paragraphs 4, 6, 8, Clause 1 of Article 10 of the Law of Ukraine “On the Status of War Veterans, Guarantees of Their Social Protection”;
– 50% for internally displaced persons.
The amount of state support to citizens is calculated taking into account:
area – 21 sq. m of the total living space per person + 10.5 square meters. m per family;
no more than the maximum value of 1 sq. m of the total housing area for the settlement according to the location of the dwelling.
Then it is necessary to pick up corresponding documents in SFfYHD.
The final stage is the choice of the apartment from the List of housing objects (defined by the Interdepartmental Commission of the Ministry of Regional Development, Construction and Housing and Communal Services (Minregion) according to the place of registration/residence of the participant of the program.
After that, it is necessary to sign an agreement with the regional department of the SFfYHD.
The final stage is the choice of the apartment from the List of Housing Objects (defined by the Interdepartmental Commission of the Minregion) according to the place of registration/residence of the program participant.
After that, it is necessary to sign an agreement with the regional department of the State Fund for Youth Housing Development.
To be continued!