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Joshua
Joshua, Lawyer
Category: UK Property Law
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Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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hi i have been looking at this site easy home ownership.co.uk

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hi i have been looking at this site easy home ownership.co.uk and am interested in the property listed as three bedroom detached house in sydenham ref 7451 could you please tell me if buying a property using this easy home ownership is legal as the site and listing is a little contratictory.as there are so many scams i dont want to part with my money if i dont get a house at the end of it!!if this is all perfectly legal i would also need all the details explained to me
Submitted: 2 years ago.
Category: UK Property Law
Expert:  Joshua replied 2 years ago.
Welcome to JustAnswer! If you've any queries once you've read my answer do ask. When satisfied, kindly click the Green ACCEPT button.

Such schemes can be a useful way of getting on the housing ladder however you usually end up paying more for the property because the company concerned want a percentage on the return of the money they lend which is usually higher than commercial lenders.

I must say though I don't much like this website. I cannot find any contact details for them though it is possible I have missed them. The website is light on the terms they propose. There is a company of the same name incorporated at Companies House but it was only incorporated in May of this year. The company has no mention of its FSA registration number which is is required to have to operate in this field.

Before dealing with them further, ask them for their full contact details, FSA registration number and precise details of the terms and a quote for the breakdown of charges and interest due. If they try to encourage you to hand over money at an early stage walk away because you should not be handing over any money until they have given you full disclosure of the proposal and the above information and you would need a solicitor to be involved to act for you in the matter.

I do not say they definitely are scammers but the website is not good and lacks the detail I would expect to see from a company offering this service and they seem quite keen to talk about your handing over "getting started money"
Customer: replied 2 years ago.
thankyou for your reply we asked these questions because we had the same misgivings about the website you mentioned that there are schemes like this how would i go about finding ones that are ligitimate and would you recommend any thankyou
Expert:  Joshua replied 2 years ago.
There are three government back schemes. The schemes are known collectively as HomeBuy and are split into 3 separate initiatives:
  • New Build HomeBuy Where you purchase a percentage of your home from a Housing Association.
  • Open Market HomeBuy Where the government gives a low interest loan to help you meet the cost of your house.
  • Social HomeBuy Where social housing tenants are assisted in buying their own home on a shared ownership basis with the help of a government loan.

There is also a private scheme called rent2buy. http://residentialholdings.co.uk/. With this you agree to a fixed, 6-year lease and to take over maintenance of the property. In return for your commitment and work you receive 6% of any increase to the property's value on an annual basis. Additionally, you may sign an 'option to purchase' contract at the outset of your tenancy. This contract gives you the right to buy, from the end of the third year until the end of the sixth year of your tenancy, at a discount of 36% of the growth in property value. You do not have to buy and you can exit your lease with one month's written notice after you have lived there for six months. It is not the same as shared ownership but at least you are getting a small return on the money you pay as rent.

 

Finally some developers run their own schemes. Crest Nicholson for example does so. This is to try to sell houses and so they can offer good terms sometimes.

Joshua, Lawyer
Category: UK Property Law
Satisfied Customers: 24527
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
Joshua and 5 other UK Property Law Specialists are ready to help you
Expert:  Joshua replied 2 years ago.
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