Quick flat advert question

rsatd · 13 Jan 2009 at 12:49

Was walking to work today and saw a flat, what matters is that one of the points on listed was "90% ownership" that got me curios, as I was running out of time I carried on going to work, but what exactly does that mean in a context of a flat for sale?

Thanks in advance.

Voltar · 13 Jan 2009 at 12:51

Is it leasehold? Perhaps only 90% of the lease remains?

No idea, so I'll wait for an informed poster to come along

GinG · 13 Jan 2009 at 12:51

Basically it means that you only own 90% of the flat, its to do with affordable housing. You then pay a land rent on the extra 10%.

When it comes to sell, obviously you will only get 90% of the sale.

I think its a great idea for 1st time buyers, I have been looking into it myself. Quite a few are doing 70% ownership.

Quite simple really

rsatd · 13 Jan 2009 at 12:57

Ah that explains it, thanks.

Voltar · 13 Jan 2009 at 12:58

Nice explanation, I've learned something new today thanks to you

Abraham · 13 Jan 2009 at 13:10

look up shared ownership for a lot more information and schemes, there's quite a lot of government backed ones, some are great deals, some are pretty poor

Glaucus · 13 Jan 2009 at 13:52

GinG said:
When it comes to sell, obviously you will only get 90%-70% of the sale.

P

Unless the house price falls. You don't have to pay it back, if the sale price is the same or lower than the portion you paid.

poosemon · 13 Jan 2009 at 14:01

some down here are running at 30-40% ownership!