Richardson Law
First Time Buyers Initiative
Housing solicitors in Leeds - Richardson & Co. Solicitors LLP
Richardson & Co LLP are a specialist law firm with considerable experience in social housing conveyancing.
What is First Time Buyers' Initiative?
This option is offered by private developers on selected new homes.
How does it work?
You buy a brand new home with a mortgage for a minimum of 50% of the market value of the property. The government then provides a shared equity loan to help you to buy up to the full purchase price. There are no interest charges for the first three years. After three years there is a fee of 1%, rising to a maximum of 3% after five years in the property.
What are my options after buying through First Time Buyers' Initiative?
You can buy additional shares at a later date until you own 100%. The cost of these is calculated on the current market value at the time that the additional shares are purchased.
If you wish to sell your property, the equity loan is repaid as a percentage of the market value at the time of sale.
