We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Purchase House using Key workers scheme would like to know Pro/Cons
bloydie
Posts: 23 Forumite
Hey,
Not too sure if this the right sort of post to make in this forum. If not then can a mod please remove.
Hi,
I was seeking some advice for my g/f regarding purchasing a house though the Key Workers scheme. She is a teacher and has been for a number of years. She currently lives at home so she would be a first time buyer. I just have a few questions so i can get a better picture before she gets to sit down and talk to an advisor.
My understanding of it is that she will possibly only 50% and the government own 50%. If house prices rise and she sells, she obviously only gets half the amount.
I have put some questions together to try and work out the Pro/Cons. If there is anything that I should be aware of that somebody learnt from personal experiences I would appreciate it.
Thanks for your time
1.When you sell the property do you pay any penalties? If there are penalities are there time limits?
2.If you were to change profession 5-10yrs down the line, I would assume you would have to purchase the shared half or sell the house?
3.Does it normally work 50/50 or 70/30?
4.Are there specific key worker homes or can you pick any property?
5.Do you have to pay anything for the other half that you do not own? i.e. some kind of rent. If you do, is this worked out by a percentage of the amount that is owned by the government?
6. Can you build extensions on a Key Worker house?
Any tips / advice would be very much appreciated.
Not too sure if this the right sort of post to make in this forum. If not then can a mod please remove.
Hi,
I was seeking some advice for my g/f regarding purchasing a house though the Key Workers scheme. She is a teacher and has been for a number of years. She currently lives at home so she would be a first time buyer. I just have a few questions so i can get a better picture before she gets to sit down and talk to an advisor.
My understanding of it is that she will possibly only 50% and the government own 50%. If house prices rise and she sells, she obviously only gets half the amount.
I have put some questions together to try and work out the Pro/Cons. If there is anything that I should be aware of that somebody learnt from personal experiences I would appreciate it.
Thanks for your time
1.When you sell the property do you pay any penalties? If there are penalities are there time limits?
2.If you were to change profession 5-10yrs down the line, I would assume you would have to purchase the shared half or sell the house?
3.Does it normally work 50/50 or 70/30?
4.Are there specific key worker homes or can you pick any property?
5.Do you have to pay anything for the other half that you do not own? i.e. some kind of rent. If you do, is this worked out by a percentage of the amount that is owned by the government?
6. Can you build extensions on a Key Worker house?
Any tips / advice would be very much appreciated.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards