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.Exit strategies for first homes scheme

tbo127
Forumite Posts: 127
Forumite

So the previous government schemes - help to buy and shared ownership required exit strategies.
For help to buy, what you plan to do in 5 years when interest kicks in.
For shared ownership, whether your aim is to staircase to 100% or remain at a certain share then sell.
So what’s the exit strategy one needs to think about for the new first homes scheme.
0
Comments
-
tbo127 said:So the previous government schemes - help to buy and shared ownership required exit strategies.For help to buy, what you plan to do in 5 years when interest kicks in.For shared ownership, whether your aim is to staircase to 100% or remain at a certain share then sell.So what’s the exit strategy one needs to think about for the new first homes scheme.
If there is no-one who can be identified who qualifies to buy at the discount, then you can sell on the open market, but making a payment to the local authority equivalent to the discount percentage. (There is debate about whether you should be paying stamp duty land tax on that possible payment, as well as the discounted purchase price.)1 -
SDLT_Geek said:tbo127 said:So the previous government schemes - help to buy and shared ownership required exit strategies.For help to buy, what you plan to do in 5 years when interest kicks in.For shared ownership, whether your aim is to staircase to 100% or remain at a certain share then sell.So what’s the exit strategy one needs to think about for the new first homes scheme.
If there is no-one who can be identified who qualifies to buy at the discount, then you can sell on the open market, but making a payment to the local authority equivalent to the discount percentage. (There is debate about whether you should be paying stamp duty land tax on that possible payment, as well as the discounted purchase price.)0 -
tbo127 said:SDLT_Geek said:tbo127 said:So the previous government schemes - help to buy and shared ownership required exit strategies.For help to buy, what you plan to do in 5 years when interest kicks in.For shared ownership, whether your aim is to staircase to 100% or remain at a certain share then sell.So what’s the exit strategy one needs to think about for the new first homes scheme.
If there is no-one who can be identified who qualifies to buy at the discount, then you can sell on the open market, but making a payment to the local authority equivalent to the discount percentage. (There is debate about whether you should be paying stamp duty land tax on that possible payment, as well as the discounted purchase price.)0
Categories
- All Categories
- 338.8K Banking & Borrowing
- 248.6K Reduce Debt & Boost Income
- 447.5K Spending & Discounts
- 230.7K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 171K Life & Family
- 243.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards