Affordable housing

TheJP

Star978 said:

user1977 said:

DullGreyGuy said:

Star978 said:

So I used a scheme to purchase my first house called Discount of value market. However it is classed as affordable housing, why is this? 

Does this mean it’s council? Even tho I have a full mortgage on it

Or is it simple because it’s a government scheme 

The other name for it is Council Shared Equity, you own 80% council owns 20% but unlike other shared ownership schemes you dont pay rent on it. When you want to move on you sell your 80% to someone else and the council retains their 20% 

I don't think the scheme the OP is talking about involves the council at all (other than the planners having imposed the condition).

I don’t think the scheme I’ve used is council owned either because surely I would’ve been informed this before ?? 

What's the overriding question you are asking? Are you planning on selling? Do you feel you have been misled?

Star978

TheJP said:

Star978 said:

user1977 said:

DullGreyGuy said:

Star978 said:

So I used a scheme to purchase my first house called Discount of value market. However it is classed as affordable housing, why is this? 

Does this mean it’s council? Even tho I have a full mortgage on it

Or is it simple because it’s a government scheme 

The other name for it is Council Shared Equity, you own 80% council owns 20% but unlike other shared ownership schemes you dont pay rent on it. When you want to move on you sell your 80% to someone else and the council retains their 20% 

I don't think the scheme the OP is talking about involves the council at all (other than the planners having imposed the condition).

I don’t think the scheme I’ve used is council owned either because surely I would’ve been informed this before ?? 

What's the overriding question you are asking? Are you planning on selling? Do you feel you have been misled?

I was asking what’s classed as affordable and was this scheme classed as it due to it being a government scheme 

Sarahspangles

Star978 said:

So I used a scheme to purchase my first house called Discount of value market. However it is classed as affordable housing, why is this? 

Does this mean it’s council? Even tho I have a full mortgage on it

Or is it simple because it’s a government scheme 

It’s affordable housing because that’s what it is, the developer has to ensure a certain proportion of the properties are less expensive. They can either build some smaller houses within a development or discount a few houses, effectively they offset the loss of profit on these with the larger profit that is unlocked by being able to develop the rest of an estate. It’s affordable for the next buyer(s) too.

user1977

Star978 said:

TheJP said:

Star978 said:

user1977 said:

DullGreyGuy said:

Star978 said:

So I used a scheme to purchase my first house called Discount of value market. However it is classed as affordable housing, why is this? 

Does this mean it’s council? Even tho I have a full mortgage on it

Or is it simple because it’s a government scheme 

The other name for it is Council Shared Equity, you own 80% council owns 20% but unlike other shared ownership schemes you dont pay rent on it. When you want to move on you sell your 80% to someone else and the council retains their 20% 

I don't think the scheme the OP is talking about involves the council at all (other than the planners having imposed the condition).

I don’t think the scheme I’ve used is council owned either because surely I would’ve been informed this before ?? 

What's the overriding question you are asking? Are you planning on selling? Do you feel you have been misled?

I was asking what’s classed as affordable and was this scheme classed as it due to it being a government scheme 

I'm not sure that it is necessarily "a government scheme" that you bought under, but it is a method of making the price lower than the full market value of the property, so yes it's an affordable housing scheme.

TheJP

user1977 said:

Star978 said:

TheJP said:

Star978 said:

user1977 said:

DullGreyGuy said:

Star978 said:

So I used a scheme to purchase my first house called Discount of value market. However it is classed as affordable housing, why is this? 

Does this mean it’s council? Even tho I have a full mortgage on it

Or is it simple because it’s a government scheme 

The other name for it is Council Shared Equity, you own 80% council owns 20% but unlike other shared ownership schemes you dont pay rent on it. When you want to move on you sell your 80% to someone else and the council retains their 20% 

I don't think the scheme the OP is talking about involves the council at all (other than the planners having imposed the condition).

I don’t think the scheme I’ve used is council owned either because surely I would’ve been informed this before ?? 

What's the overriding question you are asking? Are you planning on selling? Do you feel you have been misled?

I was asking what’s classed as affordable and was this scheme classed as it due to it being a government scheme 

I'm not sure that it is necessarily "a government scheme" that you bought under, but it is a method of making the price lower than the full market value of the property, so yes it's an affordable housing scheme.

I think its part of the planning process via the local government that X amount of houses in the development are affordable housing, some will be the 20% discount and some will be shared ownership with said local government. Technically it is a government scheme in some form.  

TheJP

Star978 said:

TheJP said:

Star978 said:

user1977 said:

DullGreyGuy said:

Star978 said:

So I used a scheme to purchase my first house called Discount of value market. However it is classed as affordable housing, why is this? 

Does this mean it’s council? Even tho I have a full mortgage on it

Or is it simple because it’s a government scheme 

The other name for it is Council Shared Equity, you own 80% council owns 20% but unlike other shared ownership schemes you dont pay rent on it. When you want to move on you sell your 80% to someone else and the council retains their 20% 

I don't think the scheme the OP is talking about involves the council at all (other than the planners having imposed the condition).

I don’t think the scheme I’ve used is council owned either because surely I would’ve been informed this before ?? 

What's the overriding question you are asking? Are you planning on selling? Do you feel you have been misled?

I was asking what’s classed as affordable and was this scheme classed as it due to it being a government scheme 

I get that but surely when you bought it at 80% of the value you knew it was some type of affordable housing. My question is, is there any particular reason why you are asking if its classed as affordable housing?

blueskies1985

Yes it’s affordable housing with 20% owned by government/council. Did you not check all this when you bought it? Does it really matter what it is you got lucky and were able to buy a house you wouldn’t normally be able to afford to buy. 

Murphybear

I’ve always thought the term “affordable” is a bit misleading.  

Every property is affordable for someone, including the gorgeous big detached houses near us where they rarely go for less than £1m (and its miles from London and the South East).