Affordable Home Ownership Schemes
At Cooklaw Solicitors, we provide fixed fee conveyancing services for clients purchasing properties with an Affordable Home Ownership Scheme. We also act for clients who are selling their properties that they bought with one of these schemes.
For a free quote, call us on 0191 567 7244 and we’ll be happy to help you.
What is Reduced Market Value?
The Reduced Market Value (RMV, and sometimes referred to as Discount Market Value) Scheme allows clients to buy a new build property at a discounted price. This discount can vary but is usually between 20-30% of the full property value.
Clients using this scheme should be aware that when the time comes for them to sell the property, they only receive the same percentage of its current value back, thus allowing the home to remain affordable to others.
What is First Homes Scheme?
If you are a first-time buyer, you may be able to purchase a home for 30-50% less than its market value under the First Homes Scheme
To be eligible for this scheme you must be:
18 or older
A first-time buyer
Able to get a mortgage for at least half the price of the home
Buying the home as part of a household where total income is no more than £80,000
Some local councils may have their own eligibility criteria in order for you to qualify for this scheme.
Selling a Help to Buy Property
Sometimes schemes can be discontinued, such as the government’s Help to Buy scheme which finished in March 2023. If you purchased your home using this scheme, it now might be time for your five year no-repayment period to be over. This time can potentially be very daunting, and you may not know where to begin to discuss the repayment of your Help to Buy loan.
If you are considering remortgaging to pay off your Help to Buy loan, or if indeed you have saved up to pay this off with cash, our dedicated team of solicitors can ensure that this is done swiftly and professionally for you.
Why choose us?
Much like RMV, First Homes Scheme involves dealing with further paperwork to a standard transaction. This may appear more complex and daunting, but our specialist solicitors are trained to navigate you through the journey of purchasing a property under one of these schemes.
You can rest assured that if you make us aware that you will be purchasing using any of these schemes then our quote will include a fixed fee for dealing with the paperwork associated with these schemes. This means that there are no nasty surprises or surplus charges to emerge throughout the transaction and you can rest assured that you are in safe hands as we do the work.
You still need a conveyancing solicitor to help you with the legal aspect of the transaction.
Get a free, no obligation quote from our Help to Buy conveyancing solicitors. Call us on 0191 567 7244 and we’ll be happy to help you.