Moving to London is a big step so you want to be prepared. Whether you’re looking at shared ownership West London or something more central like Tower Hamlets, settling down in the centre is an exciting investment for anyone. So before you make your move ensure that you’re in the know when it comes to housing schemes and different ways to get on the property ladder without the hassle.
Besides the newer ways to get your hands on some good properties, you can rely on older, and reliable methods too. The primary one being real estate agents. When you try Finlay Brewer and other such agents, you could come across some fine, and wonderfully maintained houses and apartments. Of course, the location of properties that you want would be subject to the different agents you approach. In addition, you can establish communication with local real estate managers who will notify you about the properties you can find on sale, both residential and commercial, if any.
Newer investors, however, may want some quick and affordable ways to make the most out of the properties they purchase. So, given below is a list of ways they can do precisely that:
This scheme has grown in popularity in London for quite sometime now. With the shiny new developments, wide range of areas to choose from and affordability, make sure to not miss this government scheme if London is your chosen habitat. Shared Ownership London allows you to part-buy, part-rent your home without sharing with anyone. You basically buy a share in your property and pay a subsidised rent on the remaining portion of the property. You also only pay a deposit on the portion you wish to buy so this could really save you when it comes to saving for that deposit. And until the end of June you pay absolutely no stamp duty on the property up to a value of 500,000 so there’s definitely reason to be quick. These homes are also all brand new or refurbished listed buildings from Victorian Villas to spacious mill apartments. Shared ownership is available right across the London area from Shared Ownership Acton in West London to shared ownership Croydon. With the vast range of choice, shared ownership is something to consider when buying a property in the capital.
Help to Buy
This scheme is definitely worth looking into if you have your heart set on London. Help to buy allows you to take out a government equity loan of 40% of the value of the property in London. This loan has absolutely no interest fee for the first 5 years of your living there and takes a big chunk off your mortgage to really take the pressure off. While the scheme offers a 20% equity loan outside of London, buying a home under the scheme within the city is a great idea through Help to Buy. Not only do you get a no interest loan for 5 years but you also only have to put down a 5% deposit on the property you love. With Help to Buy you own the entire property and simply pay off your equity loan when you can afford it, when you move house or after the term is over which can be 20 years or more. With this scheme you only need to get a mortgage for 55% of the property value so those interest payments will feel a lot less of a burden. And with plenty of property portals like Keaze.co.uk, offering the scheme, the process is quick and simple.
Stamp Duty Holiday
For prospective homebuyers, it’s crucial to keep an eye on a significant date this year: June 31st. This is when the current stamp duty holiday comes to an end. Stamp duty is a tax levied on the purchase of property, and the amount varies based on the property’s value. However, up until the end of June, the UK government has implemented a temporary hold on stamp duty land tax. This means that if you’re purchasing a home valued at up to £500,000, you won’t be required to pay any stamp duty. This can result in substantial savings, potentially up to £15,000, depending on the property’s value. Therefore, it’s a critical consideration for those planning to buy a home before the June deadline.
It’s also worth noting that for those dealing with substantial property purchases, such as a £1 million-pound mortgage, services like “Stamp duty on 1 million pound mortgage by LDN Finance” may offer expert guidance and financial solutions to navigate stamp duty and other financial aspects effectively. The end of the stamp duty holiday emphasizes the importance of making informed decisions before the deadline approaches.
In conclusion, the London property market is a dynamic and competitive arena that offers both opportunities and challenges for prospective buyers and investors. To make the most of this market, it’s essential to stay informed about the latest trends, seek professional guidance when necessary, and consider various factors such as location, budget, and long-term goals.
Whether you’re looking for a new home, an investment property, or a place to settle in this vibrant city, understanding the nuances of the London property market can help you make well-informed decisions and secure your foothold in this exciting real estate landscape. With the right approach and knowledge, you can navigate the London property market successfully and enjoy the benefits it has to offer.
So whether you’re looking at Shared Ownership West Drayton or Help to Buy in Shoreditch, get to know your options and you could find yourself a much better deal than you may think.