What is the sting in the tail with the new no deposit mortgages?This new initiative will help some buyers but you need to buy a property with a low value - typically less than £150,000 - to make it work to the rules of the scheme.
We can see in our data that March is historically the best month to sell a home, with the most buyers competing for the properties available, which leads into a busy spring season for estate agents during April and May. If you still wish to challenge, the first step would be to seek help from the Leasehold Advisory Service - they can query a charge for free. If that doesn't work, you need to apply to the First-tier Tribunal and ask them to demand the service charge is reduced under the Landlord and Tenant Act , but bear in mind this will cost £100 . If at least half agree, residents can exercise their"right to manage" and essentially become their own service manager.
If you want to sell, your first port of call needs to be the housing association, which should have a waiting list. Remember, they own part of your house so if you're losing money, they will be too, so it's not in their interest to sell at a loss, nor set the service charge and rent so high it becomes unaffordable.
Skipton will use that track record of paying rent to back up the potential to borrow without an additional deposit. The new mortgage must not exceed the current rental payment and will also be subject to the usual affordability checks. Now, there is an argument for saying that abolishing stamp duty up to this level would pay for itself at least in part, because it would stimulate housing activity and generate a certain amount in VAT revenues as movers splashed out on new carpets, furniture and so on. But it would probably not pay for itself entirely.
As such I would advise, where renters don't plan to move anytime soon, that they do commit to a longer contract. Also, most landlords prefer the security of a longer term tenant, so a longer contract will make the renter's offer more appealing.My older siblings benefitted from constant price rises after buying 18 and 13 years ago. They now have low mortgages and houses worth 30-40% more than paid .
This is resulting in low single-digit price falls in some areas and just a slower rate of price growth in others.