Timecodes: 0:00 Intro 1:13 What is the First Homes Scheme? 1:51 Do I need to be a first time buyer/owner? 2:10 Are the Armed Forces limited by the ‘local area’ criteria of the scheme? 2:34 Is there an overall household income cap for the First Homes Scheme? 2:55 Is there are house price cap for the First Homes Scheme? 3:29 Can I sell my First Homes house? 3:59 Can I rent/let out my First Homes house? 4:23 Final thoughts 5:19 Outro
So if the houses in Hampshire are 400k and over how do we get the house at 250k if your not a key worker with 30% discount is there charity on what jobs are Essential workers im asking as i work for a huge defence company in engineering on mod projects would that be accepted for 50% discount?
What happens when you sell the property ? on the capital gains or capital growth made on a property , if you started with 20% to 50% discount and that equates to £75,000 in nominal terms ?? For example, If I use the example of buying a £300000 house with a 25% discount for £225,000 and sold a number of years down the line for £400,000 , do I only owe the nominal amount of the remainder of the £75,000 discount I had or a %25 discount of the new value ?
Capital gains is only paid on properties that are not your primary residence and as this scheme is for first time buyers only, the chances of it not being their primary residence is very low.
@@thesavvysquaddie brilliant thank you for your reply, sorry if didn’t understand my question, but when I sell the property in the future , do I have to sell with the same discount that I received ? Regardless of the new value, that’s if it has gone up in value?
Yes, you will have to apply the same discount and can only sell to people eligible for the scheme. If the property value has increased, you will still make a profit but you wont be able to profit from whatever percentage discount you were given. If the property does not sell within 6 months, then it will be open to anyone to buy but the % discount will be paid to the council. Hopefully that makes sense.
Ah okay, I heard different from my one when I initially intended on buying last year. Some crossed wires and confusion perhaps. The Forces Help To Buy does not have to be solely used for the deposit, it can be used for legal fees and other associated costs with buying a house minus furnishings. So perhaps there is still some merit to what both advisors have said.
If it's done in a will then it should be fine but thr discount will still apply if they sell the house. But best person to talk to with regards to that would be a solicitor
Annoyingly I don't think there is a single repository that shows them all. Instead it's down to the individual developers to advertise them as they build new homes, to which I don't think they are doing very publicly.
Sadly there are no websites, which is frustrating. Instead you have to approach the new build developments and ask them directly whether or not they are building some houses that will be on the scheme.
You can still benefit from it but as it is still quite a new scheme and not many houses are on it, then finding a house will be difficult. Personally, if I was in your situation, I wouldn't be rushing to get onto the property ladder just yet. Especially if you are single and living in the block, you are in the best possible position to take advantage of the subsidised living and save a lot of money for a large deposit and invest for your future. Here is a link to a really good podcast that might help add some perspective. ua-cam.com/video/n2f540R9-f4/v-deo.html
Would be great if there were developers who participated in this scheme in the first place, because in my council area, there are no developers who are in this scheme... Even in the wider area, there are no companies doing this scheme... I mean there is even no some kind of list where you can find developer companies who are participating in this scheme which makes all this scheme just raise an eyebrow...
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Timecodes:
0:00 Intro
1:13 What is the First Homes Scheme?
1:51 Do I need to be a first time buyer/owner?
2:10 Are the Armed Forces limited by the ‘local area’ criteria of the scheme?
2:34 Is there an overall household income cap for the First Homes Scheme?
2:55 Is there are house price cap for the First Homes Scheme?
3:29 Can I sell my First Homes house?
3:59 Can I rent/let out my First Homes house?
4:23 Final thoughts
5:19 Outro
So if the houses in Hampshire are 400k and over how do we get the house at 250k if your not a key worker with 30% discount is there charity on what jobs are Essential workers im asking as i work for a huge defence company in engineering on mod projects would that be accepted for 50% discount?
Seems like these houses that offer this scheme just don't exist. Can't find any in the Burton area
What an excellent new scheme. First time I’ve come across it.
Ya it hasn't been hugely publicised. It is still also quite a new scheme with not that many houses on it at the moment.
But members of the MPGS cannot us the this scheme
Why is that?
What happens when you sell the property ? on the capital gains or capital growth made on a property , if you started with 20% to 50% discount and that equates to £75,000 in nominal terms ?? For example,
If I use the example of buying a £300000 house with a 25% discount for £225,000 and sold a number of years down the line for £400,000 , do I only owe the nominal amount of the remainder of the £75,000 discount I had or a %25 discount of the new value ?
Capital gains is only paid on properties that are not your primary residence and as this scheme is for first time buyers only, the chances of it not being their primary residence is very low.
@@thesavvysquaddie brilliant thank you for your reply, sorry if didn’t understand my question, but when I sell the property in the future , do I have to sell with the same discount that I received ? Regardless of the new value, that’s if it has gone up in value?
Yes, you will have to apply the same discount and can only sell to people eligible for the scheme. If the property value has increased, you will still make a profit but you wont be able to profit from whatever percentage discount you were given. If the property does not sell within 6 months, then it will be open to anyone to buy but the % discount will be paid to the council. Hopefully that makes sense.
Hi,
What about giving my discount house for rent in future??
I think renting is covered in the video.
I spoke to my mortgage advisor and she said you are unable to use forces help to buy scheme on a first homes discount.
Ah okay, I heard different from my one when I initially intended on buying last year. Some crossed wires and confusion perhaps. The Forces Help To Buy does not have to be solely used for the deposit, it can be used for legal fees and other associated costs with buying a house minus furnishings. So perhaps there is still some merit to what both advisors have said.
If we are planning to pass the house down to our children then how would that work?
If it's done in a will then it should be fine but thr discount will still apply if they sell the house. But best person to talk to with regards to that would be a solicitor
Do you know if this is open to reservists?
Should be, it's a Civvie scheme. But I know finding houses on these schemes is really difficult
Where do I find the first home scheme properties?
Annoyingly I don't think there is a single repository that shows them all. Instead it's down to the individual developers to advertise them as they build new homes, to which I don't think they are doing very publicly.
Hello, I've been looking for a developer in the South East with First home scheme for over 2 years with no joy. Could you please sign post me?
how can you find the new build properties that are available as part of the first homes scheme? are there any websites ?
Sadly there are no websites, which is frustrating. Instead you have to approach the new build developments and ask them directly whether or not they are building some houses that will be on the scheme.
I am a private soldier. What are my chances of benefitting from this scheme given the current salary I am on now?
You can still benefit from it but as it is still quite a new scheme and not many houses are on it, then finding a house will be difficult. Personally, if I was in your situation, I wouldn't be rushing to get onto the property ladder just yet. Especially if you are single and living in the block, you are in the best possible position to take advantage of the subsidised living and save a lot of money for a large deposit and invest for your future. Here is a link to a really good podcast that might help add some perspective. ua-cam.com/video/n2f540R9-f4/v-deo.html
Would be great if there were developers who participated in this scheme in the first place, because in my council area, there are no developers who are in this scheme... Even in the wider area, there are no companies doing this scheme... I mean there is even no some kind of list where you can find developer companies who are participating in this scheme which makes all this scheme just raise an eyebrow...
I agree, the implementation of this has been poor unfortunately.