Right To Buy Explained
In an announcement this afternoon, Prime Minister Boris Johnson confirmed plans to extend Right to Buy so that most housing association tenants will now be eligible
Right to Buy is a Government scheme in England that allows most council tenants to buy their home at a discounted rate.
People living in council properties can get a discount of up to 70% of the market value of their home, up to a maximum of £87,000.
For homes in London, the maximum discount is £116,200.
Most housing association tenants cannot use Right to Buy to purchase their home in its current form although there are some exceptions, which are mentioned below.
But in an announcement this afternoon, Prime Minister Boris Johnson confirmed plans to extend Right to Buy so that most housing association tenants will now be eligible.
There are around 2.5million households, or five million people, in England who rent from housing associations.
The PM said: It will work for tenants, giving millions more the chance to own their own home.
It will work for taxpayers, responsibly capped at a level that is fully paid for, affordable within our existing spending plans and with one-for-one replacement of each social housing policy sold.
The Prime Minister didnt specify when the changes to Right to Buy to include housing association tenants would come into place, or if the same criteria as above would apply.
What About Land In Alaska
While many people are interested in buying public land for homesteading in Alaska, the BLM advises that due to existing land entitlements to the State of Alaska and to Alaska Natives, no BLM public land sales will be conducted in Alaska for the foreseeable future.
Homesteading in Alaska, as well as throughout the entire United States officially ended on October 21, 1976, with the passage of the Federal Land Policy and Management Act of 1976. In Alaska, however, a 10-year extension was allowed since it had only recently become a state and still had very few settlers. After October 20, 1986, now new homesteading was allowed on federally owned land in Alaska.
The last homesteader in the entire nation to receive a homestead requiring cultivation of the land was Kenneth W. Deardorff, who received a homestead patent on May 5, 1988, to 49.97 acres of land on the Stony River near Lime Village in southwestern Alaska.
Alaska represents the final chapter in the American Homestead Era that began in 1862, five years before Alaska even became a territory of the United States. Nationwide, over 1.6 million homesteads were granted in 30 states, helping hundreds of thousands of families reap a rich economic harvest through receiving free federal land as homesteads.
Transacting Surplus Crown Land
The Department of Treasury and Finance undertakes all Crown land sales, with the exception of Crown land sites with a value of less than $250,000, which may be undertaken by the Department of Environment, Land, Water and Planning.
Before Crown land is transacted, a strategic Crown land assessment must be undertaken by the Department of Environment, Land, Water and Planning in accordance with the Victorian Government Strategic Crown Land Assessment Policy and Guidelines. A strategic Crown land assessment enables timely and consistent assessment of Native Title rights and the identification and protection of public land values inherent in Crown land.
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Not Much Public Land For Sale
The Bureau of Land Management is responsible for the sale of surplus public land. Because of congressional restrictions enacted in 1976, the BLM generally retains most public lands in public ownership. However, the BLM does occasionally sell parcels of land where the agencys land-use planning division finds disposal of surplus is appropriate.
How The Government Takes Private Property
When the government makes plans for the expansion and improvement of publicly maintained roads and utilities, it determines which private parcels could be affected. The government will then work with its own appraisers to determine the appropriate price for the necessary property interests.
When the government has established its estimation of the property value, it may offer the landowner a particular price for the property. If the property owner agrees, the government buys the land. If the property owner disputes the government’s valuation and they cannot agree on a price, the matter may go to condemnation proceedings.
During condemnation proceedings, the property owner will get to offer their own valuation for the property. Typically, the property owner will work with an attorney and an appraiser. The attorney will protect the property owner’s legal rights respecting the involved property, and the appraiser will work to establish the property’s fair market value. The property owner may also oppose a forced sale by contesting the government’s proposed use of the property.
As an alternative, the landowner may also claim that the extent of the property the government is attempting to condemn is too great and that its purposes can be fulfilled with less intrusion. Generally speaking, the government is only allowed to invade the property rights of individuals to the extent necessary to accomplish the intended public purpose.
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Why Read Real Estate Blogs
Well, we are aware that real estate has never exactly been one of those binge-worthy blog categories. It has neither been the kind of topic you could not get enough of, nor is it half as juicy as celebrity gossip.
However, in India, real estate blogs are starting to get clicks and likes, and it has become one of the trending topics. People worldwide are beginning to realize how real estate as an industry affects the economy and how important it is to understand housing trends to enhance their lifestyle.!
The relevance of informative Indian blogs on real estate and finance are at an all-time high now. The youngsters are bidding big on investment options, and brackets such as realty have proved to be highly dependable compared to others.
The Millennials are flooding in to invest in apartments, plots, and villas, and the earliest members of the Gen-Zs entering the workforce and looking forward to having their own homes. This has only fuelled the growth of digital real estate blogs to keep up with the tech-savvy generations.
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Find The Right Location
The last thing you want is to be stuck with a rental property in an area that is declining rather than stable or picking up steam. A city or locale where the population is growing and a revitalization plan is underway represents a potential investment opportunity.
When choosing a profitable rental property, look for a location with low property taxes, a decent school district, and plenty of amenities, such as parks, malls, restaurants, and movie theaters. In addition, a neighborhood with low crime rates, access to public transportation, and a growing job market may mean a larger pool of potential renters.
Help To Buy: Mortgage Guarantee Scheme
The government launched the new Mortgage Guarantee in the budget 2021 aimed to help buyers with a 5% deposit.
What you should know about the Mortgage Guarantee scheme:
- The Mortgage Guarantee scheme allows you to get a mortgage with just a 5% deposit
- The government has promised to underwrite 15% of the mortgage in the event that you default. As a result, mortgage lenders feel confident enough to offer you a 95% mortgage
- The scheme applies to all types of properties that cost less than £600,000
- First time buyers AND existing homeowners can apply
- You must have a regular income and a good credit rating.
Find out how the mortgage guarantee will work and how to apply.
After You Receive Our Decision
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Help Only Comes To Those Who Ask For It
Now that you know about these homeownership programs, be sure to ask your Realtor, real estate agent, or housing authority about those that might apply to you.
Its sometimes possible for people to buy a house with low income and pay nothing out of pocket.
Between down payment assistance, concessions from sellers, and other programs like Community Seconds, you could buy a home with very little money saved up, as long as your income and credit fall within the program guidelines.
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Federal Land And Local County Government Land
Today Im discussing how to buy government land. Ill begin with the tax defaulted real estate segment, because from my experience, 20-25% of the tax defaulted properties are land. This tells me there is a market to buy land at bargain prices, not only in local counties but counties across the United States.
Lets get into government properties for sale. Most people are asking about federal government land, and there is a lot of it for sale. You just need to know where to look.
My point earlier about tax defaulted properties refers to the local market. Your county and your state are close by. As I get into the federal market, which is large, I want to review all the government sales.
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Instructing A Legal Representative
Once your offer has been accepted, you need to select a legal representative. They play a key role in helping you purchase your home they carry out the appropriate legal checks on the property, complete the legal work for your property purchase and, if you are getting a mortgage, ensure that it meets your lenders requirements.
They will identify any title or planning issues advise you on which searches to have carried out , and do the legal work of transferring the ownership of the property from the seller to you.
You should instruct a legal representative as soon as your offer has been accepted, but if you have any special requirements , you might want to instruct a legal representative to check this for you before you put your offer in.
There are various legal professionals who are qualified and regulated to carry out conveyancing work:
The Legal Choices webpages for each conveyancing professional contain information on how to check that your legal professional is regulated by the appropriate body.
Its a good idea to get a number of different quotes before you select a legal professional. You should consider:
Once you have agreed that a legal professional will act for you, they should provide you with a letter of engagement which sets out the terms of your agreement with them including the instructions you have given them, the fee they will charge, the timescales for the agreement, and other relevant information.
Comprehennsive Agricultural Support Programme
Many who acquire land through land and agrarian reform programmes need support to use it effectively. This programme offers support services to previously deisatvantaged land-owners to promote and facilitate farming. CASP has six priority areas:
- Information and technology management
- On/off farm infrastructure and product inputs
- Financial support
Contact the Department of Agriculture: 012 319 8495/7686/8244More information on CASP
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Tips For Participating In Government Auctions
The general rule for auctions is that the highest bidder wins, and cancellation is not possible. Check with the auction site ahead of time to find out if you can cancel a bid.
Each auction website operates differently. In some cases, the government agency itself runs the auctions. In other cases, the agency operates the shopping site, but a third-party company handles the auction itself.
Find out what forms of payment auctions accept. There is no uniform payment policy across all the different auctions. Some auctions accept credit card payments or personal checks. Others, such as the Internal Revenue Service , don’t accept either of these. Most auctions accept cashier’s checks.
For real estate auctions, you may need to work with a broker or real estate agent to bid or make the purchase. Also, for real estate auctions, find out if financing is permitted. Many times it is not and the full purchase price is due when you win the bid.
Check The Land Owner Or Developer Of The Land
To avoid being in a situation wherein several parties claim that the land you bought is owned by them, make sure to check or verify the owner of the land you are buying. How? You can ask for a photocopy of the title from the salesperson to get the name of the owner and title number. You will need these details to secure a Certified True Copy of the title from the Registry of Deeds. The Registry of Deeds is located at the city or municipality where the property is located.
Once you get the CTC of the title, you can verify the prominent details of the lot being sold such as the name of the landowner and the size of the lot.
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Can The Government Truly Seize Private Land
Yes, the federal government and state governments have the authority to seize private land. Tribal governments also possess eminent domain powers. In the case of tribal lands, state governments may not exercise eminent domain but they may lay claim to certain allotments held by the United States. Property owners can challenge land seizures but it’s difficult to stop the process once it’s begun.
How Do You Find Out About Real Property Sales
The government advertises and promotes available properties in several ways. Most government agencies list properties for sale in advertisements in local, regional, and national papers. Specialty publications such as the Commerce business Daily also carry announcements for government property sales, as do various trade publications. Agencies also post notices in various government buildings including local post offices and county courthouses. Some government agencies also advertise property sales through radio advertisements and even local flyers. Other government agencies will put your name on a mailing list and notify you when properties are coming up for sale.
With the explosion of the use of the Internet, many government agencies also use various web sites to advertise available properties. Many federal as well as state agencies have their own internet home page.
Local real estate brokers have lists of properties for sale, particularly HUD and VA properties. Some local auctioneers also receive notice of upcoming government property auctions, so you may be able to get information from a local auctioneer in your area or in the area where the property you are looking for is located.
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The Government Says They Need Immediate Possession Of My Property Can They Do That And How Does It Work
In the event negotiations are not successful, the government will likely file a lawsuit seeking to condemn your property. Once that lawsuit is filed, the government can generally seek some form of what is often called immediate possession or a quick take of your property. In Colorado, for example, this is an expedited procedure in which the government can seek an order from the court to obtain possession to your property upon the deposit of an amount that the court is satisfied constitutes a reasonable estimate of the fair market value of the property to be taken. Many other states have similar procedures.
Help To Buy: Equity Loans
The Governments equity loan scheme is designed to help people get mortgages for new-build homes, up to the value of £600,000 with a 5% deposit.
If you pay the 5%, the Government will provide you with a loan to cover up to a further 20% of the propertys value, meaning you will only then need a mortgage to cover the remaining 75%.
To reflect property prices in London, from 1st February 2016 the Government increased the upper limit for the equity loan it gives new home buyers within Greater London from 20% to 40%.
With London Help to Buy youll need to contribute at least 5% of the property price as a deposit, the Government will give you a loan for up to 40% of the price and youll need a mortgage of up to 55% to cover the rest.
No fees are charged on this Government loan for the first five years, but in the sixth year a charge of 1.75% will be applied. This fee will then increase annually, in line with the Retail Price Index plus a further 1%.
A condition of this arrangement is that the buyer must then live in this property rather than sub-let it to a tenant or tenants. It must also be the buyers only property.
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Buy Land From The State
The state of Florida owns and oversees management of approximately 3.8 million acres of uplands . Most of the land is actively used by state agencies for recreation or conservation purposes, which are protected by the Florida Constitution in perpetuity.
A small percentage of lands are available as surplus, most of which are Murphy Act Lands, small parcels of land scattered across Florida. These surplus parcels consist of small parcels that the state acquired as a result of the Murphy Act. The Murphy Act provided for statutory forfeiture of lands for nonpayment of taxes. Tax certificates unredeemed as of June 9, 1939, were automatically converted to fee simple title in the name of the state. Most of the Murphy Act parcels have already been sold or are managed for conservation or other uses.
Before a building or parcel of land is offered for lease or sale to a local or federal unit of government or a private party, it shall first be offered for lease to state agencies, state universities and the Florida College System institutions, with priority consideration given to state universities and Florida College System institutions.
These transactions are processed by DEP’s Division of State Lands Bureau of Real Estate Services’ Disposition section.