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juvenal

Crowdfunding Right-To-Buy?

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http://www.theguardian.com/money/blog/2015/apr/18/right-to-buy-council-houses-wrong

But now something else emerges about the right-to-buy process. According to the agent, there can be up to six names on the purchase agreement, in what he describes as a “crowdfunding” arrangement – although they do have to prove a connection to the property.

Extract from link.

So are we now in a situation where a little 'syndicate' of six people can club together on a hugely discounted house/flat purchase?

Discount up to £100k....

Sell the property in five years at market value plus bonus of HPI and the embedded discount. A better payday for the syndicate than any ISA - that's for sure.

Or has Patrick Collinson got it wrong? He doesn't very often....

Edited by juvenal

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With many pyramid schemes the rip of amount is far less per person, therefore you can have more people at the bottom of the pyramid.

.....but I think 6 is probably the max for housing, if even that.

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