A photographic print of Housing, Post War, Houses - Post War - Permanent

SUN. YOUNG. 1968. SEE JILL GUYTE HOUSE FEATURE Mr and Mrs Peter and Susan Scott in their house at Walton-on-Thames. by Jill Guyte These houses would sell for £6,000 on the open market. The Scotts got one for £147 10s. down. PETER and Susan Scott, nearing their fourth wedding anniversary, are now quite settled in their brand new £6,000 house. It has three bedrooms, a garage, central heating and is situated in the pleasant district of Walton-on-Thames, Surrey. The Scotts moved in five months ago, as soon as the cement was dry, after a total initial outlay of exactly £147 10s. They did it by joining one of the co-ownership housing societies which groups of people can set up under the aegis of the Government's Housing Corporation. Surprisingly perhaps, this is still a little known easy route to home ownership. Co-ownership housing societies build and manage homes without profit-making, therefore slashing costs. Jointly Occupiers must all be members, and they own their homes jointly. The Scotts are co-owners with their fellow residents of a group of 18-terraced houses like the one they live in. The Scotts are typical beneficiaries of such schemes. Peter Scott explained: "To buy a house in this area I would have needed at least £1,000 for a deposit. I could have saved it only by living like a hermit for years, and I wasn't prepared to do it." Mr. Scott is 29 and an aircraft design development engineer. His 23-year-old wife Susan, works as a secretary. An analysis of their personal situation illustrates the workings of co-ownership. Of that crucial £147 10s, the £100 went to the society as a returnable indemnity against depreciation or abuse of the property; £32 10s was the first monthly repayment, in advance: £10 covered legal fees (compare it with the £100-£150 normally payable); and £5 was a fee for soclety membership. The Scotts monthly payment of £32 10s, includes paying off the capital loan (spread over 40 years); interest, currently 5&7/8 per cent: £1 society management fees; maintenance of property and grounds (£20 a year); and insurance £5 a year). Peter Scott also pays £88 10s a year rates. The society are currently preparing to battle for re-valuation of the properties at a lower figure. Susan Scott is delighted with her house, with its 27ft. lounge and dining area, lavatories upstairs and down, wide windows overlooking an open-plan front lawn. And a fenced-off back garden with the Thames riverside a few minutes' drive away. All schemes like this must be approved by the Government's Housing Corporation, and building is carried out to stringent standards. One of the Scotts neighbours George, Pearson, now secretary of their Co-owners' Society, says that the cost of each house to the co-owner is just over £5,500. Agents have estimated that on the open market the price would be at least £6,000. Co-ownership costs vary considerably, depending very much on the type of development, and the area in which it is built. If the Scotts decide to leave they will be entitled, like all co-owners, to a payment, provided that they have been in occupation for at least three years. This payment consists of the part of the monthly "rent" which has been used to pay off the capital debt, plus the occupier's share of any difference in the value of the house. The lease can be assigned to a widow or heir in the event of the co-owner's death. Other big attractions are freedom from worry about obtaining a mortgage. The society borrows on collective credit and the only age restriction is that a co-owner should be over 21. The 11 members of the society's management committee meet monthly. The sort of things they discuss are refuse disposal and decoration. "You need to be interested." said Peter Scott. "Your money is involved, and decisions are being taken on your behalf. Advice "I would recommend the scheme to anyone. The only advice I would give is this: make sure of the precise cost and remember that the house will never belong to you as an individual." To date, the Housing Corporation have approved 340 co-ownership schemes all over the country, involving 12,962 homes and £59,142,314. For information about co-ownership, write to the Housing Corporation, Sloane Square House, London, S.W.1. Housing - Houses - Permanent