Housing Deposit...?
Thread Starter
Housing Deposit...?
Hi all
Presently in the process of trying to buy myself my first property, and am hoping to use the Long Service Advance of Pay scheme to cover the deposit and legal fees. Anyone used this system before, and what is the exact timings for submition of application etc...? have read up on it on 'tinterweb and gotten the form and info from my registry, but would like to hear from anyone who's actually used it successfully...?
Cheers in advance guys
RAF_Techie
Presently in the process of trying to buy myself my first property, and am hoping to use the Long Service Advance of Pay scheme to cover the deposit and legal fees. Anyone used this system before, and what is the exact timings for submition of application etc...? have read up on it on 'tinterweb and gotten the form and info from my registry, but would like to hear from anyone who's actually used it successfully...?
Cheers in advance guys
RAF_Techie
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Try this:
http://www.blueforces.co.uk/
They offer specific help to the Armed Forces and have some good deals on properties, but some of the areas aren't necessarily in RAF-friendly areas.
http://www.blueforces.co.uk/
They offer specific help to the Armed Forces and have some good deals on properties, but some of the areas aren't necessarily in RAF-friendly areas.
Join Date: May 2006
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Hi all
Presently in the process of trying to buy myself my first property, and am hoping to use the Long Service Advance of Pay scheme to cover the deposit and legal fees. Anyone used this system before, and what is the exact timings for submition of application etc...? have read up on it on 'tinterweb and gotten the form and info from my registry, but would like to hear from anyone who's actually used it successfully...?
Cheers in advance guys
RAF_Techie
Presently in the process of trying to buy myself my first property, and am hoping to use the Long Service Advance of Pay scheme to cover the deposit and legal fees. Anyone used this system before, and what is the exact timings for submition of application etc...? have read up on it on 'tinterweb and gotten the form and info from my registry, but would like to hear from anyone who's actually used it successfully...?
Cheers in advance guys
RAF_Techie
You need to get the paperwork for the LSAP from the HR Section (the artist formerly known as Chief Clerk) - all the regs are now in the JSP 752 rather than DIN/DCIs. You progress the purchase as normal, but as soon as you get into the area of making a formal offer, you explain to the Solicitor that you are using an LSAP on the property. The scheme is well known, you fill out the form with the solicitor, and he submits it to the LSAP Section. Not confusing, but timescale - you need to ensure that you are not rushing the job through. I did a loft conversion and did all the paperwork myself (including taking it straight to Centurion and incurring the wrath of HMS NELSON's centralised co-ordinator). I got the cash sorted in 8 days flat, but that is possibly the exception rather than the rule!
As part of the Armed Force Pay Review Board study a couple of years ago, it was my understanding that the amount that could be claimed was being updated considerably. I'm, guessing not.....
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It was going up to iro £38K, payable from the day you got it, which in effect would have made it a 22 year plus loan. However,the Treasury got hold of a memo which showed that around 66% of the Army wanted to move out given half a sniff of a decent rate of LSAP! The Treasury didn't want this to happen because they simply couldn't afford it (the contracts for SLAM had all been tendered, no-one wants empty shiny accomm), the Army went pale at the thought of it's captive members all living outside the wire, and it stayed at £8.5K. It was hard enough getting the Army to agree to come into line with the minimal trained service changes to the regs....
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I remember from when I applied that they were very hot on LSAP being payable on your first house only and to make sure you had the LSAP in the bag and with your solicitor before you complete, or you would be deemed to be a property owner already and it would all go horribly wrong. It might be worth checking with them if that rule still applies.
I saw an AMP Presentation a few weeks ago and they were talking about upping the rate considerably, and making it a retention bonus rather than a loan. They were a bit short on detail about how much and how many years etc, but a bung would be nice (my LSAP at £8500 buys the doorknob on a modest semi in Albertshire
).
I saw an AMP Presentation a few weeks ago and they were talking about upping the rate considerably, and making it a retention bonus rather than a loan. They were a bit short on detail about how much and how many years etc, but a bung would be nice (my LSAP at £8500 buys the doorknob on a modest semi in Albertshire
).
It seems to work, I reckon I am probably one of the first Army bods to see the full term, it was introduced for us in Autumn 96, I make my last payment next month. It was available not for your first house, you were not allowed to be a home owner or have owned a house in the last 6 months as I recall. Also, it does affect your income tax all the time you have an outstanding balance of £5K or more and you have to pay interest if you rent the house for whatever reason (posting etc). I suppose that 10 years ago, £8.5K was about 10% of the purchase price and therefore worth it but now....
