Business & Investment

Mayor of London says Thatcher will revive his dream of buying rights

London Mayor Conservative candidate Sean Bailey admits he is facing a difficult battle to dismiss Sadiq Khan in the May elections. According to him, the blockade has made the campaign nearly impossible, and he considers himself a “vulnerable” to the elections postponed from last year.

But it’s undeniable that 49-year-old Bailey represents a breath of fresh air at the City Hall (the Mayor of London’s office) with an ambitious plan to give London a “new start”-affordable for 100,000. A young worker who can partially own a mortgage from just £ 100,000 and a deposit of only £ 5,000, including the construction of a home.

“I want to give Londoners a real choice,” he said on a phone call from his parents’ home in Ron Ford, East London. There he lives with his wife Erie and his children Aurora (13) and Joshua (11). , Khan is a terrible mayor and the time has come for change. ”

Buildings for the Future: Sean Bailey wants to allow young people to ride on residential ladders

His radar also has a net shrinkage of the crowded billing zone, which seemingly sadistic pleasures as Kahn expands. It will also stop expanding the ultra-low emission zone for car drivers and charge £ 12.50 per day. The car does not meet strict standards. “I want mobile London,” he says.

He will also have more police officers (8,000 new police officers) and more investment in public transport, especially outside central London.

Bailey is very “new wave” conservative. Born to Jamaican parents in England in Radbrook Grove, West London, he and his brother Dwayne were raised in public housing by their mother Carmen. Poverty never moved far from the door, and family homes sometimes struggled to accommodate a few aunts and uncles.

It led to a somewhat scary youth as he tossed gangsters and crimes – and street violence was never far away. Things haven’t been that easy after getting a bachelor’s degree in engineering in the mid-20s from London South Bank University at Elephant & Castle.

Sofa surfing dominated his school life as he relied on his friends to give him a roof over his head. To fund his research, he did a series of low-paying jobs to deliver security guards, cleaners, and beer. “There was a time when I faced the homeless,” he says. “I remember sitting in a dining room in London’s South Bank one day and wondering where I would sleep that night.

Thankfully, a friend said I could be with him. In fact, it worked very well as I slept in his bedroom while he was in the lounge and he was able to hear the new stereo.

Still, he was always driven to improve himself. “My mother was a pillar of her community and urged me to get involved in it,” he says. “My dad, who I didn’t meet until I was a teenager, encouraged me to work hard and keep fighting to improve myself.”

Both are still alive and keep Bailey moving forward. Carmen in his 70s was a receptionist for a general practitioner in West London, and his father, James (a very “man”), quit his job as a truck driver. Dwayne died in late 2019 after fighting alcoholism.

As a result, Bailey is an individual who highly believes in hard work as a way of personal progress. But also he will never forget his roots and is someone who has something of a “common touch” about him.

Not surprisingly, a major focus of his work has been devoted to running youth and community projects in and around Radbrok Grove. He also founded the charity My Generation to help young people in the underprivileged community, which was closed in 2012 due to financial problems. It was this work that ultimately caught the attention of Tories leader David Cameron and his political adviser Steve Hilton.

“I remember Steve coming to hear me talk about youth issues, especially how to break the criminal cycle of many youth,” says Bailey. “At that time, he was unaware that I was just involved in a fight with a drug dealer in the parking lot.”

Bailey became the “Big Society” Ambassador in 2011. Cameron’s flagship policy, which precedes the 2010 general election, aims to deprive politicians of power and give it to people.

He was Cameron’s special adviser on youth, crime and welfare issues at the time. Although not elected to the Conservatives in both the 2010 and 2017 general elections, he has been a member of the London Assembly for the past five years and holds the mayor permanently responsible.

Bailey, a “card-carrying” Christian for the past 16 years, has embraced a conservative blend that has come to the fore under Margaret Thatcher. It is based on citizen responsibility, diligence and free business.

“Family, country, work dignity, community responsibilities-these are all conservative values ​​that move me forward,” he says. “And, of course, our commitment to reducing our reliance on social welfare.”

His plan to fund the construction of 100,000 homes that young people can partially own has a response to Thatcherism.

One of Thatcher’s first key policy initiatives to become prime minister in 1979 was to give Congressional tenants the right to buy a home at a significant discount on its market value. It has led to one of the greatest transfers of wealth from country to country to those who have witnessed it so far. Bailey’s promise may not be so bold-and obviously limited to London-but it’s empowering.

Under his co-ownership initiative, young people are encouraged to become homeowners with a minimum deposit of £ 5,000 and a mortgage of £ 100,000. Approximately 100,000 homes were built by developers on the Brownfield site, a grant of up to £ 3.2 billion made available by Homes in London, a company Bailey specially founded for that purpose. It was subsidized by money.

First-time buyers can buy a portion of their home and then pay the rent at a rate they don’t own. As their career progresses, they will be able to own larger slices of the house through a process called “stairs.”

“They have access to finance on the right terms,” ​​Bailey said, as mortgages are offered through Housing for London in partnership with mainstream mortgage providers.

Bailey claims that all 100,000 homes will be built for the first term as mayor, and that the cost of repairs and maintenance for the first 10 years will be sold on a long-term lease borne by the landlord (London home). I will.

“I came from public housing and wanted to be a homeowner one day,” says Bailey.

“But it took me until my late thirties to achieve that. First, it’s based on shared ownership with a new apartment I bought in Willesden, northwest London.

“We initially owned 20% of the property, but by the time we left, we owned 45%. Then we bought a three-bedroom home in Ron Ford five years ago. I bought it myself.

“I want more Londoners to be homeowners like me and my wife. The shared ownership model I’m proposing is a step forward.

“Approximately 87% of Londoners want to own their own home. My scheme, which allows a deposit of just £ 5,000, can’t afford to put together the deposit needed to buy a home, especially in London. For young first-time buyers, that represents a big step forward.

“More homeowners, fewer private landlords-that’s my mission. A house where people can go home at night and close the door and say,” This side of the door is all mine. ” And the apartment.

It’s a word that Margaret Thatcher would have spoken brilliantly.

How shared ownership works

Sean Bailey’s goal of building 100,000 homes with £ 5,000 to £ 100,000 deposits and mortgages for first-time buyers in London is eye-catching, but shared ownership is new Is not. It is also available nationwide for first-time buyers who couldn’t afford to ride a residential ladder.

Households with an annual income of less than £ 80,000 (£ 90,000 in London and £ 60,000 in Wales) are available. These tend to be provided by the housing association. You usually need to find a deposit that represents at least 10 percent of the real estate share you buy. Next, you need to get a mortgage on the remaining stock from a bank or building-and-loan (not all are ready to lend).

In addition to mortgage arrangements, there may be legal and valuation costs and stamp duty may be paid. For parts of the house you do not own, you pay the housing association rent, and perhaps a service charge to cover the cost of maintaining a common area.

Once you become a co-owner, you can increase your ownership slice – theoretically up to 100%.

Tenancy in common is not without its drawbacks. Significant changes to the house, such as extensions, may be prohibited. And when you come to sell, it’s a housing association that finds a buyer or buys it back (even if you become a 100% owner).

For more information, please visit sharetobuy.com (UK). London.gov.uk (London); gov.scot/policys/homeowners (Scotland); co-ownership.org (Northern Ireland); gov.wales/shared-ownershipwales (Wales).

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Mayor of London says Thatcher will revive his dream of buying rights

https://www.dailymail.co.uk/money/mortgageshome/article-9204675/London-mayoral-candidate-says-revive-Thatcher-right-buy-dream.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Mayor of London says Thatcher will revive his dream of buying rights

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