If you buy a house, you buy normally the house itself and the associated land. Duokoop when you buy only the house. The land is bought by the National Land Bank NV. The soil can then get a long lease. This basically means that you rent the ground. To use the soil you should also rent every month ?? ?? pay. This rental is also called canon ?? ?? mentioned. If you are buying with your mortgage so Duokoop consist of two parts: 1. The mortgage for the purchase of the house. For this you pay monthly interest and repayment. 2. Costs for the use of the land. You will pay rent each month ?? ?? .
The price of the house is too high to get the National Mortgage Guarantee
The National Mortgage Guarantee provides security and allows for lower mortgage rates. The total cost should not exceed ?? 265,000. For the additional costs NHG assumes 6%. This means that the house should not cost more than ?? 250,000. If you want to buy a house, for example ?? 300 000 you can get a NHG. The house is indeed more expensive than ?? 250,000. If you buy with Duokoop, NHG may be possible. In that case, you buy the house, for example ?? 230.000. The land is bought by the National Land Bank NV This way is the purchase price of the house under the NHG NHG border causing sudden it could be possible.
The rules of NHG be amended on July 1, 2015. From that moment a house should not cost more than ?? 231 132 and the maximum mortgage with NHG may not exceed ?? 245,000.
You want to pay off your mortgage in less mandatory
Previously, if a mortgage for a part-redemption. An interest-only mortgage you pay only interest and no repayment. This makes the monthly costs of an interest-only mortgage is relatively low. As of January 1, 2013 has changed slightly. If you want to deduct the interest on the mortgage than the entire loan must be fully repaid in up to 30 years. Here you choose from a linear or annuity mortgage. Thus, with a ?? new ?? mortgage must be paid not only interest but also redemption. Duokoop when you buy the home. The mortgage must comply previously with the new rules. So you have to pay interest and principal on the loan. However, the land can not buy, you rent it. On the ground, you only pay the rent. The monthly rent is otherwise fully tax deductible. By Duokoop so you can save on your mortgage.
NB: In itself repayments on a mortgage not a bad idea. In some situations it may, however, be desirable to solve less, so that the monthly payment is lower. For example, this may be the case even if the income is low now. Also, when you buy later on a compulsory redemption of 100% might not be useful or desirable.
Duokoop brings a successful transaction an amount of ?? 1500 exclusive of VAT.
Including VAT is that so ?? 1815.
The price of the land at redemption
The customer has the right to buy back the land again. But how is the price? Once the National Land Bank NV buys the land down how that price compares with the prevailing real-property value. Example: the real-value ?? 300,000, and the value of the land is ?? 120,000. The value of the land is 40% of the real-property value.
Once the customer wants to buy the land from the National Land Bank NV is the real-property value at that time multiplied by the previously established percentage. So suppose the customer after 10 years to buy land and property tax value is ?? 400 000, he can buy the land for ?? 160,000.
There is one exception to this. The value of the land can also be determined on the basis of a price index. If this calculation is an amount lower than the prevailing property tax value, then one assumes this lower amount.
Update: Duokoop has adjusted the calculation of the redemption price. If the customer wants to buy the land from the National Land Bank then the price will be determined by an independent appraiser. The appraiser should be based on the valuation of the so-called "residual value". That is, one first determines the value of the whole. Then the value of the house of this amount is deducted. What remains is the residual value. The purchase price is the minimum price that the National Land Bank itself has ever paid.
Deductibility of the canon
At present, the monthly rent is fully tax deductible. The question is whether this continues. If the tax deductibility of the canon is abolished then the net monthly payments suddenly higher.
Double transfer tax
If you purchase the house the client pays transfer tax on the value of the house. Besides he pay transfer tax on the tax value of the land use. If the customer buys the land later returned, he must again pay transfer tax on the current value of the land. Besides must be paid fees back there for notary, appraisal, mortgage, etc.
Limited choice mortgage
In general, banks are fairly cautious in the case of leasehold. This allows the customer may choose fewer banks. It may therefore be that this customer can not choose the cheapest mortgage.
The monthly canon rising every year
On the ground rent must be paid. This canon is calculated by multiplying the value of the land with an interest. This interest has two components: a fixed base rate and a variable storage. The fixed interest rate is fixed for 30 years, but the variable rate will rise each year. The variable interest rate is adjusted every year on 1 January by using an index. The increase is at least 1.5%. The interest thus can not be put firmly, like a mortgage. Instead, the rate will rise each year.
What is Duokoop? And what are the pros and cons?