Buying a home

[Neuer44]

What is a Co-op

[Clanad]

A co-op or condominium, at least here in the U.S., is a group of connected homes that are owned individually and the owners pay an additional fee into a fund that is managed by a co-op or condominium board.  The purpose of the fund is to maintain all units.  Some problems arise in that the board dictates when and how the units will be decorated and painted.  Some benefits are that the grounds are always maintained and the upkeep on the total group of homes is done by the board (who usually contracts the actual work).  In most cases, the inidividual units are more like apartments, rather than individual,  unconnected homes...

[brachiopod]

Hi Clanad,
In the UK, the system you describe is known as 'Leasehold' and, as you say, usually applies to a building (condo) that consists of two or more flats (apartments).

They are usually on a lease agreement of anything from 99 to 999 years, and are bought and sold much the same as any other dwelling. However, there is normally a token 'Ground Rent' to the Freeholder  and, usually, (especially in larger developements) a considerably larger "Maintenance" or "Management" Charge on top.

In modern Yuppie warehouse conversions, 'luxury apartments' and the like, (those that brag about 'concierge service' and 'exclusive use of gym for all residents' etc.), then the 'Management Charges' can be a substantial amount each year - even a parking space can be a few thousand pounds a year in some places.

But to answer the question, a 'Co-op' in the UK  tends to mean 'housing co-operative', whereby a group is established to provide rented housing to it's members below market rent.

It is separate from 'Council Housing' (sorry Clanad, don't know the US equivalent?), in that the group may rent a number of  houses off a Local Authority or Housing Association, and sub-let to the 'Co-op's' members on a minimal or non-profit making basis.

Since you mention 'Buying a Home'  in your question, Neuer44, then I can only think that you may be referring to a 'Shared Ownership' scheme (sometimes known as "Part buy - Part Rent" schemes), which again are often run by co-operatives, that allow you to 'get a foot on the property ladder' by partly buying your property, and partly renting it.
This works for those who cannot raise sufficient capital (by way of a loan or mortgage) to buy a property in their own right.

I will now stop as I am starting to ramble, sorry. :o(

[dothawkes]

It is a single story convenience store about 150 yards up the road, which inconveniently is out of bread, milk and potatoes tonight and the hole in the wall is out of order.