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Shared Ownership Nightmare-any tips?
Comments
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Again, this comes down to the common theme (one I always seem to raise) of overvaluations by the HA's - I haven't got it in for housing asscoations btw I mean I work for one."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
I exchanged contracts on a New Build shared ownership property in June 2008 and obtained a mortgage for a 25% share (full value £280,000) on a 3 year fixed rate deal of 5.74%.In the meantime my mortgage offer has expired and the lender has declined to extend it on the original rate (its now 7.4% for 3 year fixed rate deal).
Given all the recent HUGE drops in interest rates since June 2008, your new mortgage offer seems poor. Is this from your current lender? Did you use moneysupermarket or see a broker to get mortgage quotes from other lenders?
You'll be borrowing £70k. Did you put a 10% (£7k) deposit down? They might not offer you 5.74% again, but 7.4% sounds rather high.
As for the completion date, it seems strange the HA didn't have a deadline on this. Have you gone through the contract with a fine tooth comb to see if anything is written into it?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
They often have a suggested completion date, normally the day before it is due to be revalued, as it should be every 3 months btw."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
mean_momma wrote: »Some HA shared ownership buyers might have done well in the long term due to house price inflation. Will be interested to see what happens to the prices now.
In all honesty very few will have because they are so diffult to sell, and very few shared ownership buyers have been able to stairgate the %ge they have purchased.
A well intentioned but wholly misguided scheme."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
robin_banks wrote: »In all honesty very few will have because they are so diffult to sell, and very few shared ownership buyers have been able to stairgate the %ge they have purchased.
A well intentioned but wholly misguided scheme.
A few years ago, at a shared ownership housing exhibition at Kensington Town Hall, one of the young representatives on a stand actually said that the properties were mainly bought by Mums and Dads, so that the ftb could rent them out. He said nobody could afford to buy them for themselves. Not sure which HA he was with.0 -
I'm staggered that a HA suggested that these be rented out, that is simply not the purpose of a shared ownership property i.e. it has to be occupied by the mortgage. I would be interested to know which HA that was."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0 -
mean_momma wrote: »A few years ago, at a shared ownership housing exhibition at Kensington Town Hall, one of the young representatives on a stand actually said that the properties were mainly bought by Mums and Dads, so that the ftb could rent them out. He said nobody could afford to buy them for themselves. Not sure which HA he was with.
Hi,
I own a shared ownership flat and it's in my contract that I can't rent it out as it's not meant for investors as such, it's intended for first time buyers, so that would be very suprising. In fact, they were very strict about ensuring that I was a 1st time buyer.DMP Mutual Support Thread Member No 19017/05/08 - Total on DMP: £10025.7007/05/14 - Total on DMP: £1666.20 DFD: July 2017!!Baby Tomos born 5th June 2009 - 6lb 5oz :jWeight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO0 -
robin_banks wrote: »I'm staggered that a HA suggested that these be rented out, that is simply not the purpose of a shared ownership property i.e. it has to be occupied by the mortgage. I would be interested to know which HA that was.
Sorry, no idea. It may not even have been an HA, but it was at a housing exhibition with lots of HAs taking stands. It seemed that lots of them had properties in other parts of the country but there were also some London organisations. I think that some HA s have rules against sub letting, but perhaps they are broken at times?0 -
I can't understand why it is called affordable housing when nobody can actually afford to buy the local new build HA flats, some of which they have been trying to sell for well over a year!0
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I dont doubt they are, but it can also be a condition on the mortgage. Shared ownership is (somewhat spuriously) based on a housing need as opposed to a speculative gain. As an owner and a tenant the individual would be in breach of both the lease and the mortgage, and could ultimately lead to the re-possession of the property."An arrogant and self-righteous Guardian reading tvv@t".
!!!!!! is all that about?0
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