Opinions on this...

jamief

LandyAndy wrote: »

I was actually pointing out the foolishness of your assertion that nothing in Scotland sells under the 'offers over' price. I see you cling to this nonsense.

People can only tell you 'fire burns' so many times, eventually you, it seems, will have to put your hand in the flame.

On the whole, the VAST majority of property here sells for the asking price, or above. Look it up if you doubt my figures. Even at the moment, property is still selling for the asking price. We work, in the vast majority of cases, on a basis whereby the asking price IS the price we'd like to receive. Unlike in England, where the asking price is our desired price + XX%.

mailmannz

Jamie,

Talk to miller homes as Im sure you will find that they will want you to use their solicitors and mortgage brokers if you want to take advantage of their shared equity scheme.

Also, I can see your frustration through the thread. What people dont realise is the 25% is based on the price at the time of sale (or valuation if you wanted to buy them out).

The reality is, not a lot of people have 25% deposits for £260k homes (£65k). I dont care how much you are making, it would take YEARS to save that kind of moolah!

Finally, as you arent using real money (ie. you are using their scheme), they really dont have the drive to drop the price that much further. If you have £65k in your back pocket you are the one that would be in the driving seat for price negotiations.

Hope all goes well for you...dont forget to keep us informed of your progress.

Regards

Mailman

Cat695

Why the hell did you come onto this forum then if all your going to do is ignore what people are saying...........buying a house with a SHARED scheme is a complete con....

The reason shared schemes have come up is because the developers can't sell them....why can you not see that???? do you really think they are doing it because they are nice people??? NO they are just after your money simple as that.

I thought you would be intelligent because of your job but clearly not

Go down tomorrow and buy it.....then remember in a few years time when you come to sell it all the advice you was given on here

LandyAndy

jamief wrote: »

On the whole, the VAST majority of property here sells for the asking price, or above. Look it up if you doubt my figures. Even at the moment, property is still selling for the asking price. We work, in the vast majority of cases, on a basis whereby the asking price IS the price we'd like to receive. Unlike in England, where the asking price is our desired price + XX%.

:rotfl: :rotfl:

Exactly. Miller would like to receive £265k. What you are being told is Miller would, very likely, be bl00dy glad to receive £235k and not to give them the chance would appear foolish.

ceepee1

Im very familiar with this scheme. This is not shared ownership (where the other party owns part of your property) This is shared equity which is different. You do own 100% of the property but have an interest free loan on 25% for up to 10 years. This has been put into play by several housebuilders particularly in Scotland. The good thing about this scheme (if Miller are doing this the same as other housebuilders) is that if after 3 years the value of your property decreases you only pay the deferred % on the value at that time rather than a minimum of the amount originally borrowed. This is a great scheme particularly if you are struggling to perhaps borrow the level of funds you would require if you were purchasing the property under a normal purchase. Lenders and brokers alike are very familiar with this scheme and it is proving extremely popular. I would not advise leaving the deferred amount outstanding for the full 10 years if you can afford to pay it off earlier than that as its likely that property prices will increase. Housebuilders have introduced this to try and assist purchasers and also in a bid to stimulate sales. Its also a risk to the builder if the property prices stay the same or decrease as they are actually paying the banks they lend from until these amounts are discharged.

One thing I would say is that if you can afford to purchase the property on a "normal" basis ask the housebuilder for additional incentives. Its a new build war out there at the moment and all housebuilders have amounts put aside to accommodate increased incentives. Also find out when their financial year end is. At this time of year housebuilders will bite your arm off for a sale particularly if legal completion is anticipated to take place before their financial year end. On the other points noted "offers over" is almost a thing of the past. There are still properties on market at this basis however given current market conditions more and more people are just going for a fixed price when initially marketing.

mailmannz

Cat695 wrote: »

The reason shared schemes have come up is because the developers can't sell them....why can you not see that???? do you really think they are doing it because they are nice people??? NO they are just after your money simple as that.

Thing is cat, in a few months this will be the only way FTBers can get on the ladder as 10, 15 and 20% mortgages disappear from the market.

And dont be too harsh, everyone is after your money...not just Millers.

Mailman

kennyboy66_2

jamief wrote: »

Thanks for the typically sanctimonious reply.

Also you seem to have failed to see the bit that states I don't pay legal fees, and get massively discounted estate agency fees. Stamp Duty is covered by Miller Homes.

Sorry Jamie,

Now I understand - what a deal you have negotiated with them!
Talk about canny scots. I bet the salesmen was crying when you had squeezed every last drop from this deal. You are taking food from his childrens mouth.

It really looks too good to miss.
Stop wasting time asking for dumb advice on here and sign up now before someone beats you to it.
In fact, if it is "offers over", do you not think its worth offering a bit more to secure this once in a lfe time deal ?

jamief

Mailmannz and ceepee1 - thanks for your replies. Finally someone listening to what I was saying!

We asked them about using their solicitors / mortgage brokers - they will pay your legal fees if we used their solicitors, but we get it free anyway, so no need. Also they don't appear to place any restrictions on which mortgage lender we use.

We haven't come to *any* kind of a decision yet, early days, I was just getting frustrated at people above seeming to not understand firstly the property market up here and secondly the scheme!

Thanks.

jamief

kennyboy66 wrote: »

Sorry Jamie,

Now I understand - what a deal you have negotiated with them!
Talk about canny scots. I bet the salesmen was crying when you had squeezed every last drop from this deal. You are taking food from his childrens mouth.

It really looks too good to miss.
Stop wasting time asking for dumb advice on here and sign up now before someone beats you to it.
In fact, if it is "offers over", do you not think its worth offering a bit more to secure this once in a lfe time deal ?

In case you can't read - I get free legal fees and discounted estate agency THROUGH MY FIANCEE who is a lawyer.

I've had it with people like you. Thanks again ceeppe and mailmanzz.

LandyAndy

mailmannz wrote: »

Thing is cat, in a few months this will be the only way FTBers can get on the ladder as 10, 15 and 20% mortgages disappear from the market.

And dont be too harsh, everyone is after your money...not just Millers.

Mailman

Absolutely. Nothing against Miller's. There was similar thread on here a couple of weeks ago regarding one of the English builders. It got the same responses, surprisingly.