Flat Price & Advice

Dan:_4

geoffky wrote: »

dan ..i reckon...i will be buying in may next year so no hope on my part...
.why because i can afford the losses that will becoming having no mortgage
but the wife is getting restless and bless her has been paitent youngest goes to new school next September so will be moving near a good one..

Fair dos Geoff. Good on you for having enough £££ to buy outright.

PasturesNew

Just because you've owned it 5 years doesn't make it worth more money. I had a SO once for 7 years and still had to sell it for 5% less than I paid for it.

Carpets and a splash of paint, some years ago, isn't doing it up.

If you've had nobody interested in 2 years, it's clearly price.

bluey890

http://www.rightmove.co.uk/property-for-sale/property-19305844.html

Dan:_4

now we know where you live...

lynzpower

I speak as someone who was fortunate enough to sell my Shared ownership at almost market peak and I know the trials & tribulations of selling & buying the Shared ownership flat!!

The real problem is when the market is the way it is, why would anyone buy a share of something when prces are coming down such , that they could buy a full mortgaged place for not much more....

There are also other SO schemes where you have to earn a lot less for the share- so this will appeal to those who have a lower income OR have a higher income but want to buy a smaller share OR wnat a brand new flat


http://www.rightmove.co.uk/property-for-sale/new-homes/property-19837886.html?locationIdentifier=OUTCODE^2119&sortByPriceDescending=false&maxPrice=90000&pageNumber=1&premiumA=true&backToListURL=/property-for-sale/find.html?locationIdentifier=OUTCODE%5E2119&sortByPriceDescending=false&maxPrice=90000




Heres a flat in need of tarting up for about the same as your share......

http://www.rightmove.co.uk/property-for-sale/property-25707158.html?locationIdentifier=OUTCODE^2119&sortByPriceDescending=false&maxPrice=90000&pageNumber=3&backToListURL=/property-for-sale/find.html?locationIdentifier=OUTCODE%5E2119&sortByPriceDescending=false&maxPrice=90000&index=20

! http://www.rightmove.co.uk/property-for-sale/property-25626818.html?locationIdentifier=OUTCODE^2119&maxPrice=90000&pageNumber=1&backToListURL=/property-for-sale/find.html?searchType=SALE&locationIdentifier=OUTCODE%5E2119&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=&maxPrice=90000&maxDaysSinceAdded=&retirement=&partBuyPartRent=false&_includeSSTC=on&x=43&y=7&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&oldSecondaryDisplayPropertyType=&newHome=&auction=false

robfuzzard

bluey890 - Yeh, that's our flat!

We realise now that going for a PBPR property may have been a bad move as at the time of moving renting in this area was about £150 more expensive a month than getting the mortgage for this place. We were first time buyers, desperate to get on the ladder, but hindsight is a wonderful thing I guess.

Our only issue is, if we put the property on the market for £50k (which we paid) we are set to lose about £2-3k! We're already £10k in debt, I'm hoping to avoid making it worse.

I dont think I was clear in my first post. We have had some interest, and some of positive but as the property is ideal for FTB's it limits the amount of people who are interested in the first place. Our main issue though is how useless the Portsmouth Housing Association are and how long they take to process an application. I have been considering making movements to up our share from 50% to 100%, but would that make a difference as I think the PHA will still be involved, or so they tell me, as you'd still have to pay a service rent (I think thats what its called).

inspector_monkfish

Dan: wrote: »

The market is slowly improving, hold out and you will get your price.

ooh, you are awful !! :rotfl:

breadlinebetty

Correct me if I'm wrong but do you mean to say that even if you bought out Portsmouth Housing's share in the property you'd still have to pay them a service charge?!

That's incredible.

It sounds like all you've done is given them £50,000 for nothing. Who valued the property when you bought it? Was it the Housing Association themselves? I have heard of local councils doing that - dictating to tenants how much the property is worth and telling them how much they want for it.

Another thing - do they have a 50% share in the property irrespective of the value? Say for example the property was worth £20,000 now - would you have to give them £10,000? And if it was worth £200,000 would you have to give them £100,000? Is that how it works?

Looking at the pictures I think it was massively overpriced - even at the peak in 2007. Portsmouth is not the most salubrious of areas, and it's a top floor flat (not everyone likes stairs and climbing) shoehorned into the loft. It looks cramped and pokey, and there's loads of clutter squashed in there. The fireplace in the lounge looks like it's a 1960's cast off - really ugly! The picture of the door frames....................what's that all about? Why did the EA photograph the hinges?

I think Portsmouth HA were having a laugh with you if you want my opinion. That cramped one bed loft flat was never worth £100,000! Never.

lostinrates

breadlinebetty wrote: »

Correct me if I'm wrong but do you mean to say that even if you bought out Portsmouth Housing's share in the property you'd still have to pay them a service charge?!

That's incredible. .

Really, is it? If you buy a flat normally (leasehold) you still have ground rent/service charge to pay, even if not shared ownership. Its kind of normal terratory for a flat I would have thought? presume this is what OP refers to, anyway

breadlinebetty

lostinrates wrote: »

Really, is it? If you buy a flat normally (leasehold) you still have ground rent/service charge to pay, even if not shared ownership. Its kind of normal terratory for a flat I would have thought? presume this is what OP refers to, anyway

Ground Rent is totally different to Service Charges. Besides, many house conversions have the Freehold these days, and the owners of the flats share it and pay a peppercorn rent (one pence a year for example)

I can understand a SERVICE CHARGE in a big block where you have a porter, lifts, cleaners etc............but what would the service charge cover in that house?