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Shared Ownership
Comments
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Completely agree Joeyemma, I viewed a one bed place before I got this place and that was what it was working out at - the HA guy said to me "cant you get yourself a boyfreind to pay half" :rolleyes:
I MEAN, COME ON!!!:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
The estate agent may well have been right about needing a big deposit.
If the property had been altered in a way that added value to the property, then the seller owns those alterations and has to sell them over and above the value of the 50% share price. eg: Added an extension, property price without £200k, with £225k. That makes the share being sold £125k. Mortgage companies will only loan 50% of that so a deposit of £12500 is required.
As happened to us when we sold.0 -
Agree with suki - also any "premium" you pay is not mortgageable.
For example - £100k full price , but marketed as 50% share for £50k + £10k "premium", mortgage company will only lend on the £50k so you need (for a 95% mortgage) £10k + £2.5k = £12.5k
Depends on the area of the country, but round here (Milton Keynes) the premium seems to be mostly you "buying" the right to rent the other 50% cheaply, and very little to do with actual improvements to the property. i paid a 10k premium on mine, for about £2-3k of double glazing and a really nasty conservatory (worth maybe £1k - at a push)Unless it is damaged or discontinued - ignore any discount of over 25%0 -
thanks everyone for your responses. - they've been v helpful and I now have a huge list of questions for the EA and HA.
Cheers0
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