Share to buy

Woby_Tide

wonderful stuff Danny, all I'm doing is asking you to 'flesh out' your answer to the original poster. You've given the advice but left some holes in it. If you can fill in the holes so that it makes a complete answer that the original poster can use then everyone wins. I think you've just provided some info that doesn't add up so was asking for clarification. But if you want to be petty and childish so be it, it's only Tim_D who is losing out.


Also as you pointed out elsewhere, if we wanted to change the discussion we should start a new topic, you were most adamant about that. This is still on topic. I just want to know where you get such good loan deals from and I can't understand why you are so reluctant to even provide any information about it. This site is based purely around people offering advice and recommending companies to others so they too can benefit. I don't know why you can't even name the company in question so others can go and find the info if they wish to follow that path.

System

Look, If you can help with the gentlemans enquiries above and beyond the blue-print of the the idea
(which i have suggested) then offer it, instead of working out the facts and figures
(which a motrgae advisor would do for him)


Where is your help in getting him to his new home, considering thats what he wants..?


You are very very insulting to me, i dont wish to chat to you further.

My advice to The original question is to get a mortgage advisor and propose to him what i have said. If he finds you a suitable mortgage using a loan as a deposit, then the choice is yours. We all face risk everyday, now THATS the oldest statement in the book- not mine. Get unafraid, wise up to risks, and learn to adjust. Housing is a game of chess- you dont get anywhere with all the pieces on the board still in their original positions. You have to work to a bigger objective, a plan, whilst calculating the risks, and also constantly staying ahead of the market.

Somebody therfore please give him another option that meets his criteria. He wants a house in London. Period. I am offereing 1 way of him getting one.

Anybody else?

DiggingOut

If you borrow for the deposit, it may make it harder to get a good mortgage.

Sharing to buy is a creative way to solve the problem of high prices, but it can cause a lot of other problems.

What happens if one person needs to get out, and the others can't afford to buy him/her out? Will the house have to be sold?

What if one person goes bankrupt? What if the house needs some repair and one person refuses or is unable to pay their share of the repair? What if someone wants to improve the house and someone else doesn't?

I can see friendships being damaged by this....

System

hmmm....

And Now i know why he calls himself 'Digging Out'.....

Id recommend he re- calls himself 'Backing Out'...... of any valid theory or point made towards having a worthwhile financial investment...

I mean, when all is said and done, who's gonna do the cleaning, who's gonna do the ironing, and whos gonna water the plants ....? Definately a tough one Tim ;D

DiggingOut

You're a great guy, Danny.

The thing about advice is, good advice points out the potential benefits AND pitfalls of a potential course of action.

If Tim_D wants advice, nobody is doing him any favours if they say, "Go for it, no problems," and no one says, "There may be an issue here, and here."

If he goes ahead with this, far better if he and his friends go ahead with their eyes open as to the potential problems.

You may be smart, or you may not, but even you don't know everything, and there will be things you might miss. So don't slam anyone who points out another side to a question. That is a good way to get your posts reported for abuse of the site rules.

yonk

One lender was promoting a product for sharers a few weeks ago - it included a legal agreement and advice in case things don't work out.

I've had a look for it on the web but can't find it - did anyone else see this. I think it was on Working Lunch. Anyway, the point is seek independent legal advice, decide an exit strategy for the eventual sale and make sure the property is purchased with all the people as "tenants in common" rather than joint tenants if you decide to go down this route.

Tim_D_2

Wow! went away for the weekend and came back to find an angry debate!

Thanks for the advise, thinking maybe a share-to-buy in the present market isn't such a good idea. We would probably want to move out after two years to buy individually so its probably too risky.

Would anyone advise a shared ownership property?

I have a sinking feeling that we've missed the chance to make huge profits in property....maybe we should wait until the prices drop like they did in the 90s?

I'm 25 and want to start investing for the future, I don't fancy living off the state pension when I retire! After property where else can someone who doesn't work in the financial sector create the foundations for a reasonable quality of life when they are older? Don't trust pensions, and know little about shares! ???