Shared Ownership help

emza10

Hey,

We've just been offered a flat in a shared ownership new build scheme in Central London - the sales person has told us that the properties have recently been re-valued and gone up by £10k - should we just take their word for this? I presume we can ask for the valuation proof. Is it worth bartering with them, ie trying to get it for the lower price? Theres a limited amount of flats available, we were initially on the waiting list but just been offered this one which we REALLY want (they know that we REALLY want it - maybe this is why the price has gone up?)

They've also told us there's only one bank offering shared ownership mortgages for new builds and we need a 15% deposit - the woolwich. Anyone know if this is right?

Thanks in advance

Emma

Cannon_Fodder

SO mortgages are very few and far between, yes.

Does this fact not ring alarm bells with you ?

When you want to sell, how many buyers will be happy being tied to a single mortgage provider ?

Bargain hard. Your Lender (presumably the Woolwich!) will value it again, so ignore their comments. Offer what you are happy with.

As a 1/4 step onto the property ladder, it can sometimes be the only way. But it is massively flawed. See the threads about re-selling and re-mortgaging nightmares, i.e. https://forums.moneysavingexpert.com/discussion/2549921

brit1234

emza10 wrote: »

the sales person has told us that the properties have recently been re-valued and gone up by £10k

Walk away. Why should you over pay a further £10,000 because foriegn buyers and low transaction volumes are distorting prices upwards. Every where else prices are coming down and beginning to crash again.

If you have been paying attention to figures over the last few months you would of seen the rises disapeaer, level off and now fall.

Waiting a few months ago could save you a fortune.

ps read on all the bad points before you consider. My friend only today was moaning about the rate of increase in rents and service charge.

cuthbert_the_octopus

My colleague just bought a SO flat & the mortgage is with Abbey.

So maybe worth shopping around.

Zwitterion

Hi Emma,
utterly sympathise.
Am in exactly the same situation. Was told initially a certain number of things which all changed (including the price and the share offered) in a very short span of time.
I have researched this entire thing in detail last night as was so emotionally invested in the place I was going to buy a 65% share of.
Two words - run away.
If they're changing the terms and conditions now I don't know what things will look like in a year's time when I am ready to buy additional shares.

I am witchdrawing my offer today and never, ever hope to see the words shared ownership again. It is a massive scam. Thank God also for MSE as I read some truly horrific tales about the entire thing.

Good luck.