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Rent to Homebuy help please
AliceBanned
Posts: 3,148 Forumite
Hi
I posted yesterday but no response so far. I am considering buying a flat via my Housing Assoc on this scheme - the only downside is the price is not negotiable. I can rent 100% for up to five years after which my tenancy will run out, unless I have bought at least25% share. I want to buy at some stage and have found a flat that I like, and as I will be giving up an assured shorthold tenancy with the same HA they will be giving me 1st or near 1st refusal on the flat I like. They are going to let me know on 19th July whether they can offer it to me as they are checking affordability etc. My only worry is that the price I pay for the shares in the property are dependent on valuation at the time by an "independent" valuer but it is a new build and I can't help thinking that they might not give me the best price. Sounds obvious that they won't but is there any way I can get some kind of assurance or is it just a free-for-all for the developer?! Would I be better off continuing to save for a deposit for the probably couple of years it will take, and then buy and negotiate on the open market? It all seems so smooth and seamless via the HA and the flat is beautiful so my head is in a whirl at the moment..
I posted yesterday but no response so far. I am considering buying a flat via my Housing Assoc on this scheme - the only downside is the price is not negotiable. I can rent 100% for up to five years after which my tenancy will run out, unless I have bought at least25% share. I want to buy at some stage and have found a flat that I like, and as I will be giving up an assured shorthold tenancy with the same HA they will be giving me 1st or near 1st refusal on the flat I like. They are going to let me know on 19th July whether they can offer it to me as they are checking affordability etc. My only worry is that the price I pay for the shares in the property are dependent on valuation at the time by an "independent" valuer but it is a new build and I can't help thinking that they might not give me the best price. Sounds obvious that they won't but is there any way I can get some kind of assurance or is it just a free-for-all for the developer?! Would I be better off continuing to save for a deposit for the probably couple of years it will take, and then buy and negotiate on the open market? It all seems so smooth and seamless via the HA and the flat is beautiful so my head is in a whirl at the moment..
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Comments
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I'd want to research Bedford more, to be sure the area is ok for re-sale etc, before even talking money with the HA.
(ps. have posted on yesterday's thread as it had a great line about "identical but more attractive" that you missed out here...!)
(next time just bump the old post)0
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