advice desperately needed - im clueless

dopester

Temper temper. My suggestion was reasonable.

Go ahead and burn £800 on the latest TV. I'm sure it will look great at your parents' house you don't get on with, now you no longer live in the house you "own" in Scotland, with your need to move to near London. Really sensible.

Kate0208

you know what you're right, the tv will look great - thanks just imagining it now has cheered me up no end, well that and the realisation that although I may be at my parents and not in a great situation things could be so much worse- I could be someone like you! Things will never get that bad thankfully! So you've really helped!

Everyone else who has been nice thanks for your advice!

mostlycheerful

Regarding buying have you considered trying to team up with one or two or even three other individuals or couples and doing a joint buy? A lot of people are finding it hard to afford property, particularly in London, so there are plenty of people around who might consider going in with you.

The purchasing power of teaming up might enable you to get economies of scale and get a lot more property for your money. You might be able to get a big place with lots of rooms and possibly with a garden and in an ok area. Maybe.

The difficult parts would be finding suitable reliable people and a suitable property that you all want to live in. And, obviously, you’d need a detailed agreement and one of the most important parts of the agreement would be the exit routes and what happens if one or more people want to sell up or find that they can’t pay their part of the mortgage for whatever reason.

And quite how many mortgage providers, if any, would be able to provide funding for such a set up and at what rate of interest would be another aspect that might turn out not to be doable. A few years ago there was some publicity about mortgages designed for people who are sharing but whether since the crash in Aug 07 any of these are still available is not research that I’ve done so maybe that’s not available any more. But it’s probably worth at least a bit of research as you only need one provider who’s geared up for this and who accepts an application from you for it to possibly be doable.

And although they don’t mention it on their websites possibly some of the mainstream mortgage providers would consider such a project if asked. Maybe. There’s only one way to find out and that’s to ask. And if the frontline staff say no I might be persistent and try to talk to someone more senior who might possibly be a bit more imaginative and creative and even if it’s not normal policy they might be able work out a way that it could be done. Maybe, maybe not.

In the event of one or more parties leaving possibly the parts being vacated could be rented out at a level sufficient to cover that part of the mortgage. Or maybe you could get someone else to buy their share. Sometimes where there’s a will there’s a way.

Yes, it might be a difficult and complicated scenario, but some people do joint buys so it can sometimes be achieved. In the absence of any other solution it might perhaps be worth looking into.

Hope this idea helps your thinking even if only for you to decide that it’s not doable. Good luck with whatever you decide.

PasturesNew

mostlycheerful wrote: »

...

I only thanked you because that all made me smile.

You're well-intentioned, but barking.

Happy New Year.

Nukumai

concerned43 wrote: »

Oh !!!!!! - if she wants a new telly then she can bloody decide for herself what she spends her money on and has nothing to do with her new post!

Well said!

SouthCoast

Yes, it might be a difficult and complicated scenario, but some people do joint buys so it can sometimes be achieved. In the absence of any other solution it might perhaps be worth looking into.

My experience of ventures of this nature is that they end in tears.

PasturesNew

Kate0208 wrote: »

... my father in law has thought about buying it from us to rent it but seen as he gave us the deposit then he would only pay us £119,000 for the house which basically means he takes the deposit back and we lose it so that would mean we cant afford anything!!! grrrr!!!

any advice?

kate x

There's your "Get out of jail free" card. Take it. He wants it, sell it to him, walk away with £0k. Then you're free.... free of the worry, the responsibility, the risk. Get on with your lives, you might need to move again for work purposes in the next couple of years and with renting you'd be able to do this easily.

Then, at some future point, once you're re-established, you can always pop back to your father in law and see if you can tap him up again for another deposit.

Kate0208

thanks for that - i keep thinking about the father in laws offer too - it seems like our only way to get shot of all this stress, ive just read ur reply to my husband so it gives him something to think about properly

can i just ask - why is there so much negativity about the homebuy scheme? can anyone explain it in laymans terms for me?? if i google it then it appears to get mixed reviews - some people rave about it and other despise it - its very confusing!

kate x

mostlycheerful

PasturesNew wrote: »

I only thanked you because that all made me smile.

You're well-intentioned, but barking.

Happy New Year.

woof woof. So are you, takes one to know one. Your mention that your "norks are not for public discussion" had me in stitches t'other day, and your description of your dad refusing his dinner at the table then surreptitiously scoffing in the kitchen, very funny, you old loon. Groovy gravy and blimey trousers, glad to make you smile again even if you're laughing at me and perhaps not with me. Oh well, c'est la vie. Happy New Year to you too.

And really, come on, there's nothing barking about suggesting to the OP who's in a bit of a cleft stick and who's asking for help and suggestions that it might be worth considering doing a joint buy with some other people and then pointing out some of the likely issues arising to consider. Eh? What's barking about that? Some people do shared buys so although it might not be doable it's worth suggesting it, in the absence of any other solution being available. Innit, geezer...

concerned43

I really don't understand why shared ownership is so bad, my sister did it with her local housing associating and it gave her the first chance she ever had of owing her own house. She started off with a 25% equity share and had the option of buying more equity when she was in a position to do so. She eventually ended up owning 75% of the property. It was easy to sell on as it went to another couple who wanted to get on the property ladder and she made a profit.
My friend also went into shared property with a well known property developer who bought his old flat, which was his deposit for his new place and owns 75% equity in his new place. Neither of them have had any problems!