Shared ownership again sorry what's wrong with my logic?

jc808

sorry just read your other post

http://www.findaproperty.com/searchresults.aspx?edid=00&salerent=0&areaid=5662&prt=2&bedrooms=01&minprice=100000&maxprice=200000

chimpxp

old street is the nearest tube to where i work or hoxton overgound. i should probably be more flexible as to where i live, but i like the feel of stoke newington/dalston/hackney - i used to live in clapham and didn't like it there much

googler

chimpxp wrote: »

Here's my options. I'm tending to go with option 2...i know a lot of people will say i'm stupid, but if so can you explain why?

Option 1

---

Buy a 1 bed flat for £268K......

Speaking as someone to whom '1 bed flat' indicates a price range of £85k to.... £135k or so maximum for a prestige new-build..... I've discounted option 1 already.

poppysarah

thriftychap wrote: »

Is it not about time somebody banned this fella from shared ownership threads. He offers no useful advice at all.


His hate of them is fuelled only by his opinion that 'they are propping up the housing market' This may be the case but they are still useful to those in a situation similar to that of the OP.

Yes some are not as good as first expected but please be a little more open to the logic the OP has demonstarted.

Some are deliberately not as good as first explained. Over the next 10 years a lot of shared ownership issues will be bought up on here as people discover just how much of a scam they are.

They do serve to prop up prices.

hazyjo

Check out the street view before writing this off 'cos of the front. Great location. I've lived in Westcombe Park and Blackheath and know how popular these 'Vanbrugh-whatever' roads are. I absolutely loved living round there.

You have Greenwich Park on your doorstep, along with Greenwich itself, and Blackheath. All walkable (nice walks, too). If the trains are down, you could always walk to the DLR at Greenwich.

Train to London Bridge from Maze Hill (10-15 mins) then 3 stops on a tube (approx 6 mins).

http://www.rightmove.co.uk/property-for-sale/property-33418217.html

Or a one bed nearby: http://www.rightmove.co.uk/property-for-sale/property-33507200.html

Or http://www.rightmove.co.uk/property-for-sale/property-18491682.html

Or http://www.rightmove.co.uk/property-for-sale/property-28582792.html

That'll do for now... Not sure if you'd be willing to head south or not.

Jx

Graham_Devon

Wickedkitten wrote: »

I'm guessing this might be a one bedroom flat, but even if you had a two bedroom, you might not be able to sublet a room to get a lodger in to help out financially because the HA won't allow it. Nor would they allow you to rent it out if something happened where you lost your job, got married, had to move to a different part of the country for work.

I'm in SO, and so is a mate in a different part of the country. Both of us can have lodgers. Don't even need to inform anyone. Can also let it out, but not for extended periods of time for business. Could let it out if say we were going abroad for a year and planned to come back.

To the OP. Just make sure you are fully aware of the pitfalls. Who you are living around being on of the biggest. Often half the place is council rented, which can cause problems. I'm not against council housed families, but it only takes 1 family, and all sites seem to have them, as they move them around the area due to complaints.

Don't take too much notice of posts on here telling you its a scam. There are many different schemes. Many different T&C's within each scheme. I often read posts stating something in black and white, that is completely and utterly wrong. But, most are against SO, although have no experience at all themselves.

For me, it's worked very well. However, I'm aware of the pitfalls. Seems you are too, from your opening post.

Personally, I would walk away from an SO flat. There ARE more pitfalls in flats. Houses are a different ballgame.

BitterAndTwisted

Plans_all_plans wrote: »

Or there's this one in Stoke Newington: http://www.rightmove.co.uk/property-for-sale/property-18481845.html

There quite a few glaring flaws with that flat in Stokie. The second bedroom being accessed via the kitchen, the kitchen lay-out and the 58-year lease being some of them.

BUT it does show that the OP has plenty of choices of 100% ownership on their budget.

Wickedkitten

Graham_Devon wrote: »

I'm in SO, and so is a mate in a different part of the country. Both of us can have lodgers. Don't even need to inform anyone. Can also let it out, but not for extended periods of time for business. Could let it out if say we were going abroad for a year and planned to come back.

That's why I said might not allow

icarus29

I'd avoid Shared Ownership like the plague..... i am fortunate in the sense that i bought a SO in a good area and the flat has retained it's value. But the combination that i pay in escalating rent and service charges plus mortgage is ridiculous and for what...i have a tiny stake in the property. I sublet my room for a few years now which is in breach of my lease but there were no other options. I wish i had saved a bit more, waited a few years and then made more of a balanced decision about what i bought.
The reality is i don't and won't ever earn enough to own outright my SO. The only people that win is the Housing Association.

My advice would be save as much as you can and then look for somewhere with great tube links as that will always be a good selling point. My mate bought a lovely place in E17 and it's only 15 mins or so to Oxford Circus. Or how about somewhere on the East London line? Good luck!!

neverdespairgirl

chimpxp wrote: »

well i'd like to stay close to here (e8 near london fields), but so does everyone hence mega price. I'm looking at dalston, hackney, stoke newington, lower clapton ........ at the moment

If your nearest station for work is Old Street, what about N1? Not a bad area at all, short walk to work.

You can easily get a 2 bed under £250k in Hoxton, Islington, etc.

http://www.primelocation.com/uk-property-for-sale/details/id/CPCB239183/

http://www.primelocation.com/uk-property-for-sale/details/id/MOPT8450781/

Or EC1, a 1 bed under £250k, better area and transport than E8, I reckon:

http://www.primelocation.com/uk-property-for-sale/details/id/VIEL7963700/