Shared ownership/equity is a scam.

thriftychap_2

Orpheo wrote: »

Valued? By whom? An EA?

Ah... You mean priced, not valued.

Assuming the EA is correct (foolish, I know), you should sell. Big falls coming.

One sold a week ago for 130k.........:T

Orpheo

thriftychap wrote: »

One sold a week ago for 130k.........:T

Where did you get that gem of information from? It normally takes a couple of months from completion for that data to become available.

You made it up, didn't you?

brit1234

kronenbourg wrote: »

i am well confused as who to believe now
i am seriously thinking of doing the shared-ownership thing but after reading the comments am not to sure

heres the deal if anyone is interested

value of property - 125k
value of 40% share - 50k
monthly rental repayments - £223
monthly mortgage repayments - £189

the house is a new build owned by the council and in a lovely area across the road from where i live

i currently rent for £650 a month ex electricity/gas so this i think is a good opportunity for me

i have a bit of money saved but only for a 20-25% deposit on a similar priced house , getting a smaller mortgage will leave more money for me for other things

any thoughts ?

What's the monthly service charge? Usually about £100 month on top of your rent and mortgage. On top of that the service chare usally goes up with RPI which is about 5% far higher than most wage increases.

I would stay well clear of this scam scheme. I once was interested and looked into it doing the calculations. The sums diddn't add up and I saved a bigger deposit to buy normally. I have to many key worker friends trapped in these paying ever increasing costs. Plus there is a chance that the council will house criminals next door as part of this split development planning.

Do you research and be very careful of this poison chalice.

thriftychap_2

Orpheo wrote: »

Where did you get that gem of information from? It normally takes a couple of months from completion for that data to become available.

You made it up, didn't you?

Its in my block! 2 x one bed sold for 115k about two weeks ago (asking price) Im not shy about asking people questions!- so either way you look at it Shared Equity has NOT been a scam for me. I am sorry to P*** on your fire guys but the facts speak for themselves on this occasion.

However unlike you I am willing to accept their is an alternative side to SE/SO.

One of the 1 beds is still on rightmove, the second has been removed already:

Link: followed Orpheos advice and deleted it.
Even if I sold my 2 bed for the price of the 1 bed i have not been scammed have I?:T

PROOF Shared Equity IS NOT ALWAYS A SCAM.........I rest my case!:p

Orpheo

thriftychap wrote: »

Its in my block! 2 x one bed sold for 115k about two weeks ago, so either way you look at it Shared Equity has NOT been a scam for me. I am sorry to P*** on your fire guys but the facts speak for themselves on this occasion.

However unlike you I am willing to accept their is an alternative side to SE/SO.

One of the 1 beds is still on rightmove, the second has been removed already:

Link:

DELETED BY ORPHEO THE WISE

Even if I sold my 2 bed for the price of the 1 bed i have not been scammed have I?:T

Asking prices and sold prices are not the same thing. You don't know how much it has gone SSTC for.

PROOF Shared Equity IS NOT ALWAYS A SCAM.........I rest my case!:p

Is this your case?



BTW Not smart to show the whole intertubes where you live.

thriftychap_2

Do you not read the posts? I have spoken, in person to 2 ot of 3 owners. Both the one beds sold for the asking price within 2 weeks of going up for sale.

You are more than happy to post your comments and ask for people to believe them with absoloutely no proof, i offer some proof and you still try to deny it. You are making yourself look silly and attempting to hide the facts by posting pictures.

Are you still denying that in my case/circumstance the SE scheme has worked out? based on my scheme (open market purchase). Gain back some credibility, man up and admit that this scheme has worked out, all be it by complete fluke and fortune but its worked out because i was luck to buy at a good time.

I feel smug about this if you had not of guessed......how about when the sold price appears on the internet, if im right you start a thread offering an apology, if your right i will do the same?? A gentlemens agreement of sorts. You appear well educated so im guessing you posses a gentlemens conduct.

thriftychap_2

Oh and thanks for deleting the link, silly of me. You beat me to it. Cheers.

Orpheo

thriftychap wrote: »

Are you still denying that in my case/circumstance the SE scheme has worked out? based on my scheme (open market purchase). Gain back some credibility, man up and admit that this scheme has worked out, all be it by complete fluke and fortune but its worked out because i was luck to buy at a good time.

Well, here's the core of the matter. You were lucky. Just as I was in buying my first house in 1998. If I'd have left it just a couple of years later, my story would be different, but it certainly wouldn't be one of shared ownership.

thriftychap wrote: »

I feel smug about this if you had not of guessed......how about when the sold price appears on the internet, if im right you start a thread offering an apology, if your right i will do the same?? A gentlemens agreement of sorts. You appear well educated so im guessing you posses a gentlemens conduct.

And this is the problem, you're not the only one who feels smug about it. How about getting over yourself and considering the situation as it is now and in the future for young people who want to buy a home.

I don't owe you an apology. If and when you sell your flat for a price that you are suggesting then, in your case, you will have benefitted. Luckily.

thriftychap_2

Orpheo wrote: »

Well, here's the core of the matter. You were lucky. Just as I was in buying my first house in 1998. If I'd have left it just a couple of years later, my story would be different, but it certainly wouldn't be one of shared ownership.



And this is the problem, you're not the only one who feels smug about it. How about getting over yourself and considering the situation as it is now and in the future for young people who want to buy a home.

I don't owe you an apology. If and when you sell your flat for a price that you are suggesting then, in your case, you will have benefitted. Luckily.

Orpheo.......that post was as close to you admitting you are wrong as im going to get!

Orpheo has seen the light and agreed that in SOME circumstances these schemes can work out!!! woop woop!

However.....I am also happy to agree that the schemes are propping up property prices to some extent!

Good man Orpheo.

Orpheo

thriftychap wrote: »

Orpheo.......that post was as close to you admitting you are wrong as im going to get!

Orpheo has seen the light and agreed that in SOME circumstances these schemes can work out!!! woop woop!

However.....I am also happy to agree that the schemes are propping up property prices to some extent!

Good man Orpheo.

Pyramid schemes have winners too.