Shared Ownership - problems

lynzpower

gaz

do you mean 100% of a 50% share, Ie you want to borrow 50% of the propertys value? If so I cant see that being a problem.

I was going to do this, then I rustled up 2k from family ( paid them back now) as this gave me a much better spread of mortgage options. Even if you had 1K I bet this would mean that theres cheaper deals out there for you.

Graham_Devon

My mortgage adviser told me if I go for 97% my chances are roughly 80% higher on a shared ownership.

Let's face it, if I stop paying the mortgage, the mortgage lender can't take or sell the house, so it is a bit of a gamble for them.

I tried with 97% and got stumbling blocks from it, so I offered 10% deposit (90% mortgage) through my mortgage advisor, got it straight away.

It's all just speaking from experience. But of course, every knock back is another credit search on your credit file, mine got hammered to pieces!

It's like my dad said to me (and he aint no mortgage advisor!). Your asking for a small, but high risk (to them) loan. The loan you are taking is high risk and a small amount, so less profit, than someone taking on a mortgage for a whole property at a bigger cost so more profit and less risk.

It's difficult, but like I said, well worth sticking with it. But don't get your hopes up for a jan/feb move date!!

ictmad

i finally bought the final share of my house(75%) after owning 25% for 6 years,even in that time although the housing society owned 75% of the house they wouldnt do any repairs or pay for anything after the 1st year,surely it was in there best intrest to do this(pay for 3/4 of reapirs) as if i left or bought the hosue they wouldnt get as much for it

Graham_Devon

The housing association is not interested in repairs. That's up to the buyer regardless of how much their share is.

I bought a re-sale, was a right state, but had to have it. Was up to me to sort it out. HA never even set foot in the house at all. Not when the buyer wanted to sell and not when it came to exchange.

Similarly. If anything goes wrong, unless it's covered under building insurance, you pay for it. I own 25% of mine but if the windows needed changing, I'd have to pay 100% of the costs.

The outside is kept nice, as in the communal areas, always gardners around, but I am paying for it. Still think SO is worth it though.

ictmad

Graham_Devon wrote:

The outside is kept nice, as in the communal areas, always gardners around, but I am paying for it. Still think SO is worth it though.

i bought mine out right and still pay £6 a mth to get grass cut etc but dont mind that

Graham_Devon

ictmad wrote:

i bought mine out right and still pay £6 a mth to get grass cut etc but dont mind that

I always thought it would be nice for them to cut YOUR grass though aswell! Makes me feel guilty when i go out the door and see the lawns cut nicely and theres my little bit of grass looking like a wildlife park

Seems to have a knock on effect to a few others aswell. You know if were out there cutting grass, the gardners have been round and put us to shame that day.

What does annoy me though is we have nice families here. 32 houses. 2 of them are utter idiots. Their kids shout abuse (they are only around 6) and have caused damage to fences on a couple of occasions. Got a letter round stating that due to vandalism, our costs are going up by £2.89 a month. We know exactly who's doing it, but what can you do?

There was a new fence put up round the corner (somewhere I never go so dont bother me) and it's been wrecked already by the same 4 kids. Was a nice wooden fence that the maintainance people put up. The fence panels (like struts) have been ripped down and the kids use them as swords. So I now, along with the other 30 houses will have to pay for this.

Funnily enough, those 2 houses were sent down here from somewhere else before they had kids due to crime in another part of the country, they were evacuated and sent to plymouth, but then got sent here and the state pays for their houses. This is the problem when you have empty homes. The seller of my house told me all this and told me to watch out for those kids. Just a shame when everyone else seems nice to have these 2 households wrecking it, and us having to pick up the tab. Were already paying for them to doss at home all day.

izoomzoom

ictmad wrote:

i finally bought the final share of my house(75%) after owning 25% for 6 years,even in that time although the housing society owned 75% of the house they wouldnt do any repairs or pay for anything after the 1st year,surely it was in there best intrest to do this(pay for 3/4 of reapirs) as if i left or bought the hosue they wouldnt get as much for it

I am sorry but this really gets to me.

When will people understand (and I am still trying to get my H to understand) that as a SOwner you pay all the repairs and maintenance, regardless of your percentage owned. You have the priviledge of a mortgage, rental and all the r&m.

The upside is your rental is subsidised (we own 50%, so rental / mortgage payments should be equal, but my rental is only a 1/4 of my mortgage.

ukgaz

lynzpower wrote:

gaz

do you mean 100% of a 50% share, Ie you want to borrow 50% of the propertys value? If so I cant see that being a problem.

I was going to do this, then I rustled up 2k from family ( paid them back now) as this gave me a much better spread of mortgage options. Even if you had 1K I bet this would mean that theres cheaper deals out there for you.

lynzpower,

Yep. Go see one of the banks tomorrow. I have a good credit history so hopefully will be ok

izoomzoom

Good Luck tomorrow !

AKK_3

Hi Guys,

Sorry been really busy and haven't had time to check thread!

Anyway you wont believe the reason of the hold-up. I only discovered the other day when I was talking to the lady at the HA, that the reason my purchase was not progressing was because the HA had assummed that I had gone with the solictors that they had reccommended and told their solictors this.

Of course I had chosen someone else, and the HA solictors wouldn't communicate with them because they had been told otherwise.

My solictors called just a few mins to let me know they have the draft contract and she will be going through it in early next week and then hopefully things will move along quickly.

I have now been told that I will exchange by mid-Jan and complete by end of Jan but I fully aware this may not happen. I don't trust the HA and to be honest I have found them to be a little incompetent.

A