SHAREDOWNERSHIP is FANTASTIC!

geoffky

shared ownership is for the financially illiterate....it really is that simple.

and_another_thing...

geoffky wrote: »

shared ownership is for the financially illiterate....it really is that simple.

Hmmmm I completely disagree with this if you are also implying this to shared EQUITY. And there are many, many SO schemes out there. Have you really researched the pros and cons of every single scheme? Good work!

urban_chaos

St00zer wrote: »

Urban

Which part of London do you live in and which Housing Association have you had problems with ?

Have you spoken to the HA about your situation and what have they come back with ?

Hi St00zer

Zone 1 and I'll have to let you know once I know where I stand with this mess.

I spoke to them and have been advised that I cannot afford this flat and I have to sell it. However it cost money to sell which I don't have...

urban_chaos

This

geoffky wrote: »

shared ownership is for the financially illiterate....it really is that simple.

I wish I had found this site before I decided to take the SO route, would have saved a load of stress for me :-(

debrag

for those that have SO properties. If you didn't go this route how would you have afforded a place?

Wickedkitten

St00zer wrote: »

Shared ownership is meant to be for helping people get on the first rung who can't afford to buy a house outright, not to enable people who have 75k in savings who can manage to buy one the traditional way.

This was a hypothetical example I used to illustrate a point. But your are mistaken to think anyone with £75k can necessarily afford the flat/house they want on the open market. What if the person is only earning £25k and trying to buy a £300k house?

Do you think the banks will lend £225k to this individual? I think not. As they typicall lend 3-4 times earnings.

This individual will never get financing to buy a £300k flat/house so the only route they can do so is SO.

A person on 25k should actually be looking for a house they can afford then rather than one that is over 10x their salary.

St00zer

urban_chaos wrote: »

Hi St00zer

Zone 1 and I'll have to let you know once I know where I stand with this mess.

I spoke to them and have been advised that I cannot afford this flat and I have to sell it. However it cost money to sell which I don't have...

Urban,

You have my sympathies & I hope there are people on these boards that can give you advice to prevent you from losing your home.

However, I do think you should be more open with your situation and be more willing to disclose information for us to be in the best position to help you.

It would be interesting to know where you bought, it would give an indication of the market prices in the area and how easy the property can be sold for and whether your likely to recieve a reasonable price.

It would also be interesting to know how much you bought the property for, how much the rent / service charge was when you pruchased, how much mortgage did you take, what deposit did you put down. Exactly what are the costs now compared to your income?

What were your monthly outgoings when you purchased, what are the out goings now? Is there anyway you can cut back on any discretionary spending to help meet payments? Have you considered taking a second job?

Did you have any debts when you purchased the property?

I also think you should name and shame the HA, if it was me I would fight them to the last breath before losing my home & I would take every step I possibly could before losing my home & I would perhaps even go to the press with my story and totally expose the HA.

St00zer

Urban Chaos?

vesimsr

Can someone please help me get out of this stress, that I have been going through for the last couple of months with regards to Shared Ownership?

I am a First Time Buyer with no debts & hopefully a steady job & have been planning to get on the property ladder. Due to a low deposit, I find it a struggle.
There is this property (a 2 Bedroom Newbuild Flat in Harrow) which I really really like, but I am not sure whether I should go for it or not.
And I keep going through the motions everyday. Its hard to take now. I dont want to let it go but at the same time I dont want to make a decision I regret.
And yes, I want to get off the rental market asap, but safely.
Latest details I have are below:

Total Property Cost: £330,000
Share I plan to buy: 45% (£148,500)
Rent (2.75% on remaining share): £416 pcm (55% = £181,500)
Service Charge: £3000 pa (YES £250 pcm)
Lease: 125 years
Mortgage payment: £575 pcm
Total monthly payments currently: £416+£250+£575 = £1241 pcm

My current monthly Rent: £1000

The only trouble is that I have a Low Deposit, so buying on the open market is a little difficult (or that is what I believe)
I thought this was affordable housing for people who CANNOT get on to the open market?? 2 Bed Flat for 330k, they must be joking.

Can someone please help me asap.

Thanks in advance.

St00zer

vesimsr wrote: »

Can someone please help me get out of this stress, that I have been going through for the last couple of months with regards to Shared Ownership?

I am a First Time Buyer with no debts & hopefully a steady job & have been planning to get on the property ladder. Due to a low deposit, I find it a struggle.
There is this property (a 2 Bedroom Newbuild Flat in Harrow) which I really really like, but I am not sure whether I should go for it or not.
And I keep going through the motions everyday. Its hard to take now. I dont want to let it go but at the same time I dont want to make a decision I regret.
And yes, I want to get off the rental market asap, but safely.
Latest details I have are below:

Total Property Cost: £330,000
Share I plan to buy: 45% (£148,500)
Rent (2.75% on remaining share): £416 pcm (55% = £181,500)
Service Charge: £3000 pa (YES £250 pcm)
Lease: 125 years
Mortgage payment: £575 pcm
Total monthly payments currently: £416+£250+£575 = £1241 pcm

My current monthly Rent: £1000

The only trouble is that I have a Low Deposit, so buying on the open market is a little difficult (or that is what I believe)
I thought this was affordable housing for people who CANNOT get on to the open market?? 2 Bed Flat for 330k, they must be joking.

Can someone please help me asap.

Thanks in advance.

A few questions before sharing my thoughts to give you a more informed view, what is your salary & expenses and how big is your deposit ?