Orbit Homes anyone? Let's hear some nice SO stories?

poppy10_2

sallymay wrote: »

The idea of the thread was to show a bit of compassion and perhaps make people, well ME i guess.. who have to maybe choose this option because they can't do what you have apparantly done and have heard nothing but scare stories everywhere.

Look, if you just posted to hear what you want to hear, then that's fine. I'll give you some smilies and (((hugs))) and tell you everything is going to be ok:

:j:T:beer::kisses::grouphug::dance::beer::j:T

But don't have a go at people that are offering a different opinion. Brit might go over the top sometimes but he hasn't been rude or demeaning to you. It's hard to stand by and watch someone get suckered into making potentially the biggest financial mistake of their lives without speaking up and offering a warning. Don't take it too personally.

:beer:

sallymay

poppy10 wrote: »

Look, if you just posted to hear what you want to hear, then that's fine. I'll give you some smilies and (((hugs))) and tell you everything is going to be ok:

:j:T:beer::kisses::grouphug::dance::beer::j:T

But don't have a go at people that are offering a different opinion. Brit might go over the top sometimes but he hasn't been rude or demeaning to you. It's hard to stand by and watch someone get suckered into making potentially the biggest financial mistake of their lives without speaking up and offering a warning. Don't take it too personally.

:beer:

Okay thanks for that, bit sarcastic on your side too but that's okay :P
Seriously as the sticker says, Im new. I have no idea how "Brit might go over the top" so i really didn't know how to take it other than not really what i was asking for.
I mean..no need for you to really say "Look, if you just posted to hear what you want to hear, then that's fine. I'll give you some smilies and (((hugs))) and tell you everything is going to be ok" like i said to Brit, i dont really mind if NO people write in here, at least i know then that absolutely no one has anything good to say about it..The question was, any good stories? If there aren't any, then fine i accept it, but i didn't ask for more of what i'd already read.

So im sorry i guess O_o

geoffky

SALLY see you in four years time when reality hits you like a brick in the face...you have been warned...its a con run by people who should know better.

GDB2222

Hi Sally

There was one thing that worried me sooooo much about your post. You talked a lot about what the monthly costs are, but you did not mention what the purchase price is and how that compares with other non-SO property in the area. You are buying a property, so surely how much you are paying for it is a crucial consideration?

All the best

Geoff

GDB2222

I'll just add that all the people who are warning you about this are very experienced posters on this forum, most with lots of experience of owning property. I have bought around 20 properties over my lifetime, but never a SO property. So, you could discount my views because I don't know SO intimately, or you could ask yourself why I, as an experienced property buyer, have never bought SO?

This SO property may be perfect for you, but you should give it some more consideration in the light of teh advice you have had.

GDB2222

sallymay wrote: »

The question was, any good stories? If there aren't any, then fine i accept it, but i didn't ask for more of what i'd already read.

Actually, that's fair enough. You are saying that you've read about teh pitfalls already.

If there aren't any good stories, are you still going to go ahead?

sallymay

GDB2222 wrote: »

Hi Sally

There was one thing that worried me sooooo much about your post. You talked a lot about what the monthly costs are, but you did not mention what the purchase price is and how that compares with other non-SO property in the area. You are buying a property, so surely how much you are paying for it is a crucial consideration?

All the best

Geoff

Hehe thanks for your concern Geoff..
But of course I know how much the property is worth and forgive me, I left out the full details just because all I was wondering was whether anyone had had a decent experience.
It's 130k, 3 bed semi. The mortgage would be for 45% share at 58050 with me putting 5850 down as deposit. Then on top of that rent and other charges come to 180pm. Forgive me I checked the paperwork and as its a house I don't have a service charge..
I mean I know you must be thinking "poor little first time buyer blinded by the lights" but..oh I dont know I HAVE done my research into the company, I've got a specialist SO solicitor and my financial advisor..they've helped loads...I've not signed anything yet of course. I mean I've lived on the street its been built on for the last 26 years...its my "home" you know? I know it inside out and don't really want to leave it.

Sorry about it all...I do feel like its been a pretty ridiculous thread to have put afterall. I think now I know why I don't use forums hehe...I'm too much of an optimist and a true "stiff upper lip" Brit!

forum_newbie_2

Buying shared ownership has been the biggest regret of our lives. It all sounded perfect at the start, rent was quite low, we loved the house and couldn't have been happier. 4 years later we are now going through voluntary repossession to get out of the rut we are in. Rent increased by a huge amount in the time we were here, the rest of the development slowly became full of HA tenants and yes they were the ones that did drugs and caused trouble.. So much so that the developer of the site is taking our HA to court because they refuse to evict people who have been raided 3 times and our communal garden area is constantly used as dumping grounds for drugs. We could not sell the property because the day we moved in we practically stepped into £40k negative equity. When we told the HA 2 years ago we wanted to sell they came and valued the property 25k less than 3 private estate agents making it impossible for us to move. As for the house it's self? It's a new build and it is constantly falling apart. We move into private renting next week and I can not wait to be gone. I really wish i'd have listened to everybody moaning about SO but I, like you, thought our situation seemed perfectly ok. I have wasted so much money on this awful house in this awful development and my only way out is walking away, jeopardising my future in huge ways. Just always know, you never know what position you will be in come 3 years time. If you have to relocate for any reason, in SO it's most likely you will be stuck.

geoffky

Forum newbie,Thanks for telling us how it is because if we can save one person making the biggest financial disaster of their life then i consider it worthwhile.
I would go as far as saying that s.o is for the financially illiterate...i hope your life improves by getting rid of the monkey from your back...

brit1234

Forum newbie, thanks for your post. I hope your situation improves.


As for people considering this scheme be aware that if the housing association can't sell all the SO properties then they will rent them out to housing association tenants. Some of these tenants may be great people but there is always the chance.

Now one of the posters thought I was exaggerating the crime, drugs and anti social behaviour, well I am not. I work in the police and my key worker friends who bought these properties and had problems are also police officers. Being in the job you tend to notice these issues a little more.

If you are intent on buying against our advice then check the ratio of shared ownership v housing association rents. Then check the % of shared ownership sold. If it is low and going slowly then it is likely the unoccupied SO properties will become HA rents instead changing the make up of estate.