To Buy OR Not To Buy????

121casa

Hi,
I live in the Housing Assocn. house and have just started the process of purchasing about 3 weeks ago under the Social Homebuy Scheme, only to read in the papers 2 days ago about the govts. new scheme to help 1st time buyers.
I've lived in the property for 10 yrs now.
I have the right to acquire and there is a fixed discount of 10k off the market value.
Would it be advisable to instruct my solicitor to stop the purchasing now and wait......... I am very confused and would greatly appreciate some sound advice. Thanks in advance.

reweird

If you want advice you have come to the right place. In the long-run it is always better to buy than to rent because after your mortgage has been paid off you then own an asset and no long have to pay keep for your shelter. Good luck.

1984ReturnsForReal_2

Don't you get the option to buy it for £5 in a few months?

chucknorris

121casa wrote: »

Hi,
I live in the Housing Assocn. house and have just started the process of purchasing about 3 weeks ago under the Social Homebuy Scheme, only to read in the papers 2 days ago about the govts. new scheme to help 1st time buyers.
I've lived in the property for 10 yrs now.
I have the right to acquire and there is a fixed discount of 10k off the market value.
Would it be advisable to instruct my solicitor to stop the purchasing now and wait......... I am very confused and would greatly appreciate some sound advice. Thanks in advance.

Damn I can't get back to sleep after my dog went beserk (fox in our garden, I thought world war 3 had started).

Only you can decide that but I believe the new scheme only applies to new build properties (if we are talking about the same scheme). Personally I think new build tends to be a bit overpriced anyway, so I am usually suspicious of discounts from that price representing value. But that could just be because my preference is for 'period' type properties over new build. So I suppose it is going to depend on how much you like your current place that you have lived in for 10 years and how you would compare it in terms of value to the best new build that you can find.

That's just my opinion of course, it's all very subjective.

ruggedtoast

Depends on how long you have been waiting and how much faith you have in government schemes I suppose. Also depends on the property, the area, affordability etc. Cant offer much help with the limited information you have given.

Asheron

Do not Buy......... House prices over the next 10 years will be coming down.

Rochdale_Pioneers

Asset stripping social housing for personal gain is always a good thing for the individual. Of course you'll be adding to the problem of no affordable housing driving prices up, but as you'd then be one of the owners benefitting, why wouldn't you? The government wants to give you free money, it would be churlish to say no...!

PasturesNew

New build properties is the scheme for FTBs, mortgages underwritten by Govt.

Council house discounts are something else.

I've no idea, but my first thought was "Is a Council house the same as a Housing Association house?". Councils used to own homes - but in a lot of areas they already sold them off to Housing Associations, so you'd need to find out if the new Council house bargain giveaway mega sale applies to your house/Association/area or if it's an entirely different set of rules and setup.

121casa

PasturesNew wrote: »

New build properties is the scheme for FTBs, mortgages underwritten by Govt.

Council house discounts are something else.

I've no idea, but my first thought was "Is a Council house the same as a Housing Association house?". Councils used to own homes - but in a lot of areas they already sold them off to Housing Associations, so you'd need to find out if the new Council house bargain giveaway mega sale applies to your house/Association/area or if it's an entirely different set of rules and setup.

Council= Right to buy
H.Assocn.=Right to Acquire??

Percy1983

If you are happy with your house and the price is right then buy it.

nollag2006

Percy1983 wrote: »

If you are happy with your house and the price is right then buy it.

Fully agree.

With interest rates at record lows, some great long term fixes for the risk averse available, and rents rocketing this sounds like a great opportunity.

Do it now. You won't regret it