Shared ownership or wait?

AliceBanned

mrginge wrote: »

I'd rather eat my own weight in tesco value burgers than go anywhere near shared ownership

People are either for or against with SO.

Gelly123

Hi AliceBanned
So glad my post helped a bit. It's a big decision to make and scared the life out of me to begin with but we all have to start somewhere.
Our flat was also with MHO in Stephenson Wharf - in the block behind the ones overlooking the marina so I'm absolutely certain it's the same block we used to live in.
We still have two friends who own flats in that block but I know one has been looking to sell so it might in fact be her flat...?
We did have some issues with MHO and their service charge levels but only in that they charge so much but do so little - but as long as you are on their back to chase for the "service" you've paid for, then you'll be fine. It might be that they've changed service contractors as we moved out in 2007 so things could have improved.
Do bear in mind that the trains that stop at Apsley for London are the "slow trains" - so take about 10 -15 mins longer to get to London as it stops at many more stations than the fast train from Hemel which would take about 25 mins to Euston.
Any queries, please give me a shout and best of luck.
Gelly
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AliceBanned

Gelly123 wrote: »

Hi AliceBanned
So glad my post helped a bit. It's a big decision to make and scared the life out of me to begin with but we all have to start somewhere.
Our flat was also with MHO in Stephenson Wharf - in the block behind the ones overlooking the marina so I'm absolutely certain it's the same block we used to live in.
We still have two friends who own flats in that block but I know one has been looking to sell so it might in fact be her flat...?
We did have some issues with MHO and their service charge levels but only in that they charge so much but do so little - but as long as you are on their back to chase for the "service" you've paid for, then you'll be fine. It might be that they've changed service contractors as we moved out in 2007 so things could have improved.
Do bear in mind that the trains that stop at Apsley for London are the "slow trains" - so take about 10 -15 mins longer to get to London as it stops at many more stations than the fast train from Hemel which would take about 25 mins to Euston.
Any queries, please give me a shout and best of luck.
Gelly
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Thanks for your reply. Yes, scarey and exciting. Not sure whether I'll be approved anyway but will try. I thought the service charges were steep but they always seem to be a rip off in new build flats. My friend is nearby and he pays the same. One thing that might put people off when selling on but i think it looks fairly well looked after.

Thanks for the note about the trains - wasn't aware. Still ok for me but good to know.

vivatifosi

Good luck AliceBanned. It is an area I know well too, though I haven't lived in Stephenson Wharf, I did work next door for a bit and like walking up and down the canal.

I don't know anything about SO, so won't comment on that. The only negative that I can see, and this is something which Gelly123 may be able to comment on, is that I find that area quite high density and the flats noisy when I'm walking along the canal in summer. Everyone has windows open and you can hear everything. I'd therefore want to know what noise levels are like there.

I'm also really jealous re trains. They may only be slow ones, but they are very easy to get to!

RoxieW

We have just put our SO property on the market. We've lived here 8 years, 50 per cent share and it's been a wonderful home for us! I don't understand the issue with SO? We didn't purchase ours at an inflated price (nor will we sell it at a premium) and going SO meant that we have had a lovely home to live in, and raise our family in, in a nice area - and our rent and mortgage combined is less that local comparable rent.
If you like the house overall and can afford it then go for it. we've never for a second regretted our SO purchase and once we 'found' our feet we were able to overpay/save a deposit so that we can now move several rungs up the ladder. good luck!

AliceBanned

vivatifosi wrote: »

Good luck AliceBanned. It is an area I know well too, though I haven't lived in Stephenson Wharf, I did work next door for a bit and like walking up and down the canal.

I don't know anything about SO, so won't comment on that. The only negative that I can see, and this is something which Gelly123 may be able to comment on, is that I find that area quite high density and the flats noisy when I'm walking along the canal in summer. Everyone has windows open and you can hear everything. I'd therefore want to know what noise levels are like there.

I'm also really jealous re trains. They may only be slow ones, but they are very easy to get to!

OK, worth knowing re the noise. I am going to run through the process as it may be that I'm not even offered it, but if I am I think it is a hopeful option. I hate neighbour noise but the flats are so spacious i am hoping it will be no worse than the average flat, and it will be a start. My friend lives towards the other end of Apsley, away from Stephenson Wharf and said the whole area seems peaceful to him so I'll ask him for his opinions on the summer months too.:)

AliceBanned

RoxieW wrote: »

We have just put our SO property on the market. We've lived here 8 years, 50 per cent share and it's been a wonderful home for us! I don't understand the issue with SO? We didn't purchase ours at an inflated price (nor will we sell it at a premium) and going SO meant that we have had a lovely home to live in, and raise our family in, in a nice area - and our rent and mortgage combined is less that local comparable rent.
If you like the house overall and can afford it then go for it. we've never for a second regretted our SO purchase and once we 'found' our feet we were able to overpay/save a deposit so that we can now move several rungs up the ladder. good luck!

I'd be planning on staying at least 4-5 years so I agree, can't really lose out too much. At the same time no one is really making profit on property now, unless they grab an auction bargain or buy in London. So I would be no worse off than renting where I am now, as I will have fewer petrol costs over a long period of time..:). Your point about having a lovely home is an important one - it shouldn't just be about finance; that can end up in disaster, having to live somewhere awful..

zzzLazyDaisy

Sorry if I have missed this, but how does the total cost of the SO (mortgage repayments, rent, maintenance charges) compare to the rent that you are paying at the moment?

Also, while it is normal to have a clause in the tenancy agreement preventing sub-letting (that is to say you go off and live somewhere else and rent the house out) this is unlikely to extend to lodgers, as they have no rights, and can be asked to leave on very short notice - it is the granting of tenancy rights to third parties that the clause is targetted at).

simonreed1977

Probably not a bad idea if it helps ease any financial burdens in this current climate, I've got a shared ownership out in Spain on an apartment and it hasn't caused any problems whatsoever...yet

Gelly123

Re vivatifosi's post about density and noise, thankfully AliceBanned knows the area and is aware of the density and build up of the area.

Yes, it's probably over populated but the majority of people living in the marina flats are young singles or couples that are at work most of the day and only home in the evenings / weekends.

Generally, we found it fairly quiet there but this was in 2005 - 2007 so the dynamics might have changed a bit although I doubt very much.

There are some families in the flats but the majority of families are in the MHO houses that front the entrance of Apsley Lock, on Belswains Lane. These are traditional social housing and are 100% rented by MHO.

I don't think the property is any better or worse than any other flats to be honest. Sounds travels through flats - it's a very common issues and yes, if the people above you / next to you / below you are having a row then you'll hear it but generally, you won't hear much noise.

It's in the interest of the residents to be considerate to their neighbours as, with a SO property, you still have an obligation to MHO to be a considerate tenant and not upset people.

The walk along the canal in summer is fantastic - walk either way and you'll meet dog walkers, people that live on the canal boats and come across some lovely pubs.

All in all, if I needed to move into a flat again, I would definitately move back there as it's got so much going for it.
Hope this helps a bit.
Good luck
Gelly
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