We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
The MSE Forum Team would like to wish you all a very Happy New Year. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
Discount Market Share (DMS) To buy or not to buy!
mopsymuffin
Posts: 53 Forumite
I need some Advice Please... Has anyone had experience of the Discount Market Share scheme (DMS) or better still has anyone purchased a property on this scheme?
I am looking to purchase a 1 bed apartment in West London as A First Time Buyer & this scheme is part of an incentive being run by the local authority for First Time Buyers who live or work in the Borough. I cannot find hardly anything on these forums or even on the internet about this scheme!
I have researched these Forums & there is a lot on shared ownership & shared equity schemes. I have read the post shared ownership/equity is a scam & many horror stories! DMS is NOT the same as the shared ownership scheme in as much as there is NO rent to pay.
In my case I would purchase & own 30% of the property & local authority own the other 70%. The only criteria is that when I decide to sell I do have to sell through the local authority under the same basis. It almost sounds too good to be true as I would never be able to afford a 1 bed flat in West London without this scheme so basically my options are buy under this scheme or probably not at all.
My real concerns are 1) annual Service charges, I can afford them as they stand now but I have read horror stories about management companies increasing these charges out of all proportion in some cases
& 2) when I want to sell the worry that no-one will want to buy as part of this scheme.
I have spoken to the local authority who say they have a waiting list of people to buy & they do not foresee any problem of being able to sell on in the future. But I have no proof of this!
Also just to say my repayments plus the monthly service charge still add up to a lot less than I would be paying rent for a 1 bed flat in the same area.
I would really appreciate any advice forum readers may have based on their knowledge or experience on this type of scheme.
I have not made a final decision on whether to go ahead with this as am worried whether I am doing the right thing but I don't have a lot of time to make up my mind!
Many thanks in advance for any advice anyone can give.
I am looking to purchase a 1 bed apartment in West London as A First Time Buyer & this scheme is part of an incentive being run by the local authority for First Time Buyers who live or work in the Borough. I cannot find hardly anything on these forums or even on the internet about this scheme!
I have researched these Forums & there is a lot on shared ownership & shared equity schemes. I have read the post shared ownership/equity is a scam & many horror stories! DMS is NOT the same as the shared ownership scheme in as much as there is NO rent to pay.
In my case I would purchase & own 30% of the property & local authority own the other 70%. The only criteria is that when I decide to sell I do have to sell through the local authority under the same basis. It almost sounds too good to be true as I would never be able to afford a 1 bed flat in West London without this scheme so basically my options are buy under this scheme or probably not at all.
My real concerns are 1) annual Service charges, I can afford them as they stand now but I have read horror stories about management companies increasing these charges out of all proportion in some cases
& 2) when I want to sell the worry that no-one will want to buy as part of this scheme.
I have spoken to the local authority who say they have a waiting list of people to buy & they do not foresee any problem of being able to sell on in the future. But I have no proof of this!
Also just to say my repayments plus the monthly service charge still add up to a lot less than I would be paying rent for a 1 bed flat in the same area.
I would really appreciate any advice forum readers may have based on their knowledge or experience on this type of scheme.
I have not made a final decision on whether to go ahead with this as am worried whether I am doing the right thing but I don't have a lot of time to make up my mind!
Many thanks in advance for any advice anyone can give.
0
Comments
-
It's just my guess, but sounds way to good to be true. Anyone could share their experience please?
I'm sure there is the catch but where?0 -
I'd never heard of it before until I read the Evening Standard last night (if you have an iPad or Android device might be an idea to download last night's issue as it had a piece on it). Does sound a very cheap way into the housing market. Nothing further to add, I'm afraid.0
-
Have a look at LB Hammersmith & Fulhams website where they ahve contact details and information on the scheme - they are a Tory run borough and very keen on helping middle class buyers onto the property ladder (anything but help anyone who cannot afford to buy) and will try to support them as far as possible.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.8K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 260K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards