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Property investment club
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I was watching YT videos of their CEO and most of them are fresh, but yes my bad this not a start-up.0
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err...have you not even researched what shared ownership means and yet you do not want to be chained via a mortgage!
as it says on the tin, shared ownership allows you to buy a property you intend to live in as your home without having to fund the full purchase price upfront (probably because you can't afford to get a mortgage of sufficient size to do so). The underlying owner of the property then charges you rent for the remaining part of the property which you have not yet purchased from them. If you staircase you will then find yourself at their mercy over the valuation and when you come to sell up you will find it very hard to do so as the same problem with valuation will recur. Most SO properties are owned by Housing Associations who will have strict criteria as to the sort of person who is allowed to buy and their contracts will preclude letting once you "own" them. For example did you even read beyond the first page of the L&Q website? Try page 28: selection and allocation criteria. Also consider the implications of the fact their properties are "sold" to you on a 125 year lease....
as for you dismissal of tenants in common, there are only 2 ways to own property in the UK with a two or more people : Joint Tenants or Tenants In Common. If TIC "is not suitable for you" then I assume you fully understand what it means to be JT as that is the only other option!
If you want to "invest" in property and have a clear exit path independent of being chained to a mortgage then do so via:
- crowd funding sites such as previously mentioned; or
- the stock market via the REITs or any of the many property based funds0 -
My apologies I should ask in a new topic.
I red page 28 and more or less understand the implications.
L&Q seems to me like one of these vague alternatives.
It looks convincing + smiling people, but at the end of the document I have realized they are just another middle man that will charge you for their service. I am not sure if this is going to be cheaper than a direct approach.0 -
Yes you are right I am complete dumb in properties.
Thank you for your advise, you are very kind.0
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