40% London HTB scheme

mayonnaise

clairewych wrote: »

Why is it a scam?

- shared ownership is by definition leasehold
- this lease will often be a short one (90/99 years)
- there is no statutory right on a shared ownership lease extension under the 1993 leasehold act.
- forget about lease extension if you haven't 'stair cased' up to 100%
- you'll be paying rent and service charges, but are 100% liable for maintenance and repairs on the property you part-lease/part rent.

Basically, it's renting without the advantages of renting.
Avoid at all cost.

mwpt

MARTYM8` wrote: »

Its not a scam as such.

However can you imagine any other industry where the Government would provide a 40% interest free loan to buy a company’s products.

I want to buy a new car – will the government give me a 40% interest free loan so I only have to pay interest on the 60%

You're talking about something else, the HTB equity loan.

Completely different to the shared ownership scheme which has several problems.

TheeMaskedTurnip

Electrum wrote: »

Many here are questioning it.

There is so much to be questioned about all the desperate efforts to keep property prices propped up.

Questioning it doesnt make much difference, but its pretty easy to see the results- temporary propping up artificial high prices, until they cant be propped up anymore.

Someone sounds a mite jealous. Have you got the green eyes of envy or what? Just because you want to stay a RFL doesn't mean everyone else should. Let them buy houses. At the end of the day it's nothing to do with you.

mwpt

clairewych wrote: »

If you're aware of any could you link me to them? As a prospective FTB the various schemes are a minefield when trying to assess value for money vs affordability.

Yes, they are a minefield. Already a poster on here has confused "HTB Equity Loan" with "Shared Ownership".

Shared ownership is fraught with risk and comes with multiple downsides. As someone said, it's almost like renting but without the upside of renting (ie. someone else maintains the property). Fantastic for the builders though as they get to charge high prices for part of a property, while still owning the rest and making you pay to take care of all of it. It's unbelievable really.

mayonnaise

TheeMaskedTurnip wrote: »

Someone sounds a mite jealous. Have you got the green eyes of envy or what? Just because you want to stay a RFL doesn't mean everyone else should. Let them buy houses. At the end of the day it's nothing to do with you.

Electrum is not a RFL. He/she's a RFW.
Now go back to work and pay your taxes to keep Electrum housed, fed and watered.

Electrum wrote: »

Im on JSA and over the benefits cap.

Basically because of housing benefit and Child tax credits I get my total benefits reduced by the amount of JSA I should be getting before the cap.

So If I do a little work here and there, and declare the earnings, it would be taken off my JSA would it not? But my benefits wouldnt actually go down as long as I only earn a little, I would still be getting £500week.

Would it complicate my claims for housing benefit or would I even need to tell them?

MARTYM8`

mwpt wrote: »

Yes, they are a minefield. Already a poster on here has confused "HTB Equity Loan" with "Shared Ownership".

Shared ownership is fraught with risk and comes with multiple downsides. As someone said, it's almost like renting but without the upside of renting (ie. someone else maintains the property). Fantastic for the builders though as they get to charge high prices for part of a property, while still owning the rest and making you pay to take care of all of it. It's unbelievable really.

With all fairness I have confused nothing.

This thread is about the 40% London help to buy scheme – not shared ownership. So that is what I commented on!

We could have a lengthy thread about the problems of SO – but that is a different ballgame.

mwpt

MARTYM8` wrote: »

With all fairness I have confused nothing.

This thread is about the 40% London help to buy scheme – not shared ownership. So that is what I commented on!

We could have a lengthy thread about the problems of SO – but that is a different ballgame.

Well, we had a poster asking about why shared ownership was a scam, and you answered, which in any normal conversation would mean you were answering about shared ownership. It doesn't matter, I hope that poster has the answer they were looking for.

TheeMaskedTurnip

mayonnaise wrote: »

Electrum is not a RFL. He/she's a RFW.
Now go back to work and pay your taxes to keep Electrum housed, fed and watered.

I didn't think there was a thong worse than an RFL. What a bloody parasite.

AG47

Can you use the 40% for right to buy?

Garethgrew

I'm waiting for next desperate attempt to prop up property prices,

Next HTB may be 50% that you don't have to pay back.

HTB help to bubble