Half a house

Silence101

The wall would be my preference, but because we're part renting we'd need to ask permission and then pay for the admin fees etc. It's one of the downsides of shared ownership. I'm hoping the noise won't be too much of an issue, but the light really is. If it becomes an issue we're going to have to move furniture around and find a new place for the desk, but it's a bit of a mission.

Silence101

I've had my (almost) annual haircut, and although I was quite MSE about it, and went for the cheapest option, I really don't like it. I'm sure it'll look better in a week or so, but it's accentuated every thing I don't like about my hair, so not great. I really need to stick to haircuts I know suit me instead of trying something else. Hopefully I'll get used to it soon.
So far this month I've managed to transfer over £200 to the mortgage in OPs. If we could match and/or overtake that amount month after month I'd be very happy!

daisy_1571

Ah I see. I really didn't realise this about part share houses. I guess I thought the rented part was kind of a technicality so didn't realise you would still have these sorts of restrictions. Hooe you find a solution that works well

D

Silence101

Yes, it's a pain, we have all the constraints of a tenant and all the obligations of an owner. The landlord gets a good deal as they aren't responsible for any work needed, but get rent every month. But it was our only option if we wanted to buy now, so as soon as we clear this mortgage we get the joy of trying to clear another one for the other half. I'm not really happy about it all, but it's what it is, so I've just got to deal with it.

gallygirl

Do you have to do it in that order? Can you not buy additional tranches?

Silence101

We can, but we'd have to pay for an independent valuation plus all fees linked to getting a bigger mortgage and paperwork from the HA, meaning that we're looking at quite a bit extra every time we want more shares. So the least times we buy additional shares the cheapest it gets, although we then have to weigh it against how much rent we might save every time we buy more. It's quite a tricky balance trying to get the best deal out of the sale. At the moment, I'm concentrating on getting a much higher LTV on current mortgage as banks aren't keen to lend us anymore for the foreseeable future. But once we've saved up enough to buy let's say another 10% we're going to have to make a spreadsheet to decide what is the best use of the money, whether to OP or to try and buy some more shares.

gallygirl

Silence101 wrote: »

But once we've saved up enough to buy let's say another 10% we're going to have to make a spreadsheet to decide what is the best use of the money, whether to OP or to try and buy some more shares.

Hadn't thought through about the costs involved .

Why not make up the spreadsheet now - we all love a good spreadsheet on here, whether it is needed or not :rotfl:.

Silence101

I probably should make it now, but the figures are still too scary to consider. I had a quick look on the overpayment calculator and it'll take 7 years of £200/months OPs to get under £50 000 (or 19 years without any OPs). We've been married 8 years, so it's pretty much same amount of time again, which is scary as we've had a lot of changes in the last 7 years, I can't see myself still living in this house for that long! We've lived in 5 different properties since we got married, and I moved lots before that, so to think this is it for the foreseeable future is very strange. My in laws have lived in their house for 40 years or so, so I know it happens, but it's not been my "normal". I'm quite glad I'm not attached to specific houses though as it makes it easier to consider changes if need be, but I'm a bit worried that 2 years from now I'll be wanting to move somewhere else. Maybe that's when we'll have to redecorate every so often!

daisy_1571

It is easier to move often when renting, it's a lot more expensive to move when buying and selling as im sure you are aware.

I wonder if you have ever looked at the reasons why you want to move so much? Boredom, neighbours, location, schools, better weather (if you move countries or large distances within this country). I can't think of more off the top of my head other than the idea that the grass is always greener elesewhere idea. That may be true but the rest of that saying is along the lines that it is just as hard to cut lol.

If you are all happy doing this then carry on, but I assume it will get harder as the girls get older to disrupt their schooling and friendships just for the sake of a move if it doesn't bring more tangible reasons. It sounds as though it is you that makes the decision to move, if your hubby has been used to the more usual practice of finding a house you like then staying in it.

You could also have a look back at your diary next time you get an urge to move and look at all the extra costs that you noted were involved in moving, which are of course still going on as you still try to make this house work best. If you apply this to each of your five moves, it might add up to a scary figure that will be enough to let you see why you are better staying put and using your income to better purpose.

Not commenting either way as I'm sure you have had good reasons to move each time but it is expensive so just trying to offer lots of other things to think about. You can only spend each pound once, you might feel in time you would rather spend your pounds on better things than moving costs every 2 years.

Moving is also a big mental stress for each of you and requires lots of time to change adresses on existing accounts, set up new accounts for TV broadband etc, changing doctors dentists etc meaning less continuity there too. Of course there is also the knock on effect to credit scores as you will not look 'stable' to financial providers meaning you may not get the best possible rates thereby costing you more on a monthly basis for mortgage or loans.


Daisy xx

michelle09

I think SO is good for people who can't get on to the housing ladder any other way but it has a lot of pitfalls. (Our house is former SO but when we bought they did a simultaneous staircase to 100% and then transfer of the freehold with the money we paid). Sometimes it doesn't pay to staircase - our neighbours are at 75% and would have to buy the remaining 25% which would cost 100k. They pay £200/month in rent and getting a mortgage would be difficult (they're sort of retired) and may cost nearly that much in interest.

I guess it's best to focus on your current mortgage and then worry about the rest?