Shared Ownership - Financial Assessment and Mortgage Brokerage

colcheslad

Please help!

I have agreed to purchase a shared ownership property from a London Housing Association. Flat is great and all is good in that regard.

However, they have referred me to De Havilland Group Ltd to complete my financial assessment, with an option to provide mortgage brokerage services. Looking online I can't see any reviews at all, and their website is reported as Google as possibly being hacked.

Does anyone have any experience of this company, or can anyone reassure me that I'm not walking into a disaster!?

Many thanks

Moneysaverin

Same here. I found them a bit unaccomodating and pushy - giving the impression that you have only a choice of credit reference agencies suggested by them, once there are more on the market that deal with with the matter quicker. Also giving the impression that you are bound to seek a mortage through them only, which is not the truth as you have a choice. This I found out speaking with the Housing Association. You have to have your assesment completed with them as they were chosen by the Housing Association but you are free to choose broker for your mortgage. I am going to choose one recommnended by friends...

begganmanu

Hello , hopefully you guys or another could advise me ..
I purchased a house in 2009 under a shared scheme with the developer in an estate where around 20 house were done the same ...75% mortgage with the bank and 25% with developer with no deposit ...the developer went bust in 2013.
It was a 10 yr scheme to repay his 25 % and would only crystallise if the 10 yrs reached or u sell the property .. an administrator PWC were appointed to deal with the matters and bluntly stated they would not stand over any snags or issues with house of that which there are quote a few with the houses threw up in the boom time and 3 different builder companies..
I, like everyone in this estate have not repaid any money to them but am now in a position where I would like to make an offer to sign this off .. I have contacted them over the phone and they said to put an offer in place in writing so they can weigh it up to try sign this off .. The house has dropped 60 000 since purchase valued now at 170 000 and recently a same style house went for sale at 138 000 in here albeit with quite a few issues .. I verbally said over the phone I would be offering In the range of 15-20,000..but as the first person to pay I'm not sure how much I should and also not even certain if the legality still holds up having developed bankrupt and insolvent .. anyhow would like some advise to get this sewn up as cheap as I could .. pls reply thanks

RR17

Hello,

I don't know if this is the correct place to post but I too have just gone through a financial assessment for a shared ownership property with a London HA
The initial share advertised was 30% but we discussed increasing my potential share to 40%, with a 25 year mortgage, fixed rate for 5 years, great so I thought...

Now there has been 'confusion' re lease lengths! My conditional offer that was sent to myself and the financial advisor before the interview stated a 99 year lease with a commencement date OCTOBER 2017, however, the actual lease length is 89 years with a commencement date MAY 2007!!!!

This seems very 'dodgy' to me as I don't see how a HA can get not only the year wrong but the month and date too so definitely not a 'typo' or simple confusion on their part.

Alarm bells are now severely ringing in my head as the flat has a high full valuation (IMO) (330,000) and I'm now wary of the sellers valuation being on the basis of the falsely stated 99 years and not the true 89 years?!

I'm very cautious with such a high valuation and a relatively short lease as effectively the min I exchange/complete the value is going to effectively depreciate year on year as the lease nears 80 years and the valuation has no adjustment to reflect this.

The HA REALLY want to push ahead with the sale REALLY quickly, this is making me extra cautious, I'm a first time buyer and don't want this to turn out to be a grave mistake.

My options are to either :-
1 . Cut my loses and run, i've only paid reservation fee so far so have no problems with walking away
2. Proceed with the purchase, stay for 2 years, apply for informal lease extension (no guarantee i'll be granted) depending on result - try n sell and port mortgage etc
3. Stay for 5 years (fixed rate) at this point the lease will only have 84 - 83 years then try to sell but I'm aware the value could have depreciated a lot at this point due to the length remaining and such a high initial valuation.

Any thoughts or input would be greatly received, sorry its such a long post.

mummytofour

RR17 wrote: »

Hello,

I don't know if this is the correct place to post but I too have just gone through a financial assessment for a shared ownership property with a London HA
The initial share advertised was 30% but we discussed increasing my potential share to 40%, with a 25 year mortgage, fixed rate for 5 years, great so I thought...

Now there has been 'confusion' re lease lengths! My conditional offer that was sent to myself and the financial advisor before the interview stated a 99 year lease with a commencement date OCTOBER 2017, however, the actual lease length is 89 years with a commencement date MAY 2007!!!!

This seems very 'dodgy' to me as I don't see how a HA can get not only the year wrong but the month and date too so definitely not a 'typo' or simple confusion on their part.

Alarm bells are now severely ringing in my head as the flat has a high full valuation (IMO) (330,000) and I'm now wary of the sellers valuation being on the basis of the falsely stated 99 years and not the true 89 years?!

I'm very cautious with such a high valuation and a relatively short lease as effectively the min I exchange/complete the value is going to effectively depreciate year on year as the lease nears 80 years and the valuation has no adjustment to reflect this.

The HA REALLY want to push ahead with the sale REALLY quickly, this is making me extra cautious, I'm a first time buyer and don't want this to turn out to be a grave mistake.

My options are to either :-
1 . Cut my loses and run, i've only paid reservation fee so far so have no problems with walking away
2. Proceed with the purchase, stay for 2 years, apply for informal lease extension (no guarantee i'll be granted) depending on result - try n sell and port mortgage etc
3. Stay for 5 years (fixed rate) at this point the lease will only have 84 - 83 years then try to sell but I'm aware the value could have depreciated a lot at this point due to the length remaining and such a high initial valuation.

Any thoughts or input would be greatly received, sorry its such a long post.

Can they extend the lease now as terms of sale? These SO homes are so over inflated, nothing like keeping to the poor poor. X