Shared Ownership

cadenza82

Poppy9 wrote: »

Is it just you and your father living in the house? If so have you considered buying a share of your father's house and extending to provide you with room/privacy?

No it's my Mum too, and we've extended every way possible already!

Guapa1

I'm staying with my friend at the moment who is selling her shared ownership house and she has had nothing but hassle.

First she wasn't allowed to put it on the market because they try to find someone to fill it. They didn't even post it on their site.

Then it was decided that the house was worth too much to be classed as SO, so she was going to have to sell the whole thing.

She then found out that for the half hour that she will have the whole house while she completes the sale will cost her 3% stamp duty. That is addition to the buyer paying stamp duty on the same house.
Every three months they revalue the house and if it comes up to more than what she's sold it for she's going to have to give them the difference.

This is on top on the 'estate agents fee' she had to pay while they had the place for 8 weeks. Complete rip off.

SquatNow

surfcat wrote: »

Ah, that old chestnut again. Pure !!!!!!!!. Is rent more dead that mortgage interest to the bank?

I agree... far to many people ramble on about rent being "dead money" and how you are "paying someone elses mortgage" and then go out and buy on an interest only mortgage.

Interest Only mortgages should be banned. They are effectively fraud... you're taking out a loan with no plan or intention of paying it back!

They, like shared ownership, were just another way to push up house prices under the guise of making property "more affordable". You can pay more for a house on an interest only mortgage, so the seller can charge more. Likewise, if you can afford to buy a £100,000 flat then you can afford to buy 50% of the same flat for £100,000... MASSIVE CON. It is NOT helping first time buyers, it is simply pushing prices up further so they get EVEN LESS for their money!

Property prices always rise to absorb all available money in the economy. If you change the loan terms so someone can pay more, prices just rise to absorb that extra capital. If you bring in 50 year mortgages so people who before could afford £100,000 can now afford £200,000, then the properties they want to buy will go up in price to £200,000.