Shared ownership or old house?

xylophone

area of this house especially isn’t great. Someone got murdered there only a few months ago and the police are always there for drug raids and antisocial behaviour.

but the older home has a really small concrete area, it reminds me of a prison cell.

And as soon as you moved in you'll be wishing you hadn't bothered?

Have you any prospect of better jobs/second jobs to enable you to save a deposit for a modest property in a reasonable area?

General_Applause

Hollie92 wrote: »

Our budget is no more than £70,000 and for that price it would be shared ownership on a new build or an older home in a worse area. There are three older homes we can afford, all three are in the same town in equally bad areas, all three are located in bad areas. If anything else pops up it’s likley to be the same situation. A new build is in a great area and it’s a beautiful home but we have heard mixed things about shared ownership and we’d likely never own 100%

Why are you getting hung up on owning 100%?


We have a 25% shared ownership 3 bed new build in a great location (we couldn't afford to buy outright an equivalent house here). The combined mortgage and rent is way lower than private renting an equivalent house here.


We have security of tenure, don't have any hassles from the HA, can have pets without permission and can actually hammer nails into the wall to hang pictures.


Even though I am sole earner on minimum wage, we have a good lifestyle because we are not servicing a massive mortgage.


The two shared ownership houses put up for sale sold very quickly, whereas the privately owned houses did take much longer.


If there are only the two of you though, you may not be able to get a three bed. The HA usually lets you have just one bedroom more than you need.

csgohan4

Shared ownership but full ownership of all repair costs, so new boilers, roof etc is 100% your cost

https://forums.moneysavingexpert.com/discussion/5901060/costs-of-shared-ownership

Mojisola

Hollie92 wrote: »

Myself and my husband are hoping to buy our first home. We are on a tight budget so our options are limited and we could use some outsider opinions please.

Our second option is to purchase an ‘old’ house, £70,000 for the entire home. It’s in a town close by but it’s not a very desirable place to live. The town itself has a really bad reputation and the area of this house especially isn’t great. Someone got murdered there only a few months ago and the police are always there for drug raids and antisocial behaviour.

Do you really want to go home to a house in that area every day?

The third option is not to buy until your budget isn't so tight.

CheBee

Mojisola wrote: »

Do you really want to go home to a house in that area every day?

The third option is not to buy until your budget isn't so tight.

Agreed. Perhaps wait until you can save more?

General_Applause

csgohan4 wrote: »

Shared ownership but full ownership of all repair costs, so new boilers, roof etc is 100% your cost

https://forums.moneysavingexpert.com/discussion/5901060/costs-of-shared-ownership

You keep saying this and I keep telling you that buildings insurance is included in the rent payment so if anything happens to the roof, the insurance will sort that.


I would imagine that most shared ownerships will be the same.

csgohan4

General_Applause wrote: »

You keep saying this and I keep telling you that buildings insurance is included in the rent payment so if anything happens to the roof, the insurance will sort that.


I would imagine that most shared ownerships will be the same.

Generally building insurance don't cover for things that happen over time, wear and tear for example.Also boilers are not covered. Check the T+C's could be wrong

Are you talking about service charge?

General_Applause

csgohan4 wrote: »

Generally building insurance don't cover for things that happen over time, wear and tear for example.Also boilers are not covered. Check the T+C's could be wrong

Are you talking about service charge?

The boiler is my responsibility.


The roof will outlast me. Anything more than a slipped ridge tile, the HA seemed insistent that they would want to deal with it. It is their house more than mine and I assume that they don't want any Tom, Dickk or Harry messing with the roof.



The HA has not asked for a service charge for the last two years. The lease clearly states that the buildings insurance is paid for via the rent.

csgohan4

General_Applause wrote: »

The boiler is my responsibility.


The roof will outlast me. Anything more than a slipped ridge tile, the HA seemed insistent that they would want to deal with it. It is their house more than mine and I assume that they don't want any Tom, Dickk or Harry messing with the roof.



The HA has not asked for a service charge for the last two years. The lease clearly states that the buildings insurance is paid for via the rent.

So the HA will charge you with any repairs or share it with the other leaseholders, so in answer to your question, short of an act of God, you are liable for it as well.

I would get the T+C of your building insurance to ensure you know what is and what is not covered and not be reliant on it.

Roof may out last you, but what about other costs like lifts, painting external areas, communal maintenance where applicable e.t.c e.t.c

Even a slipped tile is not cheap to fix and the damage from it if noticed too late may not be covered by your building insurance.

Jennyedwards

Hi new to this trying to start a new thread and struggling.
Basically I paid 40k deposit in to joint morgage and ex partner deposited nothing. I paid all morgage and bills out of my bank for the 2 years we have had the house. He paid 300 a month into my account. I did not get a deed of trust written up and he wants half of my deposit and is threatening he will take the house from me. We have shared care of children. I have a injunction on him for harassment. I have a deed of trust written up saying I get my deposit and we split anything else. He refuse to sign and sell. I asked him to pay my deposit bak and I will remove my name and move out same day. I have offered him 5k to take his name off. Any advice please help