Restrictions on movement after purchasing HTB property

Miranda25

AnotherJoe said:

Miranda25 said:

My situation: I am working here but if opportunity is coming to work abroad I really do not want to miss the opportunity. Based on my documents I can only be for 2 years out of the UK and then should be back. I also would like to have my own place here, so what should I do? 

I would wait 2 years, i dont think house prices are going anywhere (except perhaps down) in that period, why on earth have the hassles of being a LL abroad, its bad enough being local to the property.

Whats your (seeming) desperate rush to buy now especially since you cant afford it without huge help?

Sorry, what I meant: if I am going abroad for work then I can stay there up to 2 years and then should come back to UK in order to retain legal status to live here. I might wait for 2-3 years until opportunity coming. Do you think it is better to rent for 2-3 years? What about if opportunity never comes?
Also HTB scheme is only till 2023, correct? So I should hurry up

Miranda25

AnotherJoe said:

Miranda25 said:

My situation: I am working here but if opportunity is coming to work abroad I really do not want to miss the opportunity. Based on my documents I can only be for 2 years out of the UK and then should be back. I also would like to have my own place here, so what should I do? 

I would wait 2 years, i dont think house prices are going anywhere (except perhaps down) in that period, why on earth have the hassles of being a LL abroad, its bad enough being local to the property.

Whats your (seeming) desperate rush to buy now especially since you cant afford it without huge help?

Also I have HTB ISA which I can use when do purchase a property. I do not have £12000 yet on ISA so will not get £3000 from government. Would government pay me back 25% of the amount I have on ISA (which is lower)? Or it should be not less than £12000 in order to benefit? Thanks.

grumiofoundation

Miranda25 said:

AnotherJoe said:

Miranda25 said:

My situation: I am working here but if opportunity is coming to work abroad I really do not want to miss the opportunity. Based on my documents I can only be for 2 years out of the UK and then should be back. I also would like to have my own place here, so what should I do? 

I would wait 2 years, i dont think house prices are going anywhere (except perhaps down) in that period, why on earth have the hassles of being a LL abroad, its bad enough being local to the property.

Whats your (seeming) desperate rush to buy now especially since you cant afford it without huge help?

Also I have HTB ISA which I can use when do purchase a property. I do not have £12000 yet on ISA so will not get £3000 from government. Would government pay me back 25% of the amount I have on ISA (which is lower)? Or it should be not less than £12000 in order to benefit? Thanks.

You get 25% on what you have saved in help to buy ISA. You have to have saved a minimum of £1600 to get any bonus. 

https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

grumiofoundation

Miranda25 said:

AnotherJoe said:

Miranda25 said:

My situation: I am working here but if opportunity is coming to work abroad I really do not want to miss the opportunity. Based on my documents I can only be for 2 years out of the UK and then should be back. I also would like to have my own place here, so what should I do? 

I would wait 2 years, i dont think house prices are going anywhere (except perhaps down) in that period, why on earth have the hassles of being a LL abroad, its bad enough being local to the property.

Whats your (seeming) desperate rush to buy now especially since you cant afford it without huge help?

Also I have HTB ISA which I can use when do purchase a property. I do not have £12000 yet on ISA so will not get £3000 from government. Would government pay me back 25% of the amount I have on ISA (which is lower)? Or it should be not less than £12000 in order to benefit? Thanks.

(Don't know if this has already been mentioned) but if you are buying a shared ownership property the HTB price cap (450k in London, 250k outside) applies to the full price, not just the price of the share you buy. 

Miranda25

grumiofoundation said:

Miranda25 said:

AnotherJoe said:

Miranda25 said:

My situation: I am working here but if opportunity is coming to work abroad I really do not want to miss the opportunity. Based on my documents I can only be for 2 years out of the UK and then should be back. I also would like to have my own place here, so what should I do? 

I would wait 2 years, i dont think house prices are going anywhere (except perhaps down) in that period, why on earth have the hassles of being a LL abroad, its bad enough being local to the property.

Whats your (seeming) desperate rush to buy now especially since you cant afford it without huge help?

Also I have HTB ISA which I can use when do purchase a property. I do not have £12000 yet on ISA so will not get £3000 from government. Would government pay me back 25% of the amount I have on ISA (which is lower)? Or it should be not less than £12000 in order to benefit? Thanks.

(Don't know if this has already been mentioned) but if you are buying a shared ownership property the HTB price cap (450k in London, 250k outside) applies to the full price, not just the price of the share you buy. 

Thank you.
I probably will go for HTB equity loan new property or normal property without HTB + do some refurbishment. I just realised it is a big difference in price between new and not new flats within the same area in London. Like some people said on the forum new properties are overpriced. 

Miranda25

Anybody ever tried to compare what would be cheaper in London please: to buy a new flat or not new flat plus do some refurbishments (assume flats are within the same area)?

silvercar

Miranda25 said:

Anybody ever tried to compare what would be cheaper in London please: to buy a new flat or not new flat plus do some refurbishments (assume flats are within the same area)?

IMHO HTB flats are overpriced because they attract those who can't afford a deposit. When it comes to selling a flat those that aren't new and so aren't in HTB attract potentially a smaller pool of buyers and this deflates the price. For this reason I suspect nearly new flats are better value.

grumiofoundation

Miranda25 said:

Anybody ever tried to compare what would be cheaper in London please: to buy a new flat or not new flat plus do some refurbishments (assume flats are within the same area)?

Its not just about the price - refurbishment will require more cash upfront. 

Miranda25

silvercar said:

Miranda25 said:

Anybody ever tried to compare what would be cheaper in London please: to buy a new flat or not new flat plus do some refurbishments (assume flats are within the same area)?

IMHO HTB flats are overpriced because they attract those who can't afford a deposit. When it comes to selling a flat those that aren't new and so aren't in HTB attract potentially a smaller pool of buyers and this deflates the price. For this reason I suspect nearly new flats are better value.

Interesting. Let's say I buy HTB flat, live there for some time and then would like to sell it. Do you think it would be easier to sell HTB flat compare to normal flat (not on HTB scheme)?
Also I tried to talk to developers and find out that people in the UK prefer higher floors? (which is completely opposite to my home country).

FirstTimeSolo

Miranda25 said:

silvercar said:

Miranda25 said:

Anybody ever tried to compare what would be cheaper in London please: to buy a new flat or not new flat plus do some refurbishments (assume flats are within the same area)?

IMHO HTB flats are overpriced because they attract those who can't afford a deposit. When it comes to selling a flat those that aren't new and so aren't in HTB attract potentially a smaller pool of buyers and this deflates the price. For this reason I suspect nearly new flats are better value.

Interesting. Let's say I buy HTB flat, live there for some time and then would like to sell it. Do you think it would be easier to sell HTB flat compare to normal flat (not on HTB scheme)?
Also I tried to talk to developers and find out that people in the UK prefer higher floors? (which is completely opposite to my home country).

The higher the floor the more expensive, same as in most countries such as the US. A ground floor flat and a top floor flat of the same size will differ massively in price, could’ve even 50-100% higher. 

It is much harder to sell a HTB flat, most that I’ve seen sold have been sold at a loss in recent months.