Making Offer for a Shared Ownership Scheme

bombata

An update:
I went viewed the flats today. Its the East One Development www.east-homes.co.uk if you know it. I had put down my preference of three flats.
They said that they have about 60 people round and only about 10 flats for sale, so I am not counting my chickens.

Generali wrote: »

Indeed but then if you can only afford up to say £120-150k to buy a flat what will that get you in London? Either a 1 bedder in a council tower in Tower Hamlets or a studio in New Barnet!

I just think that this is my only chance of getting on the housing ladder. I could afford a one bedroom, but then I would have about 1000 pounds in mortgage repayments. The idea of getting a 2 bedroom flat with shared ownership was that I can rent out one room to my friend. I then have only about 450 pounds rent to pay a month and can save about 750 pounds a month for something else, and I don't have to worry about wasting money on rent.

Even though the share is 82.500; I do have a 30k deposit and so only have to take out a mortgage of 52.k which works out at 329 pounds a month in repayments.

For me its not too much about the profit that you can gain through rising house prices, I just want to rather may money towards my mortgage than paying somebody elses mortgage.

macaque_2

They said that they have about 60 people round and only about 10 flats for sale, so I am not counting my chickens.

So the agent or builder told you this did they? I suppose they also told you this might be your last chance to get a foot on the ladder. There are times when even mockery doesn't seem adequate.

Just for the record I have been getting properties sent through by Prime Location for the past 3 years. Until 18 months ago I was being sent between 10 and 20 properties a week. At the end of last year this number started to creep up. One week I even had over 50 properties sent to me. This week I recieved an email with over 900 local properties for sale.

bombata

macaque wrote: »

Just for the record I have been getting properties sent through by Prime Location for the past 3 years. Until 18 months ago I was being sent between 10 and 20 properties a week. At the end of last year this number started to creep up. One week I even had over 50 properties sent to me. This week I recieved an email with over 900 local properties for sale.

I don't think that for shared ownership there are that many properties available. Or not in my area.

macaque_2

bombata wrote: »

I don't think that for shared ownership there are that many properties available. Or not in my area.

Good grief!

There is no such thing as 'properties available for shared ownership'. The opportunities for shared ownership is linked to the the number people who want to share.

PasturesNew

When I bought my SO, as a single person I wasn't allowed to buy more than the studio flatlet version. Those with bedrooms were for couples/families.

PasturesNew

bombata wrote: »

I don't think that for shared ownership there are that many properties available. Or not in my area.

SO properties are not available everywhere.
They are not available where I used to live, nor where I am now.

In some areas though it is almost ALL that is available under £150-200k.

There have been a lot more being built in recent years. But even so some areas do not have any - and this isn't just about price. It isn't that you can only find them in the more expensive areas. I have never looked into who is building them, why, where... and the reverse of that: why certain areas have none.

PasturesNew

macaque wrote: »

Good grief!

There is no such thing as 'properties available for shared ownership'. The opportunities for shared ownership is linked to the the number people who want to share.

What does this mean?
You've lost me.

macaque_2

PasturesNew wrote: »

What does this mean?
You've lost me.

You are probably right but there is not much that can be done from my end.

PasturesNew

macaque wrote: »

You are probably right but there is not much that can be done from my end.

You could try typing to accommodate the lowest common denominator.

I might be (appear to be even!) thick.

SerenaGoode

macaque wrote: »

You are probably right but there is not much that can be done from my end.

I think you're missing the point that Shared Ownership is a specific scheme administered by a Housing Association, so there are only the number of properties available for SO in an area that are available via the Housing Associations.

The difference in properties available in different areas depends on how active HAs are (often more so in the cities) and how well they are funded (government money often targets the poorer areas).