Making Offer for a Shared Ownership Scheme

bigjoe

bombata wrote: »

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.

Oldest trick in the salesman's book. Tell mug buyers you have others interested and they will bite your hand off.

SerenaGoode

gabyjane wrote: »

Couple of things not for any particular reason but on reading through it's made me think about them!!
Firstly in our contract we are not allowed to sub-let, my sister really wanted us to buy a 3 bed so she could move in and help towards the rent but it was a big no no, as we had fought so long to get one we weren't prepared to risk it..my friend is the same,different town but she has checks done, unless you are very orgonised it's not worth it. May only be where i am or this current housing co.

I also have to say that if the worst comes to the worst and we cannot buy the rest then we rent it, like somone else has said it's still our house and no one can make us move, our rent is £152 per month and that we can live with even in old age lol..if we had a proper house we could struggle to pay the last payments and lose the house..this way we may never own it but we certainly won't get a bang on the door from the landlord saying he's selling up!! Worth every penny for peace of mind!

I could be wrong but I'm pretty sure that taking a lodger isn't the same as sub-letting. Sub-letting would be if you moved out and someone else paid you the rent. Most HA contracts rule out sub-letting but don't rule out lodgers.

Glad it's working out for you.

macaque_2

bigjoe wrote: »

Oldest trick in the salesman's book. Tell mug buyers you have others interested and they will bite your hand off.

Quite right

Theres bombata professing fear because too many people were chasing 10 flats and what does he do? He advertises them by posting a link. Oh dear, what a give away.

He then tells us he is a public school boy. What was that all about? Was it some sort of bizarre marketing thing? The whold episode was embarrasing.

ValuableYouth

I was droped on my hed as a yung'un, but my carewurker Brian sez I shud stil trie to hav my own opiniun. I fink Boomabumbomma is rite. Go for it. The rest r just jelus. Luv u babes. :j

bombata

[Theres bombata professing fear because too many people were chasing 10 flats and what does he do? He advertises them by posting a link. Oh dear, what a give away.

He then tells us he is a public school boy. What was that all about? Was it some sort of bizarre marketing thing? The whold episode was embarrasing.[/quote]

I am getting a bit tired of having to defend myself

a) I just posted the link to show Serena the kind of property I was going for, because she asked why its so expensive
b) The viewing day was only yesterday so I guessed even if you were interested it would be late for you.
c) FYI I was a public school girl
d) and believing that only because you were sent to public school, means you are rich is a misconception. Nor does it guarantee you a big salary.

Anyway they told me that they make a decision end of the week, so I will let you know.

SerenaGoode

bombata wrote: »

I am getting a bit tired of having to defend myself

a) I just posted the link to show Serena the kind of property I was going for, because she asked why its so expensive
b) The viewing day was only yesterday so I guessed even if you were interested it would be late for you.
c) FYI I was a public school girl
d) and believing that only because you were sent to public school, means you are rich is a misconception. Nor does it guarantee you a big salary.

Anyway they told me that they make a decision end of the week, so I will let you know.

OK, good luck whatever you choose. I wasn't trying to be negative, just warn you of the possible pitfalls. I would still warn strongly against owning any part of a new-build apartment at that price, at this stage of the market, but it may work out for you.

Their rules on selling are on the website if you haven't seen them - quite interesting. They're not too outrageous, although I'd be a bit concerned about the bit where they can value your property at the price it would be worth if you'd maintained it - sounds rather subjective to me.

http://www.east-homes.co.uk//CMSPage.aspx?ssbid=456

LITTLE_LISA_2

:jme and my partner are looking into the " shared ownership" aswell ..:j

Although we know the people offering them well they are obviously ripping us off and they know it .. but thats just the thing for us in our situation we have no other option .. we cant afford to get a big morgage and as time goes on its proving more n more difficult .. ultimatley we did want to buy a house .. but we cant so this is our only option we are looking at some propertys next week as it goes ..
its quite sad how people take advantage with these schemes but like i said in another breath if it wasnt for this scheme then we wouldnt have anything !!!

We are simply looking at it as a investment for our future ... :T

SerenaGoode

LITTLE_LISA wrote: »

:jme and my partner are looking into the " shared ownership" aswell ..:j

Although we know the people offering them well they are obviously ripping us off and they know it .. but thats just the thing for us in our situation we have no other option ..

You do have another option which is to be patient and to realise that this is probably the most unaffordable stage of the housing cycle. Right now I can understand that it seems as though prices always go up beyond your salary, but that is unlikely to be the case over the next few years - even if house prices don't fall, they are likely to fall behind wage inflation for a while, and there may be bargains to be had in a year or so.

If you do go ahead now, please read all the rules on selling extremely carefully. Some of these schemes are worse than others. Good luck either way, I know how difficult it all is.

gabyjane

Good luck Bombata please let us know how it went! I was so incredibly nervous awaiting our decision and almost cried when she rung us and told us we had been offered one!!
Serena as for the sub letting you may be right i didn't think of it like that...
I have to say again like i did on another thread that we have waited and waited just for things to rise and rise, it's all good in hineside saying that it's pointless at the moment but we have been waiting years and if we had bought this house even 2 years ago we would have paid off over £20k, don't care wether it's a gamble, at the moment i know one thing for sure and that's that we are better off than renting and still couldn't afford anything near like what we have now!!

SerenaGoode

gabyjane wrote: »

Serena as for the sub letting you may be right i didn't think of it like that...
I have to say again like i did on another thread that we have waited and waited just for things to rise and rise, it's all good in hineside saying that it's pointless at the moment but we have been waiting years and if we had bought this house even 2 years ago we would have paid off over £20k, don't care wether it's a gamble, at the moment i know one thing for sure and that's that we are better off than renting and still couldn't afford anything near like what we have now!!

Yes, to be fair, it's a really hard call even now. It's possible that prices will fall in real terms but not in terms of the nominal price, or even start to rise again, and it's been horrible watching them creep away over the last decade. I bought in 2005, and was convinced then that prices couldn't rise much more, but they have continued to go up. It doesn' help me as I'd like to trade up some time and higher prices just mean the next step of the ladder is that bit harder to reach.

The only thing I'd say is that the credit crunch is a huge financial event, and it's extremely unlikely that prices will shoot up in the next 6-12 months, so compared to past years, I think this is a year when waiting a bit longer might be prudent (not for people like you and me who already made a decision, but for FTBs who feel that they have no option but to buy something now).

Best of luck anyway. I do know a few people who had very good experiences from SO, so I know it can be a good solution if the circumstances are right.