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Author House / Flat Buying - Shared ownership???
MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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24th Oct 06 at 19:39   View User's Profile U2U Member Reply With Quote

does anyone know how these shared ownership schemes really work?

i am looking to move down south for work already have a few applications on going and some are quite promising. now i'd like to buy a house / flat rather than burning dead money renting...

but how does it work? as example there is a flat where u pay 66,250 for 50% ownership and then 175 ish rent a month - mortgage works out at roughly 380 a month so 465 a month is comfortable for me to pay along with all bills etc etc...

though what am asking is say the flat / house goes up in value say for example by 20k would i take 10k of that when it was sold?

also how easy are they to sell on - being shared ownership etc?

obviously figures above are rough but you get the general idea

any advice on this would be greatly appreciated

[Edited on 24-10-2006 by MarkW]
Ian
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24th Oct 06 at 19:44   View Garage View User's Profile U2U Member Reply With Quote

Depends on the scheme. Read the small print.

It's a compromise between buying and renting, and generally doesn't give you the benefits of either. I wouldn't call rent dead money btw. That assumes that house prices go up. If they crash and you rent, you're laughing.
Jamie Walby
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24th Oct 06 at 19:50   View User's Profile U2U Member Reply With Quote

Where abouts down south are you looking to move Mark?
Jules S
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24th Oct 06 at 19:50   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ian
Depends on the scheme. Read the small print.

It's a compromise between buying and renting, and generally doesn't give you the benefits of either. I wouldn't call rent dead money btw. That assumes that house prices go up. If they crash and you rent, you're laughing.


Yep, i would get a solicitor to have a quick look over the terms though.

I dont think house prices will 'crash' anytime soon though...and if they remain relatively static you are better off buying
MarkW
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24th Oct 06 at 19:50   View User's Profile U2U Member Reply With Quote

i suppose, but i see the price of renting and just think well i can have a mortgage for that... i know what you mean about renting sometimes being a good idea, but i look at it long term e.g if i have a mortgage now at least i'm on the ladder if you know what i mean?
Ian
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24th Oct 06 at 19:52   View Garage View User's Profile U2U Member Reply With Quote

I'm on the ladder - and if I sold now I would be entirely square after fees and the fact that I've been paying 700pm whereas rent would have been 500.

Only difference with buying it is I'm able to throw a few shelves up without asking anyone.
MarkW
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24th Oct 06 at 19:52   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Jamie Walby
Where abouts down south are you looking to move Mark?


m4 / m3 area down to the coast etc portsmouth / southampton / reading - hampshire pretty much anywhere in that area.... within reason, would be working near reading...
James
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24th Oct 06 at 19:53   View User's Profile U2U Member Reply With Quote

portsmouth to reading is a sizable commute.

As is southampton

[Edited on 24-10-2006 by James]
Jamie Walby
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24th Oct 06 at 19:54   View User's Profile U2U Member Reply With Quote

What James said.
James
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24th Oct 06 at 19:56   View User's Profile U2U Member Reply With Quote

Reading itself isn't a bad place to live.

You could pop over to Ojc's for tea and bum sex
MarkW
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24th Oct 06 at 19:56   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by James
portsmouth to reading is a sizable commute.

As is southampton

[Edited on 24-10-2006 by James]


i know - the job would be in odiham if i got it - 17 miles from reading - 40 miles from portsmouth, i'd happily ccommute 20 - 30 miles a day so somewhere in the middle if get what i mean, hence why i was a little bit vague before.... lol
MarkW
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24th Oct 06 at 19:57   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by James
Reading itself isn't a bad place to live.

You could pop over to Ojc's for tea and bum sex


this is the one reason to live near reading
James
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24th Oct 06 at 19:57   View User's Profile U2U Member Reply With Quote

Theres a nice Bluebeckers in Odiham
MarkW
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24th Oct 06 at 19:57   View User's Profile U2U Member Reply With Quote

whats bluebeckers?
James
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24th Oct 06 at 19:58   View User's Profile U2U Member Reply With Quote

Restaurant chain
MarkW
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24th Oct 06 at 20:03   View User's Profile U2U Member Reply With Quote

cheers
Jules S
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24th Oct 06 at 20:13   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ian
I'm on the ladder - and if I sold now I would be entirely square after fees and the fact that I've been paying 700pm whereas rent would have been 500.

Only difference with buying it is I'm able to throw a few shelves up without asking anyone.


I look at it this way.

Once you have paid off the fees and interest, it's one big saving scheme.
MarkW
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24th Oct 06 at 20:22   View User's Profile U2U Member Reply With Quote

thats how i look at it jules, bit like pension fund in a way lol
Ian
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24th Oct 06 at 20:29   View Garage View User's Profile U2U Member Reply With Quote

You need to sell it to make the money though.
Jules S
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24th Oct 06 at 20:36   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ian
You need to sell it to make the money though.


Not according to my mortgage statement you don't.

I pay in...my balance goes down...like I said, I treat it like a savings account now
MarkW
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24th Oct 06 at 20:38   View User's Profile U2U Member Reply With Quote

lol
chr15barn3s
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24th Oct 06 at 22:11   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by James
Theres a nice Bluebeckers in Odiham


Its nice there

I wouldnt like to travel in and out of Reading to get to Odiham personally. Have you looked in the Camberley/Aldershot area as alot of new houses are going up there.
Ian
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24th Oct 06 at 23:39   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Jules S
I pay in...my balance goes down...like I said, I treat it like a savings account now
Indeed, and you need to sell it to spend the money on something else. Its only savings if its liquid!
Colin
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24th Oct 06 at 23:42   View User's Profile U2U Member Reply With Quote

I would never rent, or share ownership unless there was absolutelly no other option!!
Rob_Quads
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25th Oct 06 at 08:11   View User's Profile U2U Member Reply With Quote

Double check all the different clauses - do you need to use thier mortage people etc.

Is it a repayment mortgage? If so have a look at interest only. You might get one for 280odd which means it would be 560 for the whole thing, OK 100 more but that for 50% more property so if you can manage it a much better option in the long run.

As said IMO its only an option to look at if you are really strapped for cash

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