MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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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]
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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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.
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Jamie Walby
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Registered: 15th Nov 04
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Where abouts down south are you looking to move Mark?
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Jules S
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Registered: 24th Dec 03
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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
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MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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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?
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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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.
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MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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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...
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James
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Registered: 1st Jun 02
Location: Surrey
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portsmouth to reading is a sizable commute.
As is southampton
[Edited on 24-10-2006 by James]
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Jamie Walby
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Registered: 15th Nov 04
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What James said.
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James
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Registered: 1st Jun 02
Location: Surrey
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Reading itself isn't a bad place to live.
You could pop over to Ojc's for tea and bum sex 
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MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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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
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MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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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 
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James
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Registered: 1st Jun 02
Location: Surrey
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Theres a nice Bluebeckers in Odiham
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MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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whats bluebeckers? 
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James
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Registered: 1st Jun 02
Location: Surrey
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Restaurant chain
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MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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cheers
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Jules S
Premium Member
Registered: 24th Dec 03
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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.
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MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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thats how i look at it jules, bit like pension fund in a way lol
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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You need to sell it to make the money though.
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Jules S
Premium Member
Registered: 24th Dec 03
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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
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MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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lol
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chr15barn3s
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Registered: 5th Oct 03
Location: Farnborough
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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.
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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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!
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Colin
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Registered: 4th Apr 02
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I would never rent, or share ownership unless there was absolutelly no other option!!
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
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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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