FIRST TIME HOUSE BUYERS....
#41
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Originally Posted by apples24
these shared awnership things i dont think are not good, say a 100k house... lol as if one excists
they own 25 percent you own 75, you pay them rent on the 25 percent and in 4 yrs when you sell for say 175k you have to give them back 25 percent of 175k
not too good if ask me
they own 25 percent you own 75, you pay them rent on the 25 percent and in 4 yrs when you sell for say 175k you have to give them back 25 percent of 175k
not too good if ask me
Both of my houses I have owned have been Shared Ownership. My first 1 bed house I paid £21,000 for 60% Share, I also paid £50 per month rent on the remaining 40%. 3.5 years later, I sold my 60% share for £60k, pocketing me £40k profit. You dont actually sell the share in the house, in theory you just change the name on the rent book.
My current 2 bed house (been there about 18 months) is a 40% share, I bought it for £48k, and I pay £151 a month rent on the remaining 60%.
I can then sell my 40% share for the pro-rata'd market value (which at the moment is about £60k)
Luckily because of the profit in my old house, I now have a very small mortgage on my current house.
Shared Ownership can work very well for most people, but it is very important to see how many schemes are running in your area and compare average rent prices between them as you may be surprised at the differences.
Also, some schemes allow you to add a premium to your selling price (ie a lump sum figure that is stuck on top of the market selling price that has to be paid in cash by the buyer). Some wont let you do this anymore like Midsummer Housing in MK, they no longer allow you to do it, but the MK Council scheme ones (like mine) still allow you to add anything up to £10k on top
Hope some of the above helps, as said it can work for some people better than others, but generally, if you're only planning on owning the property for between 2-5 years, it is a very good thing to look into.
#42
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i paid 76k 2 yrs ago for my 1 bed g floor flat with garden its now worth 120-125 ish but the next step is a 2 bed a 160 round here but no garage and smaller than my flat im stuck here for a while
#43
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As clare says, shared ownership worked a treat for me too.
Bought 50% 2.5 years ago for 37k, and rented the rest for £90 per month.
Then bought the other 50% and got a 40% council discount on the current value, so only had to pay £30k So 67k for what is on the current market at 120k.
Well chuffed
Housing associations will not give you a discount on the remainder of the property, but if you can find a shared ownership, where the other half is owned by the council, you more than likely would, especially as a first time buyer
Bought 50% 2.5 years ago for 37k, and rented the rest for £90 per month.
Then bought the other 50% and got a 40% council discount on the current value, so only had to pay £30k So 67k for what is on the current market at 120k.
Well chuffed
Housing associations will not give you a discount on the remainder of the property, but if you can find a shared ownership, where the other half is owned by the council, you more than likely would, especially as a first time buyer
#44
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tellin me gareth, i'm 22 n just bought my first house last week, what a blag!! they well expensive, got a very good deal though! worth it like but i'm gonna be poor for the rest of my life,
RST having to stay at my Mums now as well as I dont have a garage!
feel sorry for you southerners, well expensive down there
RST having to stay at my Mums now as well as I dont have a garage!
feel sorry for you southerners, well expensive down there
#45
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My mate and I are thinking of buying a property as he wants to move out and I want my own place to go to when I go home as living with the parents is a pain in the arse as you get no peace.
I think it'll be a good idea as I still want to enjoy life without completely skinting myself at the moment.
I know that I'll be able to pay my half of the mortgage off reasonably quickly as I am away all the time and don't spend that much money on other things apart from the car.
Both of us will have our deposits sorted by the beginning of next year so we'll see then.
There's alot to find out and I will keep an eye on here as there is already some very good advice
I think it'll be a good idea as I still want to enjoy life without completely skinting myself at the moment.
I know that I'll be able to pay my half of the mortgage off reasonably quickly as I am away all the time and don't spend that much money on other things apart from the car.
Both of us will have our deposits sorted by the beginning of next year so we'll see then.
There's alot to find out and I will keep an eye on here as there is already some very good advice
#46
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Originally Posted by RSrussell
As clare says, shared ownership worked a treat for me too.
Bought 50% 2.5 years ago for 37k, and rented the rest for £90 per month.
Then bought the other 50% and got a 40% council discount on the current value, so only had to pay £30k So 67k for what is on the current market at 120k.
Well chuffed
Housing associations will not give you a discount on the remainder of the property, but if you can find a shared ownership, where the other half is owned by the council, you more than likely would, especially as a first time buyer
Bought 50% 2.5 years ago for 37k, and rented the rest for £90 per month.
Then bought the other 50% and got a 40% council discount on the current value, so only had to pay £30k So 67k for what is on the current market at 120k.
Well chuffed
Housing associations will not give you a discount on the remainder of the property, but if you can find a shared ownership, where the other half is owned by the council, you more than likely would, especially as a first time buyer
#47
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Exactly thrush, and as the house prices go up so does both shares, so everyones a winner.
On some properties you have to wait 2 years until you can buy the other share.
It really is a good deal, but in most cases the share you buy isn't a true reflection of the overall value, they tend to bump it up a little.
i.e 100k home, you buy 50%, you won't necassarily buy it at 50k, but more likely 55k or even 60k.
The only probs with buying a share, is the more you spend on the place, the more you shoot yourself in the foot.
We fitted dble glazing, refurbished the whole place even done the garden, adding value and making it more saleable.
But not only does your 50% increase, your adding value to theirs, so when you come to buy it, you'll be paying more, for work YOU have done
Thats why its a touch if you get a discount when you come to buy the other share.
On some properties you have to wait 2 years until you can buy the other share.
It really is a good deal, but in most cases the share you buy isn't a true reflection of the overall value, they tend to bump it up a little.
i.e 100k home, you buy 50%, you won't necassarily buy it at 50k, but more likely 55k or even 60k.
The only probs with buying a share, is the more you spend on the place, the more you shoot yourself in the foot.
We fitted dble glazing, refurbished the whole place even done the garden, adding value and making it more saleable.
But not only does your 50% increase, your adding value to theirs, so when you come to buy it, you'll be paying more, for work YOU have done
Thats why its a touch if you get a discount when you come to buy the other share.
#48
TBH, selling your beloved cars is the only way forward while you run them the petrol-insurance-running costs etc are all alot higher, i sold my late sierra cosworth as the down payment on my first house and aint looked back.
As for house market goin down 20%? wot a load of bolloxs, i have 2 houses and the one i rent out has gone UP £20k in the last year so the longer you leave it the worse it gets. They said about 6 months ago it had stopped goin up but its still rising now round here!
Sorry boys but sell the flashy cars, you can have another in a couple of years.........
Neil
As for house market goin down 20%? wot a load of bolloxs, i have 2 houses and the one i rent out has gone UP £20k in the last year so the longer you leave it the worse it gets. They said about 6 months ago it had stopped goin up but its still rising now round here!
Sorry boys but sell the flashy cars, you can have another in a couple of years.........
Neil
#50
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Hello
I work in estate agents and in my area for £150,000 you get a small one bed flat? I havnt got any first time buyers looking......I still live at home its so bad.....might sell my rs and get a camper van and live happily ever after in that!
I work in estate agents and in my area for £150,000 you get a small one bed flat? I havnt got any first time buyers looking......I still live at home its so bad.....might sell my rs and get a camper van and live happily ever after in that!
#51
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Originally Posted by FE'Z'OE
Hello
I work in estate agents and in my area for £150,000 you get a small one bed flat?
I work in estate agents and in my area for £150,000 you get a small one bed flat?
cant belive you admitted it on a bb......
me too
#53
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I live in Windsor, renting at the mo, absolutley impossible for me to buy as the house prices are just too high
I joined the shared ownership list over a year ago and haven't had a single property offered to me.
Been told by a few peeps that now is DEFFO the wrong time to buy as there may be a crash. But even if there is I can't see myself beign able to do anything other than rent, which is basically paying some other fuckers mortgage for them or chucking ya money down the drain.
I joined the shared ownership list over a year ago and haven't had a single property offered to me.
Been told by a few peeps that now is DEFFO the wrong time to buy as there may be a crash. But even if there is I can't see myself beign able to do anything other than rent, which is basically paying some other fuckers mortgage for them or chucking ya money down the drain.
#54
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Why? Theres nothing wrong with what i do, its really interesting and i work for a nice company that dont over value or take people for a ride. I work for a family based company. Iv been doing it for 5years and i love it, and its great when you deal with people buying and selling houses and keep them happy. and we get alot of compliments, i love handing over the key on completion day when people are soooo happy and excited and we get plenty of wine mmmmmmm I love looking at the huge properties been dealing with ones over £900,000 they are stunning!
#56
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Originally Posted by Aaron1204
I joined the shared ownership list over a year ago and haven't had a single property offered to me.
You have to go find them yourself in your local Estate Agents, the only reason you need to pre-register is so that you know you have been accepted by them before going to all the trouble of booking surveyors etc.... only to find out later down the line you dont fit their criteria.
#57
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Qoute:
You have to go find them yourself in your local Estate Agents, the only reason you need to pre-register is so that you know you have been accepted by them before going to all the trouble of booking surveyors etc.... only to find out later down the line you dont fit their criteria
huh? they told me that when a property becomes available they would tel me, if i was suitable, never said nowt about goin to estate agents my self!! Whats the deal with that then? thought the agents only dealt with private vendors? not housing assocation?
You have to go find them yourself in your local Estate Agents, the only reason you need to pre-register is so that you know you have been accepted by them before going to all the trouble of booking surveyors etc.... only to find out later down the line you dont fit their criteria
huh? they told me that when a property becomes available they would tel me, if i was suitable, never said nowt about goin to estate agents my self!! Whats the deal with that then? thought the agents only dealt with private vendors? not housing assocation?
#58
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I'm in the same situation
My mate and his girlfriend brought a terrace house in Northampton in St James, fully furnished etc. for 52k in 1998. They were cacking themselves at this 'massive morgage', as at 20 this was quite a big investment and they wern't on the greatest wages ever etc. Well, a identical house next door recently sold for 95K unfurnished!!!
52k would be within my morgagable amount, but 95 no chance. As a first time buyer you'd have to be on 30k per year (assuming you had no savings or assets) or 25k for a 4X morgage Most peeps around my age aren't on that. i'm not
The irony is that these mega house prices are just paper money. We all end up paying high morgage repayments for what is effectively paper money! Unless you move abroad, effectively cashing the money on seriously cheaper house abroad Someone in my office moved to Spain, had a four bed built from scratch with a swimming pool, and it cost 75k How ripped off do we get
I'm renting and that is even worst, i'm effectively paying off someone else's morgage who was jammy enough to buy the house when they were sensible money to buy, like I would do normally (before anyone asks, I would like at home, but the folks are fairly dodgy )
Estate agents keep us posted please, as I haven't a clue what to do
My mate and his girlfriend brought a terrace house in Northampton in St James, fully furnished etc. for 52k in 1998. They were cacking themselves at this 'massive morgage', as at 20 this was quite a big investment and they wern't on the greatest wages ever etc. Well, a identical house next door recently sold for 95K unfurnished!!!
52k would be within my morgagable amount, but 95 no chance. As a first time buyer you'd have to be on 30k per year (assuming you had no savings or assets) or 25k for a 4X morgage Most peeps around my age aren't on that. i'm not
The irony is that these mega house prices are just paper money. We all end up paying high morgage repayments for what is effectively paper money! Unless you move abroad, effectively cashing the money on seriously cheaper house abroad Someone in my office moved to Spain, had a four bed built from scratch with a swimming pool, and it cost 75k How ripped off do we get
I'm renting and that is even worst, i'm effectively paying off someone else's morgage who was jammy enough to buy the house when they were sensible money to buy, like I would do normally (before anyone asks, I would like at home, but the folks are fairly dodgy )
Estate agents keep us posted please, as I haven't a clue what to do
#59
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Qoute:
You have to go find them yourself in your local Estate Agents, the only reason you need to pre-register is so that you know you have been accepted by them before going to all the trouble of booking surveyors etc.... only to find out later down the line you dont fit their criteria
huh? they told me that when a property becomes available they would tel me, if i was suitable, never said nowt about goin to estate agents my self!! Whats the deal with that then? thought the agents only dealt with private vendors? not housing assocation?
You have to go find them yourself in your local Estate Agents, the only reason you need to pre-register is so that you know you have been accepted by them before going to all the trouble of booking surveyors etc.... only to find out later down the line you dont fit their criteria
huh? they told me that when a property becomes available they would tel me, if i was suitable, never said nowt about goin to estate agents my self!! Whats the deal with that then? thought the agents only dealt with private vendors? not housing assocation?
Can anyone shed any light on this?
#60
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Aaron, take a look on www.rightmove.co.uk and keep on going into your local estate agents, or looking in the property section of the local rag.
They are offered through Estate Agents as "50% shared ownership", some newly built homes have this option too.
I was bloody lucky to be honest. I was going into the local estate agents showing an interest and registering myself as being in the market for a property, then they contact you when one comes available (normally a huge list of people though, so you have to get in quick).
Then one of the agents walks in, with the keys to this place, it hadn't even been put on the market yet, so i snapped it up there and then.
They are offered through Estate Agents as "50% shared ownership", some newly built homes have this option too.
I was bloody lucky to be honest. I was going into the local estate agents showing an interest and registering myself as being in the market for a property, then they contact you when one comes available (normally a huge list of people though, so you have to get in quick).
Then one of the agents walks in, with the keys to this place, it hadn't even been put on the market yet, so i snapped it up there and then.
#61
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Here is one advertised local to me
http://www.rightmove.co.uk/rm/templa...a_n=1&tr_t=buy
85k is not the true 50% value more like 55% as that house would be approx 160k (so you tend to pay slightly more for the advantage)
http://www.rightmove.co.uk/rm/templa...a_n=1&tr_t=buy
85k is not the true 50% value more like 55% as that house would be approx 160k (so you tend to pay slightly more for the advantage)
#62
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I am going to rub it in. I bought my house 6 years ago in a good area 3 bedrooms victorian terace for 65k, its now worth 236k
I am in the money I am in the money
I am in the money I am in the money
#64
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I know quite a few old peeps are renting off the council, and have been for many many years. Like my nan & grandad.
If you want to get onto the ladder but not necessarily move out, you could offer to buy their home, they would get around the max 40% discount from the council too
I'm just saving my peenies and may be doing this and let my nan & grandad live rent free for the privalege
If you want to get onto the ladder but not necessarily move out, you could offer to buy their home, they would get around the max 40% discount from the council too
I'm just saving my peenies and may be doing this and let my nan & grandad live rent free for the privalege
#65
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Aaron you just get a "feel" for the house prices in said area, then roughly divide it by 2 and run the search based on that info.
Or just look in the local free rag
Or just look in the local free rag
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just so you know if you buy a shared ownership from an estate agents you will have to pay a premium , sometimes as high as £20k IN CASH , so beware. shared ownership has to be advertised with whatever assosiation owns the other % for 30 days before the agents get their mits on it
i would wait matey as you are buying at a very peak time and they are not going to rocket for at least the next year!!
i would wait matey as you are buying at a very peak time and they are not going to rocket for at least the next year!!
#68
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Hardly any shared ownership houses comne up over here, if they do they're in the sticks.
I know this Island ain't that big, but the traffic is unreal sometimes and theres nowhere for it to go, which is why we wanna stay in the town where we both work
Wait and see I spose
I know this Island ain't that big, but the traffic is unreal sometimes and theres nowhere for it to go, which is why we wanna stay in the town where we both work
Wait and see I spose
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hi,
dont know where some of the prices come from, in southampton. its £120k for an ex council house,
two bed maisonetts are 130k
bought my house as a shell, complete shit hole 1930s bungalow, never modderised , three years ago, and that was 165k
people not on the ladder know i would recomment waiting a bit,as prices seam to have leveled, and if anything will proberly fall slightly.
dont know where some of the prices come from, in southampton. its £120k for an ex council house,
two bed maisonetts are 130k
bought my house as a shell, complete shit hole 1930s bungalow, never modderised , three years ago, and that was 165k
people not on the ladder know i would recomment waiting a bit,as prices seam to have leveled, and if anything will proberly fall slightly.
#72
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there wont be a big crash , but imo they will slowly come down , there are preventative measures these days to stop crashes happening again so dont hold your hopes on that .
houses in windsor are so expensive so i feel for you mate
houses in windsor are so expensive so i feel for you mate
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If there is a "crash" (which i very much doubt) then yes the prices may come down, but the interest rate will be so high your monthly outgoings will be more than your wages
Current base rate 4.75% (£500 per month on repayment at 4.99%)
Oct 1989 14.875% (crash) probably around £1500 per month on a similar deal
Your best bet is to save as much as you can for a deposit, then crash or no crash, your in a much better position either way
Current base rate 4.75% (£500 per month on repayment at 4.99%)
Oct 1989 14.875% (crash) probably around £1500 per month on a similar deal
Your best bet is to save as much as you can for a deposit, then crash or no crash, your in a much better position either way
#76
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Mine has just gone up for sale this week
So if any one want a 2bed town house in a nice area of Nottingham close to jct26 let me know
£104,950
So if any one want a 2bed town house in a nice area of Nottingham close to jct26 let me know
£104,950
#79
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its cheaper to buy some land and build ur own house and its worth 3x what u payed out but its a night mere trying to get ur 1st place that y lots of people move out of london to mk and the coast and other places but if u go to far out some people resent u if ur from london and its hard to get a job and so on
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Was a first time buyer myself about 6 month's ago, probably not a good time to buy but it was the right house at the right time for the right money, just been refurbed all new d/g new kitchen, bathroom, combi boiler and new rads all through, all walls skimmed and painted no drive or garage though but its a cracking street quiet as you like 81k 2 bed semi, had to sell the RS though to kick start the deposit saving