Jump to content
House Price Crash Forum
Sign in to follow this  
SarahBell

Buying Half A House -

Recommended Posts

This 50% thing - will people just get given the other half in the end?

Could you sell the half you bought to a BTL but keep the half you rent and then rent the half you did own it back off the BTL

If you see what I mean (Which is possibly you won't as I rarely make sense these days)

or is that not allowed?

I know someone who's got a 5yr fixed deal IO mortgage coming to an end next year. It turns out they pay the bank more in rent than the HA....

Share this post


Link to post
Share on other sites
This 50% thing - will people just get given the other half in the end?

Could you sell the half you bought to a BTL but keep the half you rent and then rent the half you did own it back off the BTL

If you see what I mean (Which is possibly you won't as I rarely make sense these days)

or is that not allowed?

I know someone who's got a 5yr fixed deal IO mortgage coming to an end next year. It turns out they pay the bank more in rent than the HA....

It's madness Sarah. By the way did you ever write to my local newspaper?

Share this post


Link to post
Share on other sites
This 50% thing - will people just get given the other half in the end?

Could you sell the half you bought to a BTL but keep the half you rent and then rent the half you did own it back off the BTL

If you see what I mean (Which is possibly you won't as I rarely make sense these days)

or is that not allowed?

I know someone who's got a 5yr fixed deal IO mortgage coming to an end next year. It turns out they pay the bank more in rent than the HA....

yes, but they get to tell everyone that they own a house. :rolleyes:

Share this post


Link to post
Share on other sites
It's madness Sarah. By the way did you ever write to my local newspaper?

I don't thinkI did... did you PM me the details?

I've not written anything this week as I've been busy doing some other writing instead.

;-/

Share this post


Link to post
Share on other sites
yes, but they get to tell everyone that they own a house. :rolleyes:

And sneer at people who rent...

I don't get that bit myself but she really pulled a face when I told her someone that we knew rented...

Share this post


Link to post
Share on other sites

A man from Hammersmith and Fulham council was being interviewed on The Daily Politics a fortnight ago, about plans to demolish a large (and perfectly servicable) estate. The interviewer was pushing him about the rebuild, could he promise the same amount of social housing would be rebuilt? He said yes, but with an utter lack of confidence.

What I think they will do is rebuild this social housing as shared ownership (still social housing, geddit?) - so to get 'social housing' and an assured tenancy, one would have to get in debt for 50% of the supposed value.

Neat.

He said that all the people wanted to own their own home. No they don't. In fact they interviewed tenants, who did not want the housing demolished, did not want the new build, and did not want to own.

You know the rebuild will be slaveboxes, and not the fair sized housing that they have now.

Edited by Tonkers

Share this post


Link to post
Share on other sites

If they can't get a mortgage for the whole house I can never understand how they get it for half, as the banks must know thay have to pay rent (which is just as much) on the other half?

Hopefully 'shared ownership' will be dead and buried soon. It really is quite offensive. I do feel sorry for those that are trapped in these places now, who in their right mind would buy one now, and there are some in my area that have been on rightmove for years now. But I guess it was their own fault for their desperation at getting on the 'ladder'.

Share this post


Link to post
Share on other sites
If they can't get a mortgage for the whole house I can never understand how they get it for half, as the banks must know thay have to pay rent (which is just as much) on the other half?

Hopefully 'shared ownership' will be dead and buried soon. It really is quite offensive. I do feel sorry for those that are trapped in these places now, who in their right mind would buy one now, and there are some in my area that have been on rightmove for years now. But I guess it was their own fault for their desperation at getting on the 'ladder'.

Please dont. Theyre the same people that spend theyre evenings phoning in to X-factor.

Share this post


Link to post
Share on other sites
If they can't get a mortgage for the whole house I can never understand how they get it for half, as the banks must know thay have to pay rent (which is just as much) on the other half?

Hopefully 'shared ownership' will be dead and buried soon. It really is quite offensive. I do feel sorry for those that are trapped in these places now, who in their right mind would buy one now, and there are some in my area that have been on rightmove for years now. But I guess it was their own fault for their desperation at getting on the 'ladder'.

Friend of my wife's did that in 2007.. 30% share of a massively overvalued flat. It was heavily marketed as 'affordable' housing..

The cost of the 30% share was about fair value for the flat, given that the target market for the flat could only afford 30%.

Share this post


Link to post
Share on other sites
Please dont. Theyre the same people that spend theyre evenings phoning in to X-factor.

:lol:

ok, point taken.

I guess the only benefit is they can post the keys back to the bank and only owe them half the mortgage.

Share this post


Link to post
Share on other sites
And sneer at people who rent...

I don't get that bit myself but she really pulled a face when I told her someone that we knew rented...

exactly, so many stories, so little time.....

GOM anecdotal alert. :o

I usually don't say anything about our position when we rent a new place to see how people treat us, we get some really funny things said to us.

One woman said 'don't worry, you might be able to afford to buy a house in a few years time'

we had just returned from France in 2006 & rented a horrible new build end town house. I had sold our French cars & bought a really old diesel renault laguna in dark purple :o to move in with (great workhorse actually). About 3 months later I got a new position with a company & a subaru imprezza company car (don't ask :rolleyes: ) & we bought a 2 year old mini at the same time. You should have seen the reaction from the neighbours....hilarious.

They all broke their necks to find out why we had those cars (I kid you not). :lol::lol:

they then treated us very differently after that. <_<

when we lived in France, the local vet, who was obviously quite well off, drove a 1960's looking absolute wreck of a car/van (didn't actually know what it was)......what a nice guy he was. His daughter who worked for him rode a really old sit up & beg bike to work & back every day (passing near to our house), no new flashy car for her. She was very nice also. All the neighbours had old tatty cars, hardly ever washed them. They thought we were stupid for going to car washes every week.

We need to take a leaf out of their book (including me to some extent tbh :unsure: )

Edited by grumpy-old-man-returns

Share this post


Link to post
Share on other sites
exactly, so many stories, so little time.....

GOM anecdotal alert. :o

I usually don't say anything about our position when we rent a new place to see how people treat us, we get some really funny things said to us.

One woman said 'don't worry, you might be able to afford to buy a house in a few years time'

we had just returned from France in 2006 & rented a horrible new build end town house. I had sold our French cars & bought a really old diesel renault laguna in dark purple :o to move in with (great workhorse actually). About 3 months later I got a new position with a company & a subaru imprezza company car (don't ask :rolleyes: ) & we bought a 2 year old mini at the same time. You should have seen the reaction from the neighbours....hilarious.

They all broke their necks to find out why we had those cars (I kid you not). :lol::lol:

they then treated us very differently after that. <_<

when we lived in France, the local vet, who was obviously quite well off, drove a 1960's looking absolute wreck of a car/van (didn't actually know what it was)......what a nice guy he was. His daughter who worked for him rode a really old sit up & beg bike to work & back every day (passing near to our house), no new flashy car for her. She was very nice also. All the neighbours had old tatty cars, hardly ever washed them. They thought we were stupid for going to car washes every week.

We need to take a leaf out of their book (including me to some extent tbh :unsure: )

Quite agree. I find this whole car 'status symbol' nonsense truely bonkers.

Share this post


Link to post
Share on other sites
Quite agree. I find this whole car 'status symbol' nonsense truely bonkers.

i love the "my car is better than your car because its more expensive etc etc" argument as im a real petrol head.

when i had my Nissan SX 1992 1.8 turbo, it was pushing about 170bhp, (this was in 2005) a neighbour bought a brand new BMW 318i, he pulled up, knowcked my door and stood there telling me that it was far superior in a straight line than my Datsun could ever be, and that i would be spending a fortune keeping a "relic" on the road.

well my car was proved to be faster, and over the year about £3000 cheaper to run/tax/insure/maintain etc.

he only bought it to pretend "wealth" i mean debt

Share this post


Link to post
Share on other sites
Quite agree. I find this whole car 'status symbol' nonsense truely bonkers.

Not just the cars either. When I drop my kids off at school, in my 1990s Toyota, dressed in an old Tshirt, shorts and flip flops, I always get amused by the number of down their noses looks I get from the yummy mummies in their shiney new Freeloaders off to their job at the tanning shop. One day, one day, I'm going to wear a Tshirt saying something like 'I bet I've more money in the bank than you owe the bank, mortgage included.' Not that I care about money, but money and image seem to be the only things most of them care about.

Share this post


Link to post
Share on other sites
Not just the cars either. When I drop my kids off at school, in my 1990s Toyota, dressed in an old Tshirt, shorts and flip flops, I always get amused by the number of down their noses looks I get from the yummy mummies in their shiney new Freeloaders off to their job at the tanning shop. One day, one day, I'm going to wear a Tshirt saying something like 'I bet I've more money in the bank than you owe the bank, mortgage included.' Not that I care about money, but money and image seem to be the only things most of them care about.

Be more generous - buy them all T-Shirts with GULLIBLE written on the front.

Maybe put TOSSER on the back.

Share this post


Link to post
Share on other sites
Guest X-QUORK
Hopefully 'shared ownership' will be dead and buried soon. It really is quite offensive. I do feel sorry for those that are trapped in these places now

Softy.

I hope they spend their every waking hour weeping at the thought of being authors of their own stupid demise.

Share this post


Link to post
Share on other sites
Not just the cars either. When I drop my kids off at school, in my 1990s Toyota, dressed in an old Tshirt, shorts and flip flops, I always get amused by the number of down their noses looks I get from the yummy mummies in their shiney new Freeloaders off to their job at the tanning shop. One day, one day, I'm going to wear a Tshirt saying something like 'I bet I've more money in the bank than you owe the bank, mortgage included.' Not that I care about money, but money and image seem to be the only things most of them care about.

:D

know what you mean. I drive a 10 year old car at the moment (bought for my sons 18th, but I use it now since I don't have a company car any more), although we still have the mini also.

Share this post


Link to post
Share on other sites
Guest X-QUORK
i love the "my car is better than your car because its more expensive etc etc" argument as im a real petrol head.

when i had my Nissan SX 1992 1.8 turbo, it was pushing about 170bhp, (this was in 2005) a neighbour bought a brand new BMW 318i, he pulled up, knowcked my door and stood there telling me that it was far superior in a straight line than my Datsun could ever be, and that i would be spending a fortune keeping a "relic" on the road.

well my car was proved to be faster, and over the year about £3000 cheaper to run/tax/insure/maintain etc.

he only bought it to pretend "wealth" i mean debt

I suspect tiny penises were the common denominator here.

Share this post


Link to post
Share on other sites
If they can't get a mortgage for the whole house I can never understand how they get it for half, as the banks must know thay have to pay rent (which is just as much) on the other half?

Hopefully 'shared ownership' will be dead and buried soon. It really is quite offensive. I do feel sorry for those that are trapped in these places now, who in their right mind would buy one now, and there are some in my area that have been on rightmove for years now. But I guess it was their own fault for their desperation at getting on the 'ladder'.

A couple I know have bought a property shared ownership. They own 50%. The rent on the other 50% is very small and the costs at the time 3-4 years ago worked out cheaper than renting. With children it can give stability that renting does not always give.

Its not for me but can see the reasons for people doing it.

Share this post


Link to post
Share on other sites
A couple I know have bought a property shared ownership. They own 50%. The rent on the other 50% is very small and the costs at the time 3-4 years ago worked out cheaper than renting. With children it can give stability that renting does not always give.

So how secure it is compared to a normal tenancy if you don't pay the rent?

And as most (if not all) are HA then surely your tenancy is as secure as they get if you're renting with them.

Share this post


Link to post
Share on other sites
So how secure it is compared to a normal tenancy if you don't pay the rent?

And as most (if not all) are HA then surely your tenancy is as secure as they get if you're renting with them.

Not sure what you mean by the above. The security I am talking about is the fact that a Landlord will not ask you to leave once the 6month/years tenancy agreement is up and you are left to do as you pretty much want with the property. The rent side was very small compared to the martgaged part from what I remember. I think the mortgage side at the time was say £500 and the rent side was about £150

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   296 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.