SarahBell Report post Posted February 14, 2011 http://www.rightmove.co.uk/property-for-sale/property-29800307.html 1 bedroom property for sale £13,000 Church Street, Manchester, M4 12.5% SHARED OWNERSHIP Ok so it's in the middle of Manchester which some might see as a plus point... Quote Share this post Link to post Share on other sites
rantnrave Report post Posted February 14, 2011 http://www.rightmove...y-29800307.html 1 bedroom property for sale £13,000 Church Street, Manchester, M4 12.5% SHARED OWNERSHIP Ok so it's in the middle of Manchester which some might see as a plus point... For a one bedroom flat, 12.5% is something like the space under the fridge! Quote Share this post Link to post Share on other sites
Kyoto Report post Posted February 14, 2011 Who buys shared ownership? It's the absolute worst of both worlds! Quote Share this post Link to post Share on other sites
Pent Up Report post Posted February 14, 2011 Shared ownership is a brilliant idea! You buy 12.5% of a 1 bed flat and rent the rest. Then as you get older and your income increases you then put down a further deposit to buy another 12.5% then just repeat this until eventually you own the whole thing all to yourself!* Of course if you're a 28 year couple at max earning potential this might not be such a good idea. And obviously you still need to be able to save for the next deposit after paying the rent and mortgage and bills. (*subject to mortgage payable) Quote Share this post Link to post Share on other sites
Kilham Report post Posted February 14, 2011 I'm not sure how they get away with describing such places as 'for sale' as clearly all you're buying is the 'right' to keep paying rent. Stop paying it and see just how much you've 'bought'. It's just like renting with a really large deposit. Quote Share this post Link to post Share on other sites
bumpy Report post Posted February 14, 2011 I'm not sure how they get away with describing such places as 'for sale' as clearly all you're buying is the 'right' to keep paying rent. Stop paying it and see just how much you've 'bought'. It's just like renting with a really large deposit. When you rent, the LL has to put right any problems for free. What is the situation with part ownership? Quote Share this post Link to post Share on other sites
Slumpmonkey Returns Report post Posted February 14, 2011 Who buys shared ownership? It's the absolute worst of both worlds! Loads of the sheep apply for these schemes. All the housebuilders are involved in such schemes to "help" FTB's and it remains the main policy of the new government (as it was the previous administration) unfortunately. :angry: Quote Share this post Link to post Share on other sites
Dorkins Report post Posted February 14, 2011 What's to stop the person/entity that owns the other 87.5% of your flat from cranking up the rent once you're locked in? Quote Share this post Link to post Share on other sites
Unsafe As Houses Report post Posted February 14, 2011 I agree with the OP - 'Idiot FTB wanted' - let's hope they don't find one, or other spivs might try this 12.5% shared ownership scam. :angry: Quote Share this post Link to post Share on other sites
Kilham Report post Posted February 14, 2011 When you rent, the LL has to put right any problems for free. What is the situation with part ownership? Interesting question - would you have to pay 12.5% of the bill?. Quote Share this post Link to post Share on other sites
SarahBell Report post Posted February 14, 2011 Interesting question - would you have to pay 12.5% of the bill?. If it's like every other shared ownership scam then 100% of the bill is yours. Quote Share this post Link to post Share on other sites
Executive Sadman Report post Posted February 14, 2011 Who buys shared ownership? It's the absolute worst of both worlds! All those incredibly attractive couples you see in the sales brochures, of course. Quote Share this post Link to post Share on other sites
neil324 Report post Posted February 14, 2011 Don't think i've seen anything less than 50% share anywhere in Birmingham. 12.5% what's the point. Quote Share this post Link to post Share on other sites
red11 Report post Posted February 14, 2011 It gets better, as well as having to service the 12.5% mortgage, there is also "Service Charge and Rent is £479.00 pcm" I really don't see the point of owning 12.5% of a one bedroom flat, it hardly gives you bragging rights. Quote Share this post Link to post Share on other sites
Superted187 Report post Posted February 14, 2011 Anyone getting a Shared Ownership scheme of any percentage is a muppet tbh. Quote Share this post Link to post Share on other sites
Unsafe As Houses Report post Posted February 14, 2011 Anyone getting a Shared Ownership scheme of any percentage is a muppet tbh. Cool username Quote Share this post Link to post Share on other sites
Monkey Report post Posted February 14, 2011 i wonder if a BTLer has tried to BTL one of these? Scam a scam a scammer Quote Share this post Link to post Share on other sites
longtomsilver Report post Posted February 14, 2011 You can rent a 1bed flat in that area for £500 p/month. That's just messed up. Quote Share this post Link to post Share on other sites
bomberbrown Report post Posted February 14, 2011 What's to stop the person/entity that owns the other 87.5% of your flat from cranking up the rent once you're locked in? Worse than that, you can't even walk away from the whole mess and cut your losses of your 12.5% 'deposit' without finding a greater fool to buy the place off you and pay the obliged rent no doubt? I could be wrong on this? Quote Share this post Link to post Share on other sites
juvenal Report post Posted February 14, 2011 All those incredibly attractive couples you see in the sales brochures, of course. Are they the ones drinking wine on the balcony? Quote Share this post Link to post Share on other sites
Pent Up Report post Posted February 14, 2011 Anyone getting a Shared Ownership scheme of any percentage is a muppet tbh. Shut up cos ur on the ladder innit! Quote Share this post Link to post Share on other sites
Dorkins Report post Posted February 14, 2011 In this glorious nation of ours, if you work hard and keep your head down for 25 years then you too can aspire to own one-eighth of a one bedroom flat in Manchester. Quote Share this post Link to post Share on other sites
_w_ Report post Posted February 14, 2011 Don't think i've seen anything less than 50% share anywhere in Birmingham. 12.5% what's the point. A desperate dash for whatever little cash is left in the market? Quote Share this post Link to post Share on other sites
Harry Monk Report post Posted February 14, 2011 If this flat is sold a year down the line and its value has fallen by 12.5%, do both parties share the loss or does it all fall on the borrower? Quote Share this post Link to post Share on other sites
plummet expert Report post Posted February 14, 2011 All those incredibly attractive couples you see in the sales brochures, of course. Just think, if you can afford the £479pm rent, you could buy the flippin' flat anyway! What a joke! Quote Share this post Link to post Share on other sites
