ChumpusRex Posted February 27, 2011 Share Posted February 27, 2011 25% shared ownership. Does that mean the housing association will stump up 75% of the maintenance and repair bills for the property ? Not usually. Usually, in this type of shared ownership. You pay 100% of the maintenance and repair. This tends to make the rent very poor value for money. It's also variable what happens to your equity stake. The usual principle is that the 'owner' takes the profit or loss on their share only - the housing association eats any shortfall on their share. In some ways the high rent serves to pay for the 'put option' on the price of the house. However, this is not universal, and there were some schemes where the 'owner' was responsible for 100% of any shortfall in any subsequent sale price. The rent is also a potential time bomb. It may start off reasonable, but I've seen lease agreements where the rent increases annually at CPI+2%, or RPI+1%. 10 years down the line, you could be looking at big 'real terms' increases in rent. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted February 27, 2011 Share Posted February 27, 2011 (2) It was only like that for a few years wage rises were good year on year by about year 4 with interest rates dropping my mortgage was about 25% of my take home pay . Today with pay rises not keeping up with general costs mortgages are going to get a bigger burden as the years go on not smaller burdens. Rapidly, even using the fudged inflation figures. http://www.google.com/hostednews/ukpress/article/ALeqM5g92xr0KX5VKnC8YX92HxFXFpFwQA?docId=N0146871298565160727A Record plunge in disposable income (UKPA) – 2 days ago Families' disposable income dived by a record £9 a week during January as inflation continued to outstrip wage growth, research has indicated. The average family had £174 a week left to spend after meeting all of their essential outgoings, down from £183 a week in January last year, according to supermarket group Asda. It was the 13th consecutive month during which people suffered a year-on-year fall in their disposable income, while it was also the biggest drop recorded since Asda first began collecting the data in January 2007. Quote Link to comment Share on other sites More sharing options...
miko Posted February 27, 2011 Share Posted February 27, 2011 Rapidly, even using the fudged inflation figures. http://www.google.com/hostednews/ukpress/article/ALeqM5g92xr0KX5VKnC8YX92HxFXFpFwQA?docId=N0146871298565160727A Record plunge in disposable income (UKPA) – 2 days ago Families' disposable income dived by a record £9 a week during January as inflation continued to outstrip wage growth, research has indicated. The average family had £174 a week left to spend after meeting all of their essential outgoings, down from £183 a week in January last year, according to supermarket group Asda. It was the 13th consecutive month during which people suffered a year-on-year fall in their disposable income, while it was also the biggest drop recorded since Asda first began collecting the data in January 2007. Scary stuff Everyone I talk to is complaining about how much the bills are costing . I sat down and went through every household bill a couple of weeks back , on a small one bed flat one person living here It is £415 per month. That is for service charge, council tax with the single person discount ,water, electricity, insurance, phone and tv licence. How much are people paying in larger houses with 4 in a family adding all the extra energy used the higher council tax and more insurance ? Quote Link to comment Share on other sites More sharing options...
the gardener Posted February 27, 2011 Share Posted February 27, 2011 Scary stuff Everyone I talk to is complaining about how much the bills are costing . I sat down and went through every household bill a couple of weeks back , on a small one bed flat one person living here It is £415 per month. That is for service charge, council tax with the single person discount ,water, electricity, insurance, phone and tv licence. How much are people paying in larger houses with 4 in a family adding all the extra energy used the higher council tax and more insurance ? Oh, I don't know, we cover that lot for about £250 per month (family of 5) water = £190 pa elec + gas = £900 pa insurance = £120 pa phone + internet = £300 pa tv licence = £145 pa council tax = £1300 pa Mind you, we have no mortgage to pay. It's much more expensive to live alone in a small flat. Quote Link to comment Share on other sites More sharing options...
miko Posted February 27, 2011 Share Posted February 27, 2011 Oh, I don't know, we cover that lot for about £250 per month (family of 5) water = £190 pa elec + gas = £900 pa insurance = £120 pa phone + internet = £300 pa tv licence = £145 pa council tax = £1300 pa Mind you, we have no mortgage to pay. It's much more expensive to live alone in a small flat. Well my water is twice yours I am electric only £1000 per year . Your insurance is very cheap is that buildings and contents ? are you under insured ? I pay £204 per year contents only as flat is insured via maintenance charges . The only way to find out sadley if your under insured is if you ever need to claim. Phone and internet yours is cheap as well who are you with ? what is your package ? I also have a service charge to pay that works out at £970 per year. Quote Link to comment Share on other sites More sharing options...
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