SarahBell Posted April 4, 2011 Share Posted April 4, 2011 http://www.walesonline.co.uk/cardiffonline/cardiff-news/2011/03/24/couple-s-bellway-property-dream-now-a-nightmare-91466-28393030/ A COUPLE who appeared in adverts selling the property dream have found themselves in the middle of a housing nightmare. When Samantha Hyde, 33, and Craig Smith, 34, bought a one-bedroom flat in Cardiff Bay’s Prospect Place in 2004, they were used in advertising features for property developers Bellway, selling its shared equity Open Door Scheme as a perfect opportunity to get on the property ladd When the couple bought the new-build flat in Kilcredaun House, they paid £109,000 for 75%, with the remaining 25%, at the time £36,000, due when they came to sell. They accepted an offer of £98,000 but the sale has not been able to go through as both the mortgage company and Bellway are demanding they pay them from the proceeds, which will not cover the £94,000 mortgage and the £17,000 that Bellway want. She said: “We feel very misled and because of them we’re not going to be able to purchase another property “If we get repossessed they won’t get any more and it will bring down the price of the other flats because they’ll sell it cheap.” A spokesman for Bellway said the couple had agreed when they bought the flat that they would pay back the outstanding 25% when they sold. How many more will pop out of the woodwork? Quote Link to comment Share on other sites More sharing options...
Number79 Posted April 4, 2011 Share Posted April 4, 2011 http://www.walesonline.co.uk/cardiffonline/cardiff-news/2011/03/24/couple-s-bellway-property-dream-now-a-nightmare-91466-28393030/ A COUPLE who appeared in adverts selling the property dream have found themselves in the middle of a housing nightmare. When Samantha Hyde, 33, and Craig Smith, 34, bought a one-bedroom flat in Cardiff Bay’s Prospect Place in 2004, they were used in advertising features for property developers Bellway, selling its shared equity Open Door Scheme as a perfect opportunity to get on the property ladd When the couple bought the new-build flat in Kilcredaun House, they paid £109,000 for 75%, with the remaining 25%, at the time £36,000, due when they came to sell. They accepted an offer of £98,000 but the sale has not been able to go through as both the mortgage company and Bellway are demanding they pay them from the proceeds, which will not cover the £94,000 mortgage and the £17,000 that Bellway want. She said: “We feel very misled and because of them we’re not going to be able to purchase another property “If we get repossessed they won’t get any more and it will bring down the price of the other flats because they’ll sell it cheap.” A spokesman for Bellway said the couple had agreed when they bought the flat that they would pay back the outstanding 25% when they sold. How many more will pop out of the woodwork? So it was £145k when they bought in 2004, pre boom, and the best they can get now is £98k? Ouch, no wonder Bellends want to make them hold out for a better offer. They dont want that setting the price for the rest of their sh1tboxes. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted April 4, 2011 Share Posted April 4, 2011 http://www.walesonline.co.uk/cardiffonline/cardiff-news/2011/03/24/couple-s-bellway-property-dream-now-a-nightmare-91466-28393030/ A COUPLE who appeared in adverts selling the property dream have found themselves in the middle of a housing nightmare. When Samantha Hyde, 33, and Craig Smith, 34, bought a one-bedroom flat in Cardiff Bay’s Prospect Place in 2004, they were used in advertising features for property developers Bellway, selling its shared equity Open Door Scheme as a perfect opportunity to get on the property ladd When the couple bought the new-build flat in Kilcredaun House, they paid £109,000 for 75%, with the remaining 25%, at the time £36,000, due when they came to sell. They accepted an offer of £98,000 but the sale has not been able to go through as both the mortgage company and Bellway are demanding they pay them from the proceeds, which will not cover the £94,000 mortgage and the £17,000 that Bellway want. She said: “We feel very misled and because of them we’re not going to be able to purchase another property “If we get repossessed they won’t get any more and it will bring down the price of the other flats because they’ll sell it cheap.” A spokesman for Bellway said the couple had agreed when they bought the flat that they would pay back the outstanding 25% when they sold. How many more will pop out of the woodwork? [/quote Friends and family fell for the same scam in the 90`s ended up in the exact same position as the above and the only way out was reposession it`s not going to be no different this time it was a scam then and it `s a scam now Quote Link to comment Share on other sites More sharing options...
long time lurking Posted April 4, 2011 Share Posted April 4, 2011 So it was £145k when they bought in 2004, pre boom, and the best they can get now is £98k? Ouch, no wonder Bellends want to make them hold out for a better offer. They dont want that setting the price for the rest of their sh1tboxes. I think Cardiff bay is in a desperate state and they are trying to keep price`s up ,but the problem is that the unsold property that hung about after the credit crunch was bought up by housing associations and the whole place is now becoming a social housing estate as a lot of the privately owned are BTL with DHSS tenants to go with the HA`s Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted April 4, 2011 Share Posted April 4, 2011 How many more will pop out of the woodwork? [/quote Masses. Couples who are splitting up; who have split up; who have bought a one-bed and have a baby on the way; who have had a baby that's now a toddler and needs a bed that wouldn't fit into the sole bedroom even if they were happy with that arrangement. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted April 4, 2011 Share Posted April 4, 2011 this time it was different though...posters here beleived 25% was on the new value, not the original...ie, all the debts would all compress into the new price proportionately. nah. Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted April 4, 2011 Share Posted April 4, 2011 So it was £145k when they bought in 2004, pre boom, and the best they can get now is £98k? £145k for a one bed flat in Cardiff. Hmmm. No bubble here.. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted April 4, 2011 Share Posted April 4, 2011 I hear stories of 'developers' buying one beds in block for 80K a time during the boom. I remember feeling sorry for anyone who was buying privately as they were paying well over the odds. Quote Link to comment Share on other sites More sharing options...
Si1 Posted April 4, 2011 Share Posted April 4, 2011 (edited) f00king h3ll on the one hand I have some pity, as there was a society-wide pressure to conform on the other hand, we live in a free country - free to benefit, and free to reap the consequences of our actions, it still has some symmetry to it WHAT WERE YOU THINKING YOU BL00DY MORONS! Edited April 4, 2011 by Si1 Quote Link to comment Share on other sites More sharing options...
MattW Posted April 4, 2011 Share Posted April 4, 2011 on the one hand I have some pity, as there was a society-wide pressure to conform on the other hand, we live in a free country - free to benefit, and free to reap the consequences of our actions, it still has some symmetry to it WHAT WERE YOU THINKING YOU BL00DY MORONS! Probably that the flat would be worth £180k when it was time to sell. Quote Link to comment Share on other sites More sharing options...
Mr. Miyagi Posted April 4, 2011 Share Posted April 4, 2011 f00king h3ll on the one hand I have some pity, as there was a society-wide pressure to conform on the other hand, we live in a free country - free to benefit, and free to reap the consequences of our actions, it still has some symmetry to it WHAT WERE YOU THINKING YOU BL00DY MORONS! Exactly, I'm not aware of any fire arms being used against the heads of these idiots during the negotiations. Quote Link to comment Share on other sites More sharing options...
Number79 Posted April 4, 2011 Share Posted April 4, 2011 I think Cardiff bay is in a desperate state and they are trying to keep price`s up ,but the problem is that the unsold property that hung about after the credit crunch was bought up by housing associations and the whole place is now becoming a social housing estate as a lot of the privately owned are BTL with DHSS tenants to go with the HA`s Thank god for the HA's propping the area up then eh? Otherwise those sh1t boxes would be more like £9.8k now Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted April 4, 2011 Share Posted April 4, 2011 Exactly, I'm not aware of any fire arms being used against the heads of these idiots during the negotiations. wrong...fear is the weapon of choice of the banksters. Quote Link to comment Share on other sites More sharing options...
Guest Posted April 4, 2011 Share Posted April 4, 2011 I showed this article to a colleague who had previously suggested shared ownership. He now realises that shared ownership is only a good idea if you know 100% that house pries will go up. And as house prices cannot be predicted with any certainty, shared ownership is never a good idea. Understament of the century I know He is a baby boomer who I have posted about recently... he now realises that house prices do come down. He admitted today that house prices are too high and that the situation is terrible.... now that his own daughter is at house buying age, he has realised that HPI has very few winners (EAs and banks excepted). Quote Link to comment Share on other sites More sharing options...
long time lurking Posted April 4, 2011 Share Posted April 4, 2011 Thank god for the HA's propping the area up then eh? Otherwise those sh1t boxes would be more like £9.8k now I would not say they are propping the price`s up ,it`s doing the exact opposite and it will only get worse ,they have built the slum`s of the future anyone who bought into the place will loose big time ,the local wage could never support those price`s hence the shared equity scam . I also think the new HB rule [30th percentile] could have a big impact on the BTL side as rental cost is at a premium in that part off Cardiff Quote Link to comment Share on other sites More sharing options...
efdemin Posted April 4, 2011 Share Posted April 4, 2011 this time it was different though...posters here beleived 25% was on the new value, not the original...ie, all the debts would all compress into the new price proportionately. nah. I think it depends on the type of shared ownership scheme. The one in this article sounds the worst-case for the buyers as they lose out if the price drops. Other schemes I've seen, mainly HA ones, value the other bit you don't own at current market value so they're fairer. Quote Link to comment Share on other sites More sharing options...
CharlieChuck Posted April 4, 2011 Share Posted April 4, 2011 Probably that the flat would be worth £180k when it was time to sell. You're right, I bet that's almost exactly what they thought. A few years there, prices go up then get enough equity for a nice little semi. This has been repeated in cities all over the country. The developments are usually next to old canals or rivers and they're always called waterfront and have expensive coffee houses and pubs nearby. The real scandal is, they're still offering the deals and people are still accepting them only now the money comes from the taxpayer. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted April 4, 2011 Share Posted April 4, 2011 I think it depends on the type of shared ownership scheme. The one in this article sounds the worst-case for the buyers as they lose out if the price drops. Other schemes I've seen, mainly HA ones, value the other bit you don't own at current market value so they're fairer. indeed, that would be a shared equity scheme....it seems though, and the latest homebuy is such a scheme, where a loan is made in place of the discount.... Quote Link to comment Share on other sites More sharing options...
rantnrave Posted April 4, 2011 Share Posted April 4, 2011 wrong...fear is the weapon of choice of the banksters. And EAs Quote Link to comment Share on other sites More sharing options...
rantnrave Posted April 4, 2011 Share Posted April 4, 2011 He is a baby boomer who I have posted about recently... he now realises that house prices do come down. He admitted today that house prices are too high and that the situation is terrible.... now that his own daughter is at house buying age, he has realised that HPI has very few winners (EAs and banks excepted). I think EAs are tearing their hair out right now at their colleagues' ability to overvalue property to win the contract and then not actually sell it at the inflated prices. Actually, I don't think that - I know it. Here's a comment from the EAT site today: ...our local corporates have started their Spring 'let's over-price every property we see' campaign. We even had one chap who told us he knew our appraisal was the correct one but he wanted to see if the corporate could get the extra £40K!... Quote Link to comment Share on other sites More sharing options...
Goat Posted April 4, 2011 Share Posted April 4, 2011 indeed, that would be a shared equity scheme....it seems though, and the latest homebuy is such a scheme, where a loan is made in place of the discount.... But how many would know the difference? It strikes me that a lot of the SO schemes were just ways for builders to sell at maximum price to people who couldn't afford them. Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted April 4, 2011 Share Posted April 4, 2011 (edited) indeed, that would be a shared equity scheme....it seems though, and the latest homebuy is such a scheme, where a loan is made in place of the discount.... I am not familiar with these schemes. Do you mean that in the new "HomeBuy" scheme the buyer actually owns the whole thing, and would have to bear 100% of the price drop?! I thought that "share equity" meant that if you buy 50% of a house house, worth, say, £200k, hence paying £100k for your half, and if you have to sell it in say 3 years time, and the house price fell to £180k, I though you would get £90k, and the builders £90k. No?! . Edited April 4, 2011 by Tired of Waiting Quote Link to comment Share on other sites More sharing options...
otters Posted April 4, 2011 Share Posted April 4, 2011 f00king h3ll on the one hand I have some pity, as there was a society-wide pressure to conform on the other hand, we live in a free country - free to benefit, and free to reap the consequences of our actions, it still has some symmetry to it WHAT WERE YOU THINKING YOU BL00DY MORONS! Lots have been created buy dumbing down the education system. Before they were sent to the front as cannon fodder, now they are made debt slaves. Quote Link to comment Share on other sites More sharing options...
Goat Posted April 4, 2011 Share Posted April 4, 2011 (edited) f00king h3ll on the one hand I have some pity, as there was a society-wide pressure to conform on the other hand, we live in a free country - free to benefit, and free to reap the consequences of our actions, it still has some symmetry to it WHAT WERE YOU THINKING YOU BL00DY MORONS! I think it's worth remembering just how extreme the propaganda got. Night after night of property porn where ghastly estate agents were transformed into celebrity property experts and allowed to dispense their wisdom on how you should bid above the asking price to avoid missing out. Wall to wall glossy property supplements pumpling out fatuous articles about how dried twigs or baking bread can add £50,000 to your house's value and how Croydon is now an up and coming area. Endless press releases from the various VI's giving you the good news about how prices had gone up 10% in the last year and would continue to do so forever; all of course repeated verbatum by the various cut and paste media outlets (BBC chief offender amongst many). Banks and building societies, suckered in by their own propaganda and desparate to maintain or increase their share of the market, lending ever more ridiculous multiples of salaries at ever higher LTV's. Eventually even that failed to keep the bubble going so the gap was filled by cowboy developers with "gifted deposits" and shady mortgage brokers happy to help you put down whatever income figure you needed to get your loan so long as they got thier commission and the developer his sale. Criminal property purveyors who split their time between preying on the naieve or greedy and trolling the forums trying to convince those they found that anyone who doubted the BTL miracle was a pathetic inadequate tossing off over their meagre deposits in a damp bedsit. Reputable economists trying to rationalise the madness by building models that proved that black was white and £250,000 for a flat in Manchester was good value. Every Tom, Dick and Harry who had the good fortune to buy when prices were cheap and now thought he was the Warren Buffett of the property world: imparting his accumulated wisdom that rent is dead money, prices only every go up and the more you borrowed the more more you made: "we bought in 1976 and look how much we've made" - YES YOU STUPID COW, THAT'S BECAUSE YOU BOUGHT IT FOR A YEAR'S INCOME AND IT NOW COSTS TEN YEARS INCOME! And every year that prices went up the bulls claimed that they were geniuses and the bears looked like idiots. The brainwashing was almost total: the most hardened of bears have doubted themselves: "what have I missed?", "will the government be able to stop prices falling?", "maybe I'm wrong". Even today apparently rational people fail to recognise what went on, "yes there might be falls but this area is special", "it's only a temporary downturn", "will you buy this year?" "prices are cheap now and won't be so cheap again" So maybe they were bloody morons who should have spent their days studying economics and trawling the internet for fringe loonies like us rather than relying upon the mainstream media; but then thanks to our glorious dumbed down education system the few are prepared and able to do this will always be swamped by the masses who are more interested in pop idol/big brother/celebrity <insert title of wretched show here>. All I know is that, the last time we saw propaganda this extreme, dodgy moustaches, goosestepping and gas chambers were involved. Edited April 4, 2011 by Goat Quote Link to comment Share on other sites More sharing options...
sammysnake Posted April 4, 2011 Share Posted April 4, 2011 I showed this article to a colleague who had previously suggested shared ownership. He now realises that shared ownership is only a good idea if you know 100% that house pries will go up. And as house prices cannot be predicted with any certainty, shared ownership is never a good idea. Understament of the century I know He is a baby boomer who I have posted about recently... he now realises that house prices do come down. He admitted today that house prices are too high and that the situation is terrible.... now that his own daughter is at house buying age, he has realised that HPI has very few winners (EAs and banks excepted). Sorry mate, you are mistaken on this Shared equity is very different from Shared Ownership Shared ownership, you pay rent for the % you don't own. Shared ownerships are infinitely better than the fraudulent Shared equity schemes because the liability is limited. In actual fact, shared ownership (if you can get a great mortgage deal..) is a very good deal, because more often than not, it's cheaper then renting in full and without the psychotic insincere landlords. I agree though, who ever thought of shared equity must be in the pockets of the struggling housing developers, desperate to hold a share price, and sell tiny 2 bed flats at insane prices. Quote Link to comment Share on other sites More sharing options...
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