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Mornin all,

Just spendin abit of time doing more 'research', for when to buy again. :P

Found a 'project' (not for me though) near Stroud (pleasant area) in Glos, but no idea how to link the details (Zoopla) to my post.

It's at £75000, on a 50/50 ownership with a housing association, no prob with that.

But it needs a total refurb, lots of £'s to be spent, and that cost falls 100% upon the new owner!

In addition the new owner also has rent to pay on the 50% that they don't own!

Is this normal practice with housing associations?

If so, I'll have to find what's needed to become a HA.

Dear, oh dear, I'm so out of touch with how things now work within the property scam.

The younger generation have my genuine sympathy for becoming property slaves.

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That really does sound like a bad buy. Hope no one buys it.

I bet that deal has more strings attached than a guitar shop.

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Mornin all,

Just spendin abit of time doing more 'research', for when to buy again. :P

Found a 'project' (not for me though) near Stroud (pleasant area) in Glos, but no idea how to link the details (Zoopla) to my post.

It's at £75000, on a 50/50 ownership with a housing association, no prob with that.

But it needs a total refurb, lots of £'s to be spent, and that cost falls 100% upon the new owner!

In addition the new owner also has rent to pay on the 50% that they don't own!

Is this normal practice with housing associations?

If so, I'll have to find what's needed to become a HA.

Dear, oh dear, I'm so out of touch with how things now work within the property scam.

The younger generation have my genuine sympathy for becoming property slaves.

I think this is normal, yes. After her divorce my sister only had enough cash after the sale of the family home (her husband was an inveterate MEWer) to buy a half share in a shared ownership HA house for her and her 3 kids. There is a smallish rent on the 50% she doesn't own outright but all repairs/modernisations etc are 100% her responsibility.

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I wouldn't go near it.

50% ownership = over priced

so they need to dream up a suckers plan.

Keep renting mate and invest.

or...What about buying a boat and sailing around he world?

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I think this is normal, yes. After her divorce my sister only had enough cash after the sale of the family home (her husband was an inveterate MEWer) to buy a half share in a shared ownership HA house for her and her 3 kids. There is a smallish rent on the 50% she doesn't own outright but all repairs/modernisations etc are 100% her responsibility.

Is there anything to prevent the HA doubling the rent if it felt like it?

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I think this is normal, yes. After her divorce my sister only had enough cash after the sale of the family home (her husband was an inveterate MEWer) to buy a half share in a shared ownership HA house for her and her 3 kids. There is a smallish rent on the 50% she doesn't own outright but all repairs/modernisations etc are 100% her responsibility.

The neg equity will also be 100% her responsibility.

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To be fair - if you pay for the improvement the housing association do take this into account if you manage to sell the property at a later date.

You get the money back - off the next buyer of course as they pay for it (not the HA).

You can of course get shared ownership in some very exclusive areas. I - out of interest - am on the mailing list of one of the main HAs in central London. They recently wrote to me about a one bed flat in Westminster which would cost you over £1700 a month on a 50% share including rent. Yet these are restricted to people earning less than £60k. At those numbers I would have thought you would have had to earn at least £60k to be able to afford it!

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The neg equity will also be 100% her responsibility.

She paid cash for her 50% share so no mortgage = no neg. equity. Not ideal but the best option she had for her and the kids given what a financial ******wit her ex-husband was (and still is).

Edited by salamander

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Is there anything to prevent the HA doubling the rent if it felt like it?

Don't know about that. I suppose it's possible but it depends what's in the contract.

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She paid cash for her 50% share so no mortgage = no neg. equity. Not ideal but the best option she had for her and the kids given what a financial ******wit her ex-husband was (and still is).

Ok. In any other financial partnership, you would expect the partners to take on their appropriate share if any capital gains it losses, and to also put in their appropriate share if maintenance costs. Does this seem like an equitable partnership to you?

It stinks to high heaven, and I feel sorry for your friend. Life is crap sometimes but you can always avoid making it worse. Sounds callous but there will be thousands out there that your tax will continue to bail out forever.

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What happens if you pay off your share on the 50% and then say fall behind on the rental payments? Are they able to evict you? Does the unpaid rent eat into your share?

They always go on about how shared equity is great for buying a house you can't afford but never mention what happens if things turn bad

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neighbour of mine set up a HA (strange as that may seem). He is raking it in

Do tell.

Maybe we should set one up?

Yes, that sounds like an interesting idea. :)

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Cousin bought a shared ownership place earlier in the year based on her wage as a contractor in a new job and new area. I thought that it was utter madness then tbh and couldnt believe that they were leant the money in the first place.

Now they have bought a repo very cheap and are going to do it up and let it out using the rental income to also buy the builders share of their place.

It seems like the most dangerous gamble that could be taken and should all end in floods of tears but nothing surprises me anymore, they are just as likely to pay their place off and end up with a btl portfolio the way this country works :rolleyes:

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Cousin bought a shared ownership place earlier in the year based on her wage as a contractor in a new job and new area. I thought that it was utter madness then tbh and couldnt believe that they were leant the money in the first place.

Now they have bought a repo very cheap and are going to do it up and let it out using the rental income to also buy the builders share of their place.

It seems like the most dangerous gamble that could be taken and should all end in floods of tears but nothing surprises me anymore, they are just as likely to pay their place off and end up with a btl portfolio the way this country works :rolleyes:

He who dares, wins Rodders.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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