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Would You Buy A House With A Complete Stranger?

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http://www.tvguide.co.uk/default.asp?gridSpan=01:30

From the Sunday Times TV review:

"No chance", is obviously the short answer to the question posed by the title of this hybrid of property and dating show hosted by Sarah van der Noot. Army cadet Gemma Halpin, 22, is desperate to buy a flat, but her wage will not cover a deposit and a mortgage in the ever-inflated property market of Newcastle. She meets three people in the same position and is forced to choose one with whom she will buy a flat. The pair clearly cannot stand each other, but unbelievably go ahead with the joint mortgage. You can be sure there will be tears before bedtime.

Why she needs to buy when the Army provide you with housing I have no idea.

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http://www.tvguide.co.uk/default.asp?gridSpan=01:30

From the Sunday Times TV review:

Why she needs to buy when the Army provide you with housing I have no idea.

The army will provide her with a room in a block with a bathroom shared with loads of other girls. Also, if she's a cadet it may well be a room shared with 5 other girls.

Edited by libitina

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The army will provide her with a room in a block with a bathroom shared with loads of other girls. Also, if she's a cadet it may well be a room shared with 5 other girls.

I am pretty certian she can pay extra to rent her own place. The army also provide family housing.

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I am pretty certian she can pay extra to rent her own place. The army also provide family housing.

She can pay to rent privately. If she were allowed to rent an MQ (highly unusual, but does happen) she would have to leave it if the house was required for a married couple.

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My housemate was lined up to be in this programme. She'd applied , was accepted and they'd fixed a date for the filming. Luckily she saw sense and backed out of it / was talked out of it.

The film company were not happy and were quite pushy of what could potentially be vulnerable / inexpereienced people. You should have seen the contract it was unbelievable - you had to agree to choose to buy one of three properties in a period of 24 hours and for this rashness you were rewarded with £2K.

To think this is aired on the BBC - thoroughly irresponsible.

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You should have seen the contract it was unbelievable - you had to agree to choose to buy one of three properties in a period of 24 hours

:o:o:o:o:o:o:o:o:o:o

The BBC aren't a front organisation for Inside Track are they??

http://www.insidetrack.co.uk/

I'm bl00dy furious to learn that my licence fee is being spent on trying to strong-arm FTB's into propping up the mammoth Ponzi scam that is the UK housing market.

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The BBC aren't a front organisation for Inside Track are they??

I wouldn't think its anything sinister, just some wet behind the ears producer jumping on the bandwagon and trying to tie in the ..er, ?contestants?.. so that the production costs aren't totally wasted. Its all run by the production company and as i don't get bbc3 I won't be able to catch it. Damn, can't remember the name of the company

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the reason i wanted to buy and did buy was because i am not going to be in the army forever and wanted to get a step on the ladder now rather than waiting. The army pays me a good salary and do not require all of my disposable income to live so i felt property was a good investment for me.

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the reason i wanted to buy and did buy was because i am not going to be in the army forever and wanted to get a step on the ladder now rather than waiting. The army pays me a good salary and do not require all of my disposable income to live so i felt property was a good investment for me.

You bought with a complete stranger? :blink::blink::blink::blink:

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the reason i wanted to buy and did buy was because i am not going to be in the army forever and wanted to get a step on the ladder now rather than waiting. The army pays me a good salary and do not require all of my disposable income to live so i felt property was a good investment for me.

It certainly wasn't good for your mental healt though was it, I would have been very upset to see my daughter in the state you were during the process and not even able to live in your own home.

It seems to me a bad idea even with best friends but an appalling one with a stranger unless neither of you live in the house.

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the reason i wanted to buy and did buy was because i am not going to be in the army forever and wanted to get a step on the ladder now rather than waiting. The army pays me a good salary and do not require all of my disposable income to live so i felt property was a good investment for me.

LOL, if the hapless rube featured on this programme had read this site beforehand she wouldn't have bought. Wake up and smell the troll, people.

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LOL, if the hapless rube featured on this programme had read this site beforehand she wouldn't have bought. Wake up and smell the troll, people.

Bugger! I was suckered and fell for it again. :angry:

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I vaguely remember this idea being discussed in the 80's just before the last crash. I think there was a documentary (or series of documentaries) about it. I was a teenager at the time (more interested in boys than houses), so I didn't pay too much attention to it. I think there were people being fixed together by an agency (or the TV programme). Do any of our more senior members remember this at all?

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The army will provide her with a room in a block with a bathroom shared with loads of other girls. Also, if she's a cadet it may well be a room shared with 5 other girls.

Where do I sign up?

:lol:

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I vaguely remember this idea being discussed in the 80's just before the last crash. I think there was a documentary (or series of documentaries) about it. I was a teenager at the time (more interested in boys than houses), so I didn't pay too much attention to it. I think there were people being fixed together by an agency (or the TV programme). Do any of our more senior members remember this at all?

yes, remember it well............but because clubbing together with other buyers is unsustainable in the long run as you grow up and want to start a family and because it actually REDUCES the demand for housing by ''compressing'' people...it only serves to exacerbate the overvaluation of the market thus increasing the size and likelihood of a slump...............

Edited by Michael

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yes, remember it well............but because clubbing together with other buyers is unsustainable in the long run as you grow up and want to start a family and because it actually REDUCES the demand for housing by ''compressing'' people...it only serves to exacerbate the overvaluation of the market thus increasing the size and likelihood of a slump...............

Thanks Michael,

Those were my thoughts exactly, it's quite telling that it happened right before the last crash as well.

The worst thing anyone could do now is buy a property that will certainly have to be sold within the next couple of years and borrow heavily to do so.

Also, I think, if one party couldn't make the mortgage repayments, wouldn't that mean they both loose their home?

LG

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Also, I think, if one party couldn't make the mortgage repayments, wouldn't that mean they both loose their home?

Any legal agreement drawn up between the two (or more) parties to a mortgage will state that the mortgagors (borrowers) are "jointly and severally liable" for the repayments due. Basically this means that if one of the signatories to the mortgage loses their job or can't make the repayments for any other reason you will have to make up the shortfall, so potentially you could end up in a situation where you are having to pay both your share of the mortgage repayments AND the other person's share. The same will apply if one person does a runner, etc.

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Any legal agreement drawn up between the two (or more) parties to a mortgage will state that the mortgagors (borrowers) are "jointly and severally liable" for the repayments due. Basically this means that if one of the signatories to the mortgage loses their job or can't make the repayments for any other reason you will have to make up the shortfall, so potentially you could end up in a situation where you are having to pay both your share of the mortgage repayments AND the other person's share. The same will apply if one person does a runner, etc.

Ouch!

I thought that might be the case.

Two of my friends bought together once and I guess this would have been the same for them.

Incidentally, they don't speak to each other anymore.

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as i am told buying a house is the most stressful thing you can do, my experiencewas very stressfull and my mum didnt enjoy seeing that, but by the time the show was aired she knew that everything was sorted, which will be seen in the follow up show.

Sarah is no longer a stranger we a 'buisness partners', it was worth all the trouble, because now I am a twenty two year old property owner, which is rare these days for people to be able to do it with out the help from mummy and daddy.

i do not live in the house but sarah does, with two friends who pay rent. Since she owns half the property she has a vested intererest to keep the place maintained.

we have a deed of trust which lays down all possibilities. one of which if bills or mortgage is not made by one party for three months they lose all ownership of the property, ie their deposit and any right to the house. Also if any penalties are incurred due to one party not making a payment they are liable for these.

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My housemate was lined up to be in this programme. She'd applied , was accepted and they'd fixed a date for the filming. Luckily she saw sense and backed out of it / was talked out of it.

The film company were not happy and were quite pushy of what could potentially be vulnerable / inexpereienced people. You should have seen the contract it was unbelievable - you had to agree to choose to buy one of three properties in a period of 24 hours and for this rashness you were rewarded with £2K.

To think this is aired on the BBC - thoroughly irresponsible.

Hi Assetpriceinflation,

If your flatmate still has the contract, couldn't they take the story to a paper? That would be a good read.

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Well yes at 22 owning half an overpriced flat is something to be proud of.

[1]

In a few years you could be half owner of a pile of negative equity or if it all gone wrong the complete owner of it.

How does the deed of trust stand with the mortgage company? I'm pretty certain they'll chase both of you for the debt.

I still think the program was horrific watching.[2]

[1] If it was just for a business deal you could have BTL a whole house in some parts of the country for the amount was paid for that flat.

[2] Trying to persuade somene else to come in with you instead was horrific. As was watching people fighting over things that should have been discussed prior to completing on the deal.

AND you say without mummy and daddy's help. Well ok maybe not your ma and pa but the other girl's parents subbed her her diso**** didn't they??

Edited by SarahBell

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as i am told buying a house is the most stressful thing you can do, my experiencewas very stressfull and my mum didnt enjoy seeing that, but by the time the show was aired she knew that everything was sorted, which will be seen in the follow up show.

Sarah is no longer a stranger we a 'buisness partners', it was worth all the trouble, because now I am a twenty two year old property owner, which is rare these days for people to be able to do it with out the help from mummy and daddy.

i do not live in the house but sarah does, with two friends who pay rent. Since she owns half the property she has a vested intererest to keep the place maintained.

we have a deed of trust which lays down all possibilities. one of which if bills or mortgage is not made by one party for three months they lose all ownership of the property, ie their deposit and any right to the house. Also if any penalties are incurred due to one party not making a payment they are liable for these.

Come on everybody. All together now, strangers et al, give us an...

'A'...

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  • 301 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% +
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      • up 5%



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