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4 hours ago, Sausage said:

How do you sell a shared ownership flat? Can it be bought by someone with a normal mortgage? (If the landlord agrees)

When i looked into this about 10 years ago, the Housing Association (or who ever the landlord is) values the house at the owners expense and has first dibs to offer it to people on their waiting list at the price they value it at. If no one wants it within a timeframe (i seem to recall 6 weeks) then the seller is allowed to offer it on the open market with an agent at what ever price they want. 

I don't know how the mortgage works for Shared Ownership resales. I assume it's just the same as a regular mortgage but perhaps there are fewer providers so less choice. The Housing Association i spoke to insisted all interested parties go through their chosen broker to arrange a mortgage. 

There's a setting in Rightmove where you can screen out 'shared ownership' and other 'buying schemes'. I assume that applies to resales too. This setting is permanently switched on for me so I never see them :) . 

Edited by sammersmith
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11 minutes ago, erat_forte said:

Very interesting to read that analysis that there is no actual ownership involved. Mis-selling / description of goods?

I believe the legal interpretation is actually very simple: If you pay rent to a landlord then you are a tenant. 

SO is secure renting with option to buy and without the annoyances of traditional renting (such as inspections, S21s, no pets or decoration, agent fishing for fees) but with maintenance responsibilities and hefty deposit. 

SO wouldn’t be needed if house prices were reasonable or renting wasn’t so landlord-favouring. 

 

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33 minutes ago, sammersmith said:

I believe the legal interpretation is actually very simple: If you pay rent to a landlord then you are a tenant. 

SO is secure renting with option to buy and without the annoyances of traditional renting (such as inspections, S21s, no pets or decoration, agent fishing for fees) but with maintenance responsibilities and hefty deposit. 

SO wouldn’t be needed if house prices were reasonable or renting wasn’t so landlord-favouring. 

 

Yes but the impression given is that you own a "share" in the asset i.e. ownership of the asset is divided into two shares, you own 20% and the Housing Association owns 80%

 

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popped on at lunch today. a lot of "Why is my property not selling" threads

 

a lot of the usual, "tidy up, new shower curtains etc" however a lot of "its the price"

Quote
WishMeLuck2020 Fri 11-Sep-20 16:30:27
 

There are several properties on the street up for sale, all at similar prices. None are selling. That’s why I was asking if there is anything we could do to make it sellable. If I reduce it any further, it will be up for less than we paid for it 20 years ago, and that’s what is so disheartening.

wow

 

is she for real!?

https://www.mumsnet.com/Talk/property/4020670-Property-not-selling-feeling-discouraged

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1 minute ago, longgone said:

 "If I reduce it any further, it will be up for less than we paid for it 20 years ago"

😂😂

is that even possible ? must of bought a right chithole. 

suck it up WishMeLuck2020 🤣

bad area. boarded up houses.. by the sounds of it they took some equity out to extend, that's my assumption 

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1 hour ago, hurlerontheditch said:

bad area. boarded up houses.. by the sounds of it they took some equity out to extend, that's my assumption 

The sounds very like she tried to extend her way to happiness. Having the best house on the street is not really worth it if the street and area are horrible. 

...and she's still at it. Now there's an option to add a 'sun room' (what ever that is?) as a way to shift her house if she fails to find someone from outside the area.   

Edited by sammersmith
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1 hour ago, longgone said:

 "If I reduce it any further, it will be up for less than we paid for it 20 years ago"

😂😂

is that even possible ? must of bought a right chithole. 

suck it up WishMeLuck2020 🤣

Yes, in nominal as well as real terms.

 

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3 minutes ago, spyguy said:

Yes, in nominal as well as real terms.

 

you would have been really unlucky to have bought a place like that inflationary nominal or real either way. 

even i sold a new build bought in 2003 for 12.5% more than i paid for it after 3 years. 

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36 minutes ago, longgone said:

you would have been really unlucky to have bought a place like that inflationary nominal or real either way. 

even i sold a new build bought in 2003 for 12.5% more than i paid for it after 3 years. 

Most of the IO BTL stuff bought by BTles in the North are like that.

Places old to 'canny investors' in 2006ish are going for 30k less than they paid for.

 

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On 11/09/2020 at 16:45, Switch625 said:

The glib answer is with difficulty, the long answer is covered here

https://www.totallymoney.com/mortgages/shared-ownership/

I bet the same people who say "renting is dead money" would advise young people to go for this [CENSORED], in which you have the privilege of paying a mortgage AND rent at the same time, then at the end, you just get a leasehold.

I absolutely despise some people and we should bring back hanging.

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Hi, we have been trying to sell our property for just coming up to one year now, with no offers and barely any viewings. The house is definitely not overpriced

Yes it is. 

She says the good thing about the house (for "DH") is the short commute. But the area is shit.

That's not what people want ATM. They want a nice house in a nice area with a garden. The commute is less of an issue than last year because they WFH more.

Also, properties that fit the current wish list are going up in price, whilst those that don't are (in the main) just not selling, so they don't end up in the stats. IMHO, average values are actually falling across the board, but because prices are sticky on the downside, we only hear about the ones that have sold. They end up in the stats. The rest end up on Mumsnet.

Edited by Timm
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From another poster on the thread "We’ve reduced ours already by 25k, and even that didn’t prompt more viewings."

Maybe, just maybe, it's still grossly overpriced? I wonder how much unearned gains they've made too, more than 25k I bet. Sweet sweet bear food, nom nom.

 

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3 hours ago, Huggy said:

From another poster on the thread "We’ve reduced ours already by 25k, and even that didn’t prompt more viewings."

Maybe, just maybe, it's still grossly overpriced? I wonder how much unearned gains they've made too, more than 25k I bet. Sweet sweet bear food, nom nom.

 

Just waiting for the smug 'Oh you didn't sell?  We managed to sell ours for only 10% below asking..."..the watch the panic set in

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3 hours ago, Huggy said:

From another poster on the thread "We’ve reduced ours already by 25k, and even that didn’t prompt more viewings."

Maybe, just maybe, it's still grossly overpriced? I wonder how much unearned gains they've made too, more than 25k I bet. Sweet sweet bear food, nom nom.

 

CLANG!! the penny drops.

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From the thread...

'We've not long had ours up, and despite being what I consider underpriced, we've hardly had any viewings, and no offers. I think we will be reluctant landlords.' 

Complete the following: 'Out of the frying pan and into the ....'

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  • 429 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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