bomberbrown Posted March 26, 2023 Share Posted March 26, 2023 This statement seems completely at odds with itself (my bold) Quote To meet the requirements for this property we require as a guideline, a minimum household income of £66,073. If you are offered the property, your ability to afford this property will be assessed at your financial interview. Please note that applicants should purchase the maximum share that they can afford and sustain. If they could afford more, then they would be either buying on the open market or purchasing 100% share. It’s nuts! Quote Link to comment Share on other sites More sharing options...
coypondboy Posted October 11, 2023 Author Share Posted October 11, 2023 (edited) Interesting article on how housing associations are selling off their homes to balckrock and other venture capitalists, if you miss 2 mths rent on the rental element they can repossess your flat very scary for those living in these properties especially in London where most ftb'ers have used the scheme to get on the property ladder. Absolutley tragic just hope incoming labour govt allow commonhold on existing leaseholders when they get into power but will cost the taxpayer billions in compensation to the freeholders so don't hold your breath. https://www.leaseholdknowledge.com/shared-ownership-immensely-complex-nothing-shared-when-it-comes-to-costs-clever-investors-scent-a-revenue-source-to-replace-ground-rents/ Edited October 11, 2023 by coypondboy Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted October 12, 2023 Share Posted October 12, 2023 On 26/03/2023 at 12:11, bomberbrown said: This statement seems completely at odds with itself (my bold) If they could afford more, then they would be either buying on the open market or purchasing 100% share. It’s nuts! +1 Quote Link to comment Share on other sites More sharing options...
Housepricecrash91 Posted October 12, 2023 Share Posted October 12, 2023 11 hours ago, coypondboy said: Interesting article on how housing associations are selling off their homes to balckrock and other venture capitalists, if you miss 2 mths rent on the rental element they can repossess your flat very scary for those living in these properties especially in London where most ftb'ers have used the scheme to get on the property ladder. Absolutley tragic just hope incoming labour govt allow commonhold on existing leaseholders when they get into power but will cost the taxpayer billions in compensation to the freeholders so don't hold your breath. https://www.leaseholdknowledge.com/shared-ownership-immensely-complex-nothing-shared-when-it-comes-to-costs-clever-investors-scent-a-revenue-source-to-replace-ground-rents/ Yep, this is basically modern day slavery.... As if selling 25% of a property wasn't bad enough, they now want to lower this to 10% whilst you still pay for all maintenance, a service charge, lease extensions, ground rent, any defects that need remedial work such as flammable cladding... On top of this, the property is built as cheaply as possible, overvalued, you then have the bank charging you 6% interest rates, and the housing association charging you 'market rate' rent. Everyone gets their pound of flesh.... ensuring that the person who just wants to have a decent standard of living and a roof over their head is forever screwed. Quote Link to comment Share on other sites More sharing options...
MARTINX9 Posted October 12, 2023 Share Posted October 12, 2023 (edited) 58 minutes ago, Housepricecrash91 said: Yep, this is basically modern day slavery.... As if selling 25% of a property wasn't bad enough, they now want to lower this to 10% whilst you still pay for all maintenance, a service charge, lease extensions, ground rent, any defects that need remedial work such as flammable cladding... On top of this, the property is built as cheaply as possible, overvalued, you then have the bank charging you 6% interest rates, and the housing association charging you 'market rate' rent. Everyone gets their pound of flesh.... ensuring that the person who just wants to have a decent standard of living and a roof over their head is forever screwed. Its no wonder housing associations can afford to pay their CEOs and other Executives so much! Way in excess of the pay for the rest of the public sector - which is what they are in effect despite being 'charities' - including local authority CEOs who are heavily focused on and have much wider responsibilities. How can it be right you only own 10% of a property - but have to pay 100% of the costs of building repairs, service charges, nightwatchmen if affected by cladding etc etc while seeing the rental element they pay to the housing association rise annually by RPI plus 0.5%. So this year many saw rises of 13% of the rental part too. Outrageous! https://www.housingtoday.co.uk/news/exclusive-housing-association-ceo-earnings-rise-below-inflation-at-08/5114070.article https://inews.co.uk/news/renting-shared-ownership-properties-rent-rises-2227812 Still being promoted though - 'own' a home in central London for a deposit of only £6,300! https://www.standard.co.uk/homesandproperty/buying-mortgages/firsttime-buyers-central-london-low-deposit-shared-ownership-b1112897.html Edited October 12, 2023 by MARTINX9 Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted October 12, 2023 Share Posted October 12, 2023 Why will no politician stop this? It is not anti free market as we do NOT have a free market in housing. These people are exploiting the lack of free market. Quote Link to comment Share on other sites More sharing options...
JustAnotherProle Posted October 12, 2023 Share Posted October 12, 2023 10 minutes ago, iamnumerate said: Why will no politician stop this? You only have to look at the vested interests and rent farming activities of a large proportion of the political elite class to answer that question. Quote Link to comment Share on other sites More sharing options...
coypondboy Posted October 12, 2023 Author Share Posted October 12, 2023 12 hours ago, Housepricecrash91 said: Yep, this is basically modern day slavery.... As if selling 25% of a property wasn't bad enough, they now want to lower this to 10% whilst you still pay for all maintenance, a service charge, lease extensions, ground rent, any defects that need remedial work such as flammable cladding... On top of this, the property is built as cheaply as possible, overvalued, you then have the bank charging you 6% interest rates, and the housing association charging you 'market rate' rent. Everyone gets their pound of flesh.... ensuring that the person who just wants to have a decent standard of living and a roof over their head is forever screwed. yes and blair encouraged the youngsters to get a degree and they then had to move to London to find work and parents told them they can't go wrong getting on the property ladder but the only way to do this was shared ownership. The ethnic minorities have been hit the hardest as many had no bank of mum and dad and are now debt slaves to Blackrock with many on 35-40 yr mortgages and if they miss any payments due to say unemployment they are fooked. Quote Link to comment Share on other sites More sharing options...
Wampus Cat Posted October 12, 2023 Share Posted October 12, 2023 On 2/1/2023 at 3:43 PM, coypondboy said: Interesting article in the evening standard can't believe the prices these people have paid for a pokey flat. https://www.standard.co.uk/homesandproperty/property-news/shared-ownership-downsides-london-homes-b1056989.html She decided to drop the price to £400,000 in November 2022 and sent over examples of flats sold for this to the housing association. The valuers for Sanctuary Homes disagreed, saying that “the market will pick up”. This is despite her having no viewings since July and one buyer who said her flat was overpriced. Quote Link to comment Share on other sites More sharing options...
Wampus Cat Posted October 12, 2023 Share Posted October 12, 2023 On 3/12/2023 at 2:16 PM, MARTINX9 said: Problem with shared ownership is that you really own nothing but have to pick up all the maintenance costs and service charges. The housing association which may own up to 75% of the flat pays nothing - and if you can't pay the rent on their share or the service charges they can in theory evict you and confiscate your share. Some of the service charges on central London blocks - even for new builds which should need little maintenance - are eye watering. The service charge on this 1 bed shared ownership flat near the Barbican is an eye watering £679 a month!! https://www.sharetobuy.com/properties/235702/ There was a court case in 1995 I think, it established that with shared ownership you don't actually own anything. What you have is a secure tenancy with liability for maintenance, and an option to buy if by some miracle you can afford to buy out the landlord's 'share'. What you are paying the mortgage on is actually a massive deposit for your tenancy. Quote Link to comment Share on other sites More sharing options...
coypondboy Posted October 13, 2023 Author Share Posted October 13, 2023 23 hours ago, Wampus Cat said: She decided to drop the price to £400,000 in November 2022 and sent over examples of flats sold for this to the housing association. The valuers for Sanctuary Homes disagreed, saying that “the market will pick up”. This is despite her having no viewings since July and one buyer who said her flat was overpriced. sadly will be worth 350k and continuing to fall if falls behind in payments can lead to eviction if misses 2 mortgage payments or 2 mths rent or £350 service charge arrears scary stuff if she sadly loses her job Quote Link to comment Share on other sites More sharing options...
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