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- เผยแพร่เมื่อ 30 ก.ย. 2024
- My Shared Ownership UK experience - pros and cons, how I have found living in my shared ownership 1 bed London flat, staircasing etc
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Genuine question - Why is it harder to sell when you own 100%? I would've thought that'd be the best position to be in to sell..
If it works for you and you plan to pay it off eventually in the future, keep it. Dont listen to everyone trying to scaremonger you. Be confident in yourself and as long as you can financially afford it and the locations is ideal for your career, then keep moving forward 👍🏾
Your service charge situation is basically unheard of in terms of it going down. Very lucky
That is extreamly rare... Usually all It does is skyrocket
Shared ownership is a scam
👀👀👀??! What happened
who hurt you bro
Exactly, the freeholder gets the shareholder to pay for all problems within the flat. Then they scam you with high service charges, they get commission from insurance companies to purchase buildings insurance (freeholder goes with who gives them the biggest commision, they don't care about value for money ).
@NMiller80666 You're talking out of your ass. It's no different to council housing i.e social housing providing the less well off and their families a place to live because capitalists like you have made housing unaffordable due to exploiting a human need and monetising it with renting it out to others at high cost. Also fwi with service charges legally they have to be reasonable and you can ask the housing association for proof of expenses so they can't just charge what they want. Rent unlike the private sector is capped to inflation.
Also if shared ownership is a scam then what is renting where unlike shared ownership where the owner can get equity with renting you get literally nothing with no stability with nothing at the end of it where rent isn't capped so landlord can charge whatever they want.
The sad thing is shared ownership is literally the only way majority of the country can own a property due to stagnant wages and prices for everything increasing. Nowadays what isn't a scam? Capitalism in general is based on selling scams to the public
@@anthonyfaucy2761 You would find that with shared ownership, the shorter the lease the property value actually goes down. The value goes down the closer to 80 years on the lease.
If you do staircase to 100%, the value still goes down the closer the lease is too 80 years and you have to pay marriage value to extend your lease as a leaseholder.
So useful to hear this experience Ela! May I ask which housing association you used? I’ve heard a lot of negativity around L&Q and since youve had a great experience so far but I’m a single person thinking about getting on the property ladder, I’m trying to work out if it’s even a possibility and stop paying ridiculous rent prices…thanks!
sure, DM me on insta/tiktok and I can let you know, it's not a famous/big housing association so don't want to share publicly as it'll be very easy to find exactly where I live haha
I'm so glad I saved a bigger deposit and bought a freehold property.
She fell for legal property scam .She will regret it in the future.
I loved my shared ownership place! I don’t have a flat so maybe that’s why my service charge is very low
This vdo is misleading because it fails to mention the mortgage cost on top of the rent, service charge and council tax. Also gas, Electricity and water bills weren’t mentioned. In the interest of transparency these schemes are parasitic money pits. If you can’t afford to buy then simply rent. It’s much cheaper than paying rent + a mortgage.
It isnt really, not anymore....have you seen the rent for 2 beds now 😱😱
@@1Carlyexactly, I rather go for shared ownership then just private renting for the rest of my life. And most of private properties are full of molde and mice🤢🤢🤢.
I've initiql been in a shared ownership but starecased. 17 years on nw. Id advise to starecase to 100%. When it comes to selling its easier, as its open to the wider market. You get all the capital gains. Also you can remortgage and buy pull some equity to get a 2nd property.
When we built our new house in Australia the builder told us that for the first few years you don’t have any problems and that allows you the time to get ahead of your mortgage and create equity in your property. Because at some point you will have to start paying for repairs. Please don’t waste this window to get ahead.
Don't staircase because you will have ground rent to pay. Then as the lease gets closer to 80 years, you have to pay to extend it. Unless the leasehold reform bill changes things for the better.
Wanted to know the initial figures that you provided were they 700+ in total or or 1400 as you share. Does your rent include your mortgage payments?
Out of interest, what was your mortgage? you only mention you rent. Wanted to know how affordable the whole scheme is. thanks
Keep saving as it will probably be easier to sell you 25% share when the times right
Genuine question - why is it easier to sell a 25% share than a 100% owned property?
Avoid shared ownership, its a trap. Worst thing you can do to try getting on the property ladder.
what if you can't afford any other way? Do you propose renting and owning nothing at all?
@@Gr0nal your better renting then going into a shared ownership trap. While renting save what ever you can so when you can buy, your fully avoiding shared ownership.
Why avoid it?
If people can't afford something what happens?
@@jacksmith5064 your better off renting fully, shared ownership is a complete trap, i work within the property industry and personally would never do a shared ownership
😅 no thanks to shared ownership. Work several jobs and do whatever you can to buy on the open market.
Good video -- random question
which area did you manage to buy a non-parking flat with a road nearby that has free parking out of curiosity (that's in london) ?
thanks
Dont buy the flat. Instead, just rent it out or sell it. They will increase it massively its only a matter of time. Buy a house.
This is the best time to sell if you can. New builds dont imcrease massively in the first few years as you have overpaid
Its not possible to rent out a shared ownership property until you fully own it. You can rent out a room but not the whole property.
@@CiCi-Love just don't tell them! _ the property managers and the other owners are thieving bustards anyway!
Very insightful, thank you :)
❤️
I think you need to pay for fix something even when only own 25%
Can you explain Why did the service charge reduce?
My unsolicited advise is.....If you eventually want to sell it then dont bother staircasing past 65% because it needs to remain affordable and attractive to someone trying to get on the ladder. If you sell at 25-say 50 then whats the cost in legal fees & remortgage vs rent in that period? Something to think about.
So much misinformation. If she owns 100% she can sell 100% of the property and keep 100% of the profits as she would be allowed to sell on the open market.
Its no wonder why people struggle with advice like 'don't staircase'. You need to staircase to reduce the rent. It's the entire point of shared ownership scheme
@@anthonyfaucy2761
Ive got a lot of experience in S/O if not done right you can get locked in.
If she can afford to staircase all the way from 25- 100% then she may aswell jump out now and go buy a house.
But to anyone else reading this becareful wiyh staircasing and being locked in with a high shate unable to sell etc. Esp aa the new builds are often overpriced.
@@anthonyfaucy2761 I dont know where my original reply went but I said - As for misinformation, ive worked in S/O and bought - and believe me if you dont do it correctly you CAN get locked in. This lady is an exception because she has the means to jump from 25-100% which really defeats the point in the scheme and she's better off going and buying a house. Note your comment about paying less rent, but remember the rent is set to 'affordable' and with the current interest rate increases, the mortgage will be much more.
@1Carly Theres only two things that are negatives about shared ownership. First is the rent increases with inflation and the second is the property gets revalued at market rate. If those two were sorted it would be perfect.
Amy other excuses like having to pay maintenance is insane. It's your house so obviously you would be expected to pay for your own problems.
I think if they streamlined it a bit more it would be the ideal way to buy a home.
My experience is the annual increases in rent and property value make the idea of staircasing a joke. The housing association does nothing except take money from my bank account, they get properties for well below market value and sell them to people above market value, the process just enriches the housing association and is not about affordable social housing.
Thanks for sharing your experience. Very informative
Well done. My advice sell and buy freehold
thank you! yess think that is probs the best option
Expensive make-up strapless bra thank you for sharing your brilliant content thoughts and wisdumb 😂
For staircasing/selling and buying a house it would depend on the value of the property, if you remortgage for 100% of the property you should say that you dont agree with the valuation and ask for a new valuation for the property before you remortgage for 100%, if its low enough i would stay pay it off and renovate the space before selling on the open market after its paid off. It depends on a bunch of stuff but i would definitely consider getting a new valuation or atleast looking up the whole property values in the building/area
Unrelated but you’re so beautiful
thank you so much!
For real
I’d be concerned you don’t know how to fix cupboard door
You do understand its within the defects liability and she bought it as new?
Something really scare me about how much the rent and service increase 😢
It's better to sell at 25%. More people looking into SO can afford that than say 50%. and a lot of people who can fully afford a flat at 50% and above may rather go for a house instead. plus, it leaves more affordable options for other first time buyers
Hey guys. My girlfriend and I are looking at buying a 70% share in a flat. Do you think its worth the shared ownership or should we look at a smaller/worse property where we can get a mortgage on the entire thing?
Great video! Would love an update from you once you sell etc regarding how you found the process, the pros and cons.
Excellent content and valuable advice; thank you.
Don’t staircase. Get your money and skidaddle
Whys it harder to sell 25% if the house
Your rent is so cheap!
04:25 "Durh durh durh!" 🤣 LOOOL you took me back
Can you explain Why did the service charge reduce?
It won’t remain that way with annual increases, all the housing association does for me is take money out of my bank account.
Buy the house, long term better investment, once that shine off your flat wears off its also a big downer
leaning more towards that for sure!
Oooh so that means u paying 1500 pounds a month
Is the price for service charges per month?
Yes
What she is saying has nothing to do with shared ownership! She's talking Bout thr property itself. Nonsense
You are gorgeous !
Great video ! good to hear some neutral/positive experiences 👌
thank you! 🙏🏾
Great video! i myself moved out of a shared ownership and was in a similar situation. stick to your 25%. It will be easier to sell! Shared ownership attracts to new buyers with little resources/income. That will be the target audience.
Sell, if you keep it and plan to rent it out you need to consider higher mortgages costs, maintenence, taxes (significant at your salary sonaround 40%) and not to mention the hassle.
If you decide to sell, it would be good if you are willing to do a full breakdown on the performance of the flat vs renting a similar property.
ahh true, I need to look into it more but was thinking of setting it up as ltd company and renting it out that way (if I don't sell), so I only pay corp tax instead. Yess will defo do a video on that if I decide to sell in the future
Great video. I’m in the exact same position as you. Currently own 25% of my flat and been here just over 3.5yrs.
I’m now thinking of buying a freehold house but the thing that worries me is all of the hidden exit fees and the potential of the property price going down too - since I own the 25% with no mortgage.
Also have considered staircasing to full ownership but not sure it’s worth it.