Thank you for this. I was considering shared ownership but I've heard so many horror stories. Just another example of people on lower incomes being taken advantage of, yet again.
Banks created this financial product looking at each angle which only benefits banks. They have kept the share as leasehold so that IT doesn't go up in value.
This video should be more widely shared.. I'm was at the stage where I was considering shared ownership... Think I'll stick with renting and keep saving until I leave London!
Every video I've watched on SO that ends badly for the tenants it's always london and always an apartment or flat I wonder if buying a house up north on the scheme would be better
Can't decide what to do and who to listen! 10% of the privileged sharks tearing apart the whole society, and the whole system is circles around them. Oh my working class of Britain!@@
i think its a great way to get on the property ladder! I don't want to be priced out of the area that I've grown up in. I think people need to factor in other costs as well when taking out a mortgage. Also now SO properties have 129 year leases on the properties.
But you're not on the property ladder at all because you don't actually own a share of the home just an assured tenancy. The housing association can evict you if you fall behind on your payments and they don't have to pay you a penny of what you paid them for your "share". Plus as they increase their fees and service charges what was once affordable can quickly become unaffordable and buying extra shares is like climbing a mountain that grows bigger with every step - every year the price of the house gets higher so buying smaller extra shares can end up costing you more than you paid for your initial share. It's a con!
3:29 basically with Labour gov now protecting tenants its better to rent fully rather then do shared ownership. When you rent and fail, landlord will suffer and pay your bills, struggle for eviction. When you do shared ownership and fail to pay for 2 months, they take it away from you and you loose all
The woman at 4:06 must be talking about her mortgage. Housing associations can't put the rent up by huge amounts as they become unaffordable, most only increase by less than 1% per year. If what she was paying for the mortgage went through the roof during the financial crash, she should've opted for a fixed rate mortgage or, if she was at the end of her fixed rate period should've switched rather than be on a variable. Also sounds like she didn't read the paperwork properly or used a very poor conveyancing solicitor to cut costs. I note that she was the only one in the block that seemed to have an issue as no one else was complaining, so it sounds like an isolated case.
Remember she only owned a percentage and had no control over the balance that she didn't own and rented. She therefore had to pay whatever they asked her to pay in rent for the portion that she did not own.
I wish. My Housing Association is putting up their rent and Service charge by a ridiculous amount. No issue with the mortgage it's the rent and Service charges!!
It's RPI+0.5% so next April 13.1% hike in rents. NOT less than 1%. And it has nothing to do with the affordability as HA explain: they need this money to build more homes so basically it's not rent but tax to finance other people houses.
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Thank you for this. I was considering shared ownership but I've heard so many horror stories. Just another example of people on lower incomes being taken advantage of, yet again.
Shared ownership should be a share of the freehold not leasehold.
Should be commonhold
Banks created this financial product looking at each angle which only benefits banks. They have kept the share as leasehold so that IT doesn't go up in value.
This video should be more widely shared.. I'm was at the stage where I was considering shared ownership... Think I'll stick with renting and keep saving until I leave London!
I also read somewhere that you can't sublet your property so if you can't afford the costs you can't get a renter.
Every video I've watched on SO that ends badly for the tenants it's always london and always an apartment or flat I wonder if buying a house up north on the scheme would be better
Can't decide what to do and who to listen! 10% of the privileged sharks tearing apart the whole society, and the whole system is circles around them. Oh my working class of Britain!@@
I remember looking into this some years ago and seeing it for what it is.
Hence the word Scheme...
i think its a great way to get on the property ladder! I don't want to be priced out of the area that I've grown up in. I think people need to factor in other costs as well when taking out a mortgage. Also now SO properties have 129 year leases on the properties.
Well said.
But you're not on the property ladder at all because you don't actually own a share of the home just an assured tenancy. The housing association can evict you if you fall behind on your payments and they don't have to pay you a penny of what you paid them for your "share". Plus as they increase their fees and service charges what was once affordable can quickly become unaffordable and buying extra shares is like climbing a mountain that grows bigger with every step - every year the price of the house gets higher so buying smaller extra shares can end up costing you more than you paid for your initial share. It's a con!
3:29 basically with Labour gov now protecting tenants its better to rent fully rather then do shared ownership.
When you rent and fail, landlord will suffer and pay your bills, struggle for eviction.
When you do shared ownership and fail to pay for 2 months, they take it away from you and you loose all
Used to be good but now the valuations are way to high
Thank you
Woooow the government giving with one hand and taking with the other
Its like offering someone a tub of Quality Street and then taking half the sweets away!
All the money for a fancy piece of prefabricated box
The woman at 4:06 must be talking about her mortgage. Housing associations can't put the rent up by huge amounts as they become unaffordable, most only increase by less than 1% per year. If what she was paying for the mortgage went through the roof during the financial crash, she should've opted for a fixed rate mortgage or, if she was at the end of her fixed rate period should've switched rather than be on a variable. Also sounds like she didn't read the paperwork properly or used a very poor conveyancing solicitor to cut costs. I note that she was the only one in the block that seemed to have an issue as no one else was complaining, so it sounds like an isolated case.
Remember she only owned a percentage and had no control over the balance that she didn't own and rented. She therefore had to pay whatever they asked her to pay in rent for the portion that she did not own.
@@SanTa-wk4ld but the increase is 1%
I wish. My Housing Association is putting up their rent and Service charge by a ridiculous amount. No issue with the mortgage it's the rent and Service charges!!
@@sethkazzim731 It is rent and Service charges that make it too expensive, It's not the mortgage.
It's RPI+0.5% so next April 13.1% hike in rents. NOT less than 1%. And it has nothing to do with the affordability as HA explain: they need this money to build more homes so basically it's not rent but tax to finance other people houses.
Enough info for me!
What a rip off!
Con
Too right it's a con!
Nothing hill genesis are an awful company.
Lazy staff in my experience
They are terrible, I just came out my shared ownership, never again
@@roseowusu8876 Good for you for getting out. Bloody awful staff.