So we bought our property with Help to Buy last summer and were able to negotiate on the price (3% lower). But the way we did it was we turned the tables on them. We went for a property that was above the Help to Buy max price and we said "Oh unless you lower the price we can't afford it". And so they did!
@@SelfInvested Sort of. The property hadn't been finished yet but only the final touches were remaining so we were actually able to go inside and have a look. The property hadn't been marketed on rightmove, etc. when we saw it. So basically we saw it before anyone else. There was no open day. From what Joella described that doesn't sound fun!
Has it been 8 months?! Time flys. Congratulations on your new born. Great video. It’s refreshing to hear from a positive (or at least balanced) help to buy buyer.
Thank you 🙏🏿 It does indeed! We need to get you on to talk about your experience of paying back the Help to Buy loan. I know it will be really helpful to many!!
One very important point on the price differentials between help to buy or non help to buy. All new build flats come at a huge premium. The flats are built smaller. So with the premium and squeezing more dwellings into a space, the developer will always get a financial benefit.
Yes, I agree. It’s a new build premium which isn’t unique to the Help to Buy scheme. However, I think that there is clear evidence to suggest that the scheme has help push up the price of new builds by making more money available to buyers
@@SelfInvested I think the key to buying new builds is buying in the right location. I’ve watched new builds go up in price over the past 6-8 years, this is also due to the fact that there’s a lack of properties in the uk 🇬🇧 generally. Bought my first property in 2005…old build flat, and I’ve since moved on to a house. I’ve never ought new builds…..but I’d invest in one ☝️ if we ever go into a recession & developers reduce the price of their existing stock. Old builds are better
We bought a new build flat which we offered on in 2019 on the help to buy scheme. We managed to negotiate down on the new build. This was from £465.000 to £441.000. so it is possible.
@@SelfInvested We bought when it was built. These were independent local builders outside of the usual retail builders such as persimmons, Taylor wimpy etc. We had previously been looking for 2 years but found negotiating with the typical new home companies quite difficult to negotiate on price as they really tried to sell the property to. Whereas when we dealt with independent or less well known developers they were more willing to negotiate on price. Two years since we completed we are really happy with the purchase. I would advise anyone to haggle and to be open minded about trying less well known developers but also buying from builder as they tend to be less focused on sales.
Wow this is shocking! I thank God I have always been against Leasehold properties, the thought of somebody else owing the land that my property would sit has never made sense to me! It’s one of the biggest scams in Homeownership.
@@SelfInvested Yes sounds absolutely terrible, I’ve always said unless there is no other choice but to be on the street a LH would be a no. Also the way the service charges are managed isn’t great, things can change in moment and you are at the mercy of the Freeholder.
Really happy you are back, and congrats on your newborn and addition to your family. Keep up the great work and make time for you and input selfcare too x
Even on the negotiation front - there is absolutely NO room to negotiate price. The mention of that gets you ignored by sales staff. There's so much rush perception created that they in effect don't need a negotiation. If you don't pay their price someone else is waiting in line to.
Think it all depends on the type of development. Huge developers will not negotiate but May offer you stamp duty. There was a smaller developer who was willing to come down on price but I decided it wasn’t for me.
Hello Friend, It has been a long time indeed since your last video and I sincerely wish everything is going well with the No.2 arrival and Congrats too! Looking forward to watching more videos and your predictions on potential interest rate hikes so on.
Great to have you back, congratulations on your baby daughter!! This channel has a lot of important conversations for me to listen to as a young professional needing to use these schemes to afford to move out of home in London. I know hindsight is 20/20 but just wondering if Joella could have repaid her 20% Help to Buy Loan at the 'new market value' during this cladding crisis? The £ value would have fallen making the Govt part cheaper to repay? When this debacle would be over and the property value goes back to normal, the total owed would be less. Or was this something being refused as these properties were essentially worthless? Or was the property being given unfairly high valuations ? If anyone could shed some light, it would be much appreciated. With these govt schemes, shared ownership, help to buy, they all seem like massive debt traps and with the current turmoil does seem to be a risky time to get a first property... #dominos #helptobuoy
Hey Zac! Thank you! I actually suggested this to Joella back in August when I saw an article about this on the Inside Housing website but she said she wasn’t able to after looking into it. Not sure why exactly… I’ll ask again, though. It might be because you would have to use cash (as opposed to a mortgage/loan) as lenders will not give a mortgage on such a property :/ Here’s a link to the article if you’re interested: www.insidehousing.co.uk/news/help-to-buy-leaseholders-can-now-sell-homes-at-cladding-affected-value-says-homes-england-72058?Ocean%20Media%20Group&IH-DAILY-10-8-2021-GR&dm_i=1HH2,7HO3Y,BP6X8Z,UGI85,1
Thanks for sending that article. My friend said he paid into his mortgage, then remortgaged the part he already paid back, to pay off the govt Help to buy before selling his property. Joella probably could not take the money she paid into her mortgage back out...
I think the problem for her is banks are not offering mortgages (or remortgages) for properties such as hers without an EWS certificate because of the cladding/building safety crisis
@@rainbowheels Thanks for coming back to me! You're the second person to say that they bought their flat after it was built and negotiated money off. It would be good to hear of people doing this off-plan as well
Wow its been a minute but Im back too. Firstly congratulation on your new baby and thank you so much for this useful video. This was perfect for me literally this is the scenerio im going for, the area and alsoit really helped bring the fire safety issue to my attention which i didnt think of and now has me questioning the scheme as I definetely want to sale after a certain period of time using the scheme. I do however have one question which im unsure of ...did she say she still has to pay service charge and ground rent? because I thought that was only in respect to shared ownership?? and if you have to pay service charge with help to buy is this something you do from the beginning of your mortgage or 5 years in?
Hey Channette 👋🏿 Thank you! Ground rent and service charge are not unique to Shared Ownership or Help to Buy. They are typical of leasehold properties, which usually take the form of flats. Having said that, ground rent will soon (within the next 3 months) be abolished. So, if you're buying a new build with Help to Buy, this isn't something you should have to worry about - but do check! Service charge is usually paid where there are shared facilities or areas between properties that require maintenance, such as roofs, lifts and outdoor spaces. If there's a service charge with the property you buy with Help to Buy, you pay that from the beginning...
You’re welcome, Dee, and thank you! You can find them in the usually places, Zoopla, Rightmove, etc. They usually advertise the fact you can get a Help to Buy loan. Also, you can check the developers’ websites. If I find a specific site, I’ll let you know ;)
I know! It’s been so long!! I’ve been fine, though. Just adjusting to life with two little ones. It took more adjustment than I thought it would! Hope you’re well?
Hey congratulations on your 2nd. Your twice the dad now. But yeah it will take time but you will find a way. Good to see your back. You've been missed.
Hey Rayhan! So, it's only the First Homes pilot scheme which has been launched so far and London wasn't included in it. It's not likely we'll see First Homes in London until 2023, at the earliest, but I cover this in more detail and explain why in this video: th-cam.com/video/Rsp8vvFq81g/w-d-xo.html
@@SelfInvested might sound silly but whether one could expect more on new build apparements than slightly older ones and roughly how much they tend to be and can go up by year on year. I've heard some horror stories of how they can just go up by some crazy amounts.
@@SelfInvested I hope all Fire Safety aspects get to a resolution ASAP at your end! Thank you very much for your content as well as for your prompt & helpful support! Have a great day! ❤️
Hey Rayhan! After 5 years, you start paying interest on the loan. The payments you make are not repayments. Repayments have a specific process which I cover in this video: th-cam.com/video/Qz-q8KdrZHg/w-d-xo.html My next video will probably be on how the interest for the loan works…
You will pay 20% of the house value after the 5 years. You can pay this in a chunk or re mortgage and have it integrated into your new mortgage. If you move out sooner than 5 years you pay it off in a chunk.
@@rebeccapeace So you either pay the whole loan amount after the five years? Or you remortgage which essentially means the new mortgage you pay includes the h2b loan repayment?
Slavery. It shows how illusory property "ownership" is... You as "borrower" really just sign a promise to transfer your effort and time over to a bank which in turn takes ownership over that promise and the asset without actually lending anything.. You the borrower deposit a promise to the same value as asset and pay interest for the privilege of effectively borrowing from yourself and risking handing over said asset should you ever fail to make repayments.
So we bought our property with Help to Buy last summer and were able to negotiate on the price (3% lower). But the way we did it was we turned the tables on them. We went for a property that was above the Help to Buy max price and we said "Oh unless you lower the price we can't afford it". And so they did!
Clever move! Did you buy off-plan as well? Did you have a similar experience with the open day?
@@SelfInvested Sort of. The property hadn't been finished yet but only the final touches were remaining so we were actually able to go inside and have a look. The property hadn't been marketed on rightmove, etc. when we saw it. So basically we saw it before anyone else.
There was no open day. From what Joella described that doesn't sound fun!
@@cookiejar01 Thanks for coming back to me!
I'm in this position at the moment! Going to view a plot they have reserved for free until we look at the property on Saturday.
@@rebeccapeace Good luck with it all! Don’t feel pressured to do anything!
Has it been 8 months?! Time flys. Congratulations on your new born. Great video. It’s refreshing to hear from a positive (or at least balanced) help to buy buyer.
Thank you 🙏🏿 It does indeed! We need to get you on to talk about your experience of paying back the Help to Buy loan. I know it will be really helpful to many!!
Glad you're back! Another great video from a real buyer's personal experience.
Thank you! Glad to be back 😁 Sorry it’s been so long!
One very important point on the price differentials between help to buy or non help to buy. All new build flats come at a huge premium. The flats are built smaller. So with the premium and squeezing more dwellings into a space, the developer will always get a financial benefit.
Yes, I agree. It’s a new build premium which isn’t unique to the Help to Buy scheme. However, I think that there is clear evidence to suggest that the scheme has help push up the price of new builds by making more money available to buyers
@@SelfInvested I think the key to buying new builds is buying in the right location. I’ve watched new builds go up in price over the past 6-8 years, this is also due to the fact that there’s a lack of properties in the uk 🇬🇧 generally. Bought my first property in 2005…old build flat, and I’ve since moved on to a house. I’ve never ought new builds…..but I’d invest in one ☝️ if we ever go into a recession & developers reduce the price of their existing stock. Old builds are better
We bought a new build flat which we offered on in 2019 on the help to buy scheme. We managed to negotiate down on the new build. This was from £465.000 to £441.000. so it is possible.
Thanks for sharing! Did you buy off plan or when it was built?
@@SelfInvested We bought when it was built. These were independent local builders outside of the usual retail builders such as persimmons, Taylor wimpy etc. We had previously been looking for 2 years but found negotiating with the typical new home companies quite difficult to negotiate on price as they really tried to sell the property to. Whereas when we dealt with independent or less well known developers they were more willing to negotiate on price. Two years since we completed we are really happy with the purchase. I would advise anyone to haggle and to be open minded about trying less well known developers but also buying from builder as they tend to be less focused on sales.
@@1zuta Useful tips! Makes sense as well. I can imagine the bigger developers are more commercial and harder to budge
Would be interesting to see the thoughts of owners after the 5 years, in terms of the interest of the equity loan and paying it off.
I’m working on it! Hopefully, should have someone but think they need a bit of convincing!
@@SelfInvested welcome back btw! Congratulations on the addition to the family 🎉
@@damzon2wheels657 Thanks bro! And thanks for coming back to watch 🙏🏿
Wow this is shocking! I thank God I have always been against Leasehold properties, the thought of somebody else owing the land that my property would sit has never made sense to me! It’s one of the biggest scams in Homeownership.
I know! Technically, the freeholder owns the building as well, the leasehold just has the right to live in it for a specified number of years…
@@SelfInvested Yes sounds absolutely terrible, I’ve always said unless there is no other choice but to be on the street a LH would be a no. Also the way the service charges are managed isn’t great, things can change in moment and you are at the mercy of the Freeholder.
The 30 minutes flew, great/calm and honest vibes from the both of you - thanks so much, was very helpful
Glad to hear it! You’re welcome 😉Thank you for leaving a comment, it’s very much appreciated 🙏🏿
I appreciate the honesty and directness of this interview
Hope you found it useful... Thanks for watching!
Really happy you are back, and congrats on your newborn and addition to your family. Keep up the great work and make time for you and input selfcare too x
Thank you, Deborah 😊🙏🏿
Thanks for your video - great work as usual and real experiences show the truth about these schemes
My pleasure, Deepa :) I hope you’re well!
Welcome back! looking forward to more videos this year :)
Thank you! I plan to make many more ;)
Even on the negotiation front - there is absolutely NO room to negotiate price. The mention of that gets you ignored by sales staff. There's so much rush perception created that they in effect don't need a negotiation. If you don't pay their price someone else is waiting in line to.
It sounds like a very deliberate tactic. Hopefully, Joella’s experience will help more people become wise to it!
Think it all depends on the type of development. Huge developers will not negotiate but May offer you stamp duty. There was a smaller developer who was willing to come down on price but I decided it wasn’t for me.
Hello Friend, It has been a long time indeed since your last video and I sincerely wish everything is going well with the No.2 arrival and Congrats too! Looking forward to watching more videos and your predictions on potential interest rate hikes so on.
Thank you! And, yes, all is going well with no. 2. She’s very chunky. I hope I can be back more regularly now!
Thank you both, this is very useful!
Glad to hear it! You’re welcome ;)
Awww congratulations, welcome back
😊😊Thank you!
Great to have you back, congratulations on your baby daughter!!
This channel has a lot of important conversations for me to listen to as a young professional needing to use these schemes to afford to move out of home in London.
I know hindsight is 20/20 but just wondering if Joella could have repaid her 20% Help to Buy Loan at the 'new market value' during this cladding crisis? The £ value would have fallen making the Govt part cheaper to repay? When this debacle would be over and the property value goes back to normal, the total owed would be less.
Or was this something being refused as these properties were essentially worthless? Or was the property being given unfairly high valuations ?
If anyone could shed some light, it would be much appreciated.
With these govt schemes, shared ownership, help to buy, they all seem like massive debt traps and with the current turmoil does seem to be a risky time to get a first property... #dominos #helptobuoy
Hey Zac! Thank you! I actually suggested this to Joella back in August when I saw an article about this on the Inside Housing website but she said she wasn’t able to after looking into it. Not sure why exactly… I’ll ask again, though. It might be because you would have to use cash (as opposed to a mortgage/loan) as lenders will not give a mortgage on such a property :/
Here’s a link to the article if you’re interested: www.insidehousing.co.uk/news/help-to-buy-leaseholders-can-now-sell-homes-at-cladding-affected-value-says-homes-england-72058?Ocean%20Media%20Group&IH-DAILY-10-8-2021-GR&dm_i=1HH2,7HO3Y,BP6X8Z,UGI85,1
Thanks for sending that article.
My friend said he paid into his mortgage, then remortgaged the part he already paid back, to pay off the govt Help to buy before selling his property. Joella probably could not take the money she paid into her mortgage back out...
I think the problem for her is banks are not offering mortgages (or remortgages) for properties such as hers without an EWS certificate because of the cladding/building safety crisis
Glad you're back!
Me too! Thanks for the message :)
Very informative. Thank you very much and God bless.
You’re welcome :) I’m glad you found it useful!
I negotiated 5k off my new build flat that was help to buy. It's a misconception that you can't negotiate.
Thanks for sharing! Did you buy off-plan or after it was built?
@@SelfInvested After it was built :)
@@rainbowheels Thanks for coming back to me! You're the second person to say that they bought their flat after it was built and negotiated money off. It would be good to hear of people doing this off-plan as well
Wow its been a minute but Im back too. Firstly congratulation on your new baby and thank you so much for this useful video. This was perfect for me literally this is the scenerio im going for, the area and alsoit really helped bring the fire safety issue to my attention which i didnt think of and now has me questioning the scheme as I definetely want to sale after a certain period of time using the scheme. I do however have one question which im unsure of ...did she say she still has to pay service charge and ground rent? because I thought that was only in respect to shared ownership?? and if you have to pay service charge with help to buy is this something you do from the beginning of your mortgage or 5 years in?
Hey Channette 👋🏿 Thank you! Ground rent and service charge are not unique to Shared Ownership or Help to Buy. They are typical of leasehold properties, which usually take the form of flats. Having said that, ground rent will soon (within the next 3 months) be abolished. So, if you're buying a new build with Help to Buy, this isn't something you should have to worry about - but do check! Service charge is usually paid where there are shared facilities or areas between properties that require maintenance, such as roofs, lifts and outdoor spaces. If there's a service charge with the property you buy with Help to Buy, you pay that from the beginning...
@@SelfInvested Thanks for responding this has helped me a lot keep the videos coming
@@ChannetteCarleoTV You’re welcome! Hopefully one’s coming soon 🤞🏿
Thanks for the video and congratulations on the growing family. Where is the best place to look for a help to buy property
You’re welcome, Dee, and thank you! You can find them in the usually places, Zoopla, Rightmove, etc. They usually advertise the fact you can get a Help to Buy loan. Also, you can check the developers’ websites. If I find a specific site, I’ll let you know ;)
How would cladding crisis affect new builds since Grenfell? It can be authenticated by buildes from the start there is no fire risk cladding, right?
Have a watch of this video. I explain it all… th-cam.com/video/nPtYqgTgsmU/w-d-xo.html
Welcome back!
Thank you! :)
He's back!! How you been!?
I know! It’s been so long!! I’ve been fine, though. Just adjusting to life with two little ones. It took more adjustment than I thought it would! Hope you’re well?
Hey congratulations on your 2nd. Your twice the dad now. But yeah it will take time but you will find a way.
Good to see your back. You've been missed.
@@SelfInvested it's different isn't it! Glad you're doing well my friend! Look forward to seeing you back!
@@1zuta Thanks, Mark! I appreciate the love :) It’s good to be back. I hope you enjoy the video!
Great video, very informative!!
Thank you! Glad it was helpful :)
When will developments on the First Home scheme be available in London?
Is the scheme still in the early stages?
Hey Rayhan! So, it's only the First Homes pilot scheme which has been launched so far and London wasn't included in it. It's not likely we'll see First Homes in London until 2023, at the earliest, but I cover this in more detail and explain why in this video: th-cam.com/video/Rsp8vvFq81g/w-d-xo.html
Really enjoyed this! Please if you can do a vedio on service charges.
Thanks for watching! I’m happy to hear that :) What specifically would you like to know about service charges?
@@SelfInvested might sound silly but whether one could expect more on new build apparements than slightly older ones and roughly how much they tend to be and can go up by year on year. I've heard some horror stories of how they can just go up by some crazy amounts.
@@QuarterTime25 I think I may have covered this in one of my videos:
th-cam.com/video/okjtPNQHdG0/w-d-xo.html
Have a watch and let me know if it does…
Hi! Thank you for your video! I have a question.. Can one sell without having the HTB cleared? I thought that wasn't an option.
Hi Laura! Thanks for watching :) Yes, you’re right. When you sell, you have to repay the loan. Did we say otherwise in the video?
@@SelfInvested thank you for clarifying this aspect as I haven't fully understood it! Much appreciated.
You’re welcome!
@@SelfInvested I hope all Fire Safety aspects get to a resolution ASAP at your end! Thank you very much for your content as well as for your prompt & helpful support! Have a great day! ❤️
@@88lauradiana You too! ;)
Nice video bro, very informative
Thanks, bro! Glad you liked it
awwww congrats that's my sis name whoop whoop
whoop, whoop! Thank you! :)
How do the repayments work after the five years on H2B?
Hey Rayhan! After 5 years, you start paying interest on the loan. The payments you make are not repayments. Repayments have a specific process which I cover in this video: th-cam.com/video/Qz-q8KdrZHg/w-d-xo.html
My next video will probably be on how the interest for the loan works…
You will pay 20% of the house value after the 5 years. You can pay this in a chunk or re mortgage and have it integrated into your new mortgage. If you move out sooner than 5 years you pay it off in a chunk.
@@rebeccapeace So you either pay the whole loan amount after the five years?
Or you remortgage which essentially means the new mortgage you pay includes the h2b loan repayment?
@@rayhan15243 Yes exactly that :)
@@rebeccapeace thanks for that👌🏽
Slavery. It shows how illusory property "ownership" is... You as "borrower" really just sign a promise to transfer your effort and time over to a bank which in turn takes ownership over that promise and the asset without actually lending anything.. You the borrower deposit a promise to the same value as asset and pay interest for the privilege of effectively borrowing from yourself and risking handing over said asset should you ever fail to make repayments.
All the more reason to find a property that’s worth putting your effort and time into
Good to see you and have you back!
Thanks, brother!