My Shared Ownership experience: Deepa talks about the building safety and cladding crisis (Part 2)
ฝัง
- เผยแพร่เมื่อ 12 ส.ค. 2024
- Deepa Mistry-Longley, who was featured in the BBC Panorama episode 'The Home I Can't Afford', talks to me about how her family have ended up trapped in their home because of the cladding and building safety crisis. The Shared Ownership scheme comes under the Governments 'Help to Buy' banner, which includes a number of initiatives that aim to help people buy a home. It is considered an affordable housing product, but many find it unaffordable in the long-term.
Part 1 of Deepa chat - • My Shared Ownership ex...
Support efforts to end the building crisis - endourcladdingscandal.org/cal...
End Our Cladding Scandal - / eocs_official
UK Cladding Action Group - / ukcag
PEABODY RESIDENT PAGES
Facebook - / 407243640291468
Twitter - / claddingpeabody
Email - PeabodyCladdingResidents@gmail.com
OTHER LINKS MENTIONED
Why most will never staircase to 100% ownership - • Why most shared owners...
Building Safety Crisis and Cladding Scandal explained - • Building safety and cl...
OTHER PLAYLISTS
My Shared Ownership Experience (series) - • My Shared Ownership ex...
Shared Ownership - • Shared Ownership: help...
Help to Buy Equity Loan - • Help to Buy Equity Loa...
CHAPTERS
Intro 00:00
Trapped in Shared Ownership 00:24
The problem with the EWS1 survey 02:24
The cost of remedial works 06:24
The McPartland-Smith amendment 09:39
The Victoria State response 12:58
The impact on the housing market 14:03
How to support the EOCS campaign 15:50
ABOUT ME
I'm Lemuel. I'm not a financial advisor. I'm not an expert. I'm just a regular guy that enjoys talking about how we can do better with money.
If you want to learn more about how you can do better with money, then subscribe to the channel and hit the notification bell so you get an alert whenever I upload a video.
DISCLAIMER
This video is not meant to address the specific circumstances of any particular individual. It is created for educational purposes only. You should not rely upon it as legal, financial or professional advice, or a substitute for it. I do not accept any liability whatsoever for errors, omissions or misstatements contained therein. You should consult a suitably qualified professional if you require specific advice or information.
Message from Deepa
Thank you Lemuel and Maya 🙏 for a chance to answer the hundreds of questions that came my way after Panorama. So much was left unsaid so I'm glad we got to cover it here.
The problems are wide ranging from EWS, mortgages, service charges, insurance, warranties, Leasehold law.
If I'd had this information 11 years ago I'd be much better informed and would not decide to opt for any govt backed schemes or leasehold.
It works for some, but from the people who approach me everyday, i see it's not working for the majority.
Please feel free to reach out with any questions, Twitter and email are in the description.
Maya is a total sweetheart and shared all her snacks with me virtually 😘
Here’s a link to a Zoom Q&A hosted by Building Safety Register co-founder, Matt Hodges-Long to discuss EWS1 - "What's good, what's bad, what's next?'
th-cam.com/video/wYHxeI0quBY/w-d-xo.html
Thanks Lemuel.
Any questions please reach out anytime. 😊🙏
I feel for Deepa and her family. Trapped with rising costs just to make sure she cant move. Someone needs to investigate this!!
Thank you for leaving a comment! Please visit endourcladdingscandal.org/call-to-action/ to see how you can help efforts to end this crisis
I wholeheartedly agree with you. It's a mess. There's a simple solution, govt pays to fix it and recoups the money from the guilty. Simple no brainer... Australia did it. Why can't we.
@@deepamistry-longley6664 this is Post Brexit and Anything goes. Unfortunately.
Is there a gofund me ??
Winston. Thats a good way of putting it. If someone buying sees a service charge of £400 per month, they would be put off and it traps the owner who will not be free of charges. Council tax is way cheaper. You could rent with a couple of hundred extra. With less sales and people opting out, a housing crash could happen in next couple of years. Apart from the cladding crisis issue, this needs to be looked at.
We need a change in the law. They can't be allowed to disadvantage people like this.
I agree, it's very unfair! Please have a look at the End Our Cladding Scandal link in the description to see how you can support the campaign.
I agree wholeheartedly. It's unjust. But it's really happening. People are going bankrupt as we speak because they can't manage the extra costs of remediation or waking watches on top of the extortionate bills. There have been 2 suicides of that we know of. Yet still no mental health support or recognition of this from govt. We go to sleep afraid and live in fear everyday.
Thank you Thank you for creating this channel. Bless you and your family! 💜 I was in a process of buying a shared ownership property but Thanks God pulled out last minute due to all the points mentioned in these videos. It’s a trap.
I’m glad you like you like the channel! It really can be. My hope is that the videos will open people’s eyes to the scheme, so they can make informed decisions about whether it works for them...
Thank God 🙏 it didn't go through. It's a blessing in disguise. One door closes and another will open. I just wish I had this information before buying. X
I feel for Deepa and family so much. I hope 🤞things will work out soon.
Thanks Kenroy! I hope the same 🤞🏿
Thank you so much for your support 🙏
This country is ridiculous. Leaseholders should not have to pay for the removal of cladding, they never asked for the cladding at the time flats were built and leaseholders should not have to wait almost 10 years for an EWS certificate. The government should foot the bill. This is just another Grenfell waiting to happen.
I hope it doesn’t take another Grenfell for this problem to be sorted. I agree that the government AND developers should foot the bill, not the innocent leaseholders...
Owning 75% of a flat but paying 100% of the costs is just a rip-off. I have to say, they are taking advantage of people being too passive and not willing to challenge. If legal action against these associations increased, maybe they wouldn't be so hasty in being deceptive.
I agree. The scheme takes advantage of the less financially able...
Thank you for being this issue to light because honestly who knew.
This is outrageous, they bamboozled this lady into the part by part rent scheme. And now she is stuck in this mess. The housing association should by back her share and all the other resident and stop holding people hostage.
Thank you Renee, I'd welcome a buy back but keep being told they won't do it. 😥
I agree with you, Renee!
@@deepamistry-longley6664 I feel for you deeply. I will send off a letter to my MP about this as well.
Thank you so much 💚🙏
Very eye-opening. Thanks for continuing to shine light on this issue.
You’re welcome, Rachel. Thank you for watching and commenting as always 🙏🏿
Great video! Thank you for shedding light on this issue - I’m in a similar position and it’s very emotionally draining :(
Thank you, Elena. Happy I could do something to spread awareness. Are you part of any of the cladding support groups?
Loving the videos, keep continuing!!!
Glad you like them. Thanks for leaving a comment!
Thank you for doing this video and the part 1 video. It is so helpful to use to explain to others what is happening to us and so many other shared owners and leaseholders. We're also shared owners in the same situation. It needs to be national news!
So to hear that! There was good news with the fire safety bill this week, though. Leaseholders/shared owners should not have to foot this bill!
I just want to say big up both you Lemuel and Deepa for sharing this incredibly insightful knowledge. I myself also live in London (Leyton), I am 30 and have only ever rented and find it very hard. This is information that absolutely everybody living here needs to be aware of. Thank you
Thanks for the second part 👏🏻
My pleasure. I hope you found it informative!
Very helpful discussion. Thank you
Glad it was helpful! Thank you for watching!
Hi Lemeul and Deepa. Having seen the Panorama prog that you were in Deepa, I felt compelled to get involved so I wrote to the two main Mayoral candidates in my area and I've subscribed to your channel.
Thank you, Christina! 🙏🏿
I am genuinely furious with the situation Deepa and many others find themselves in. How you maintain your cool and discuss this matter so methodically and clinically is beyond me. I do hope the government wake up (unlikely) so when the market crashes they will have to learn yet another extremely avoidable (were it not for greed and arrogance) lesson. It’s just a shame the little person will pay for their arrogance. The guilty parties should be ashamed. At the end of the day the marketing spun things in a glossy way so it’s hard to believe this situation is not by design. Will be sending a templated letter for the EOCS.
Thank you! Please check the EOCS website for the latest information. I think there will be a new fire safety bill going to the House of Lords on 19th April. I will probably make another video to provide an update!
These videos have really opened up my eyes to the downfalls of this scheme. There were issues that would never even have occurred to me further down the line. SO was looking like a really attractive option but after hearing Deepa’s experience, I’m absolutely going to steer clear of it. There’s clearly a lot more work that the government needs to do before this scheme can be fully fit for purpose. The burden that is placed on the share owner is absolutely and completely unfair. Good luck Deepa, I hope your position is put right soon.
Thank you so much Saul 🙏
I really do believe that it's worth waiting and saving longer to be in a home where the freehold is yours and you own outright, and you answer to noone who puts restrictions on what you can do with your money. 👍 Wish you every best in finding the perfect home
I’m glad you’ve found them useful. I completely agree with you, the scheme is unfair! Having said that, some people have made it work for them, as you’ll read from some of the comments.
Sadly, I don’t think the government will do anything about it anytime soon because it’s a gravy train for housing associations that provide social housing. Shared Ownership homes don’t cost them anything because the shared owner pays 100% of service charge and repair costs, plus pays the housing association rent. Additionally, the housing association makes more money if the shared owner staircases - benefitting from any growth in value- and if the shared owner needs to extend the lease, it’s another pay day for the housing association . If the government fix the scheme, the housing associations will need to find the lost revenue from somewhere else.
@@SelfInvested why would shared owner need to extend the lease?
It can affect the saleability and ability to get a mortgage. The lower the number of years on the lease, the more likely it is to affect the value. This lower value can affect your ability to remortgage and sell your home. Also, lenders like to see 20/30+ years left on the lease in addition to the lease length (so, if your mortgage length is 30 years, they may want to see at least 60 left on the lease). It’s worth also mentioning that if the underlying lease drops below 80 years, it becomes more expensive to extend. Hope this answers your question. I cover this point in a video with Sue Phillips:
th-cam.com/video/MCXSHGOOOJ0/w-d-xo.html
@@deepamistry-longley6664 i dont think the gov will do anything unless pressured. The HA 'solves' the problem of housing shortage and the gov needs them for that. If the gov starts putting restrictions, it will threaten to pull out. Gov then looks bad. Vote labour. They look after the little guy while Boris waffles that the little guy needs to be protocted but does nothing. If labour adds this to their manifesto they will hold to their word. Honestly i liked Cameron. But things have opened my eyes since re conservatives generally when i see how waffly Teflon Boris is. I vote Conservative normally. What makes my blood boil is service charges rising. Its like another rent.
Yeah i got stuck in this when I tried to remortgage, luckily i was able to find a lender that did a desktop valuation so I managed to skip the surveyor bit lol. Santander is my new lender in case anyone wants to try 👍
That’s fortunate! Hopefully your comment can help others as well! I’d suggest also speaking to a mortgage broker because they have a good sense of how lenders operate and may be able to make suggestions on who to use...
Was Santander one of the listed mortgage lender that your landlord (the housing association) was willing to work with. The reason I say this is that you can only get a shared ownership mortgage from a list of mortgage advisors provided by the housing association.
@@dionnefrancis-brown1533 oh ok my one is not shared ownership
thanks soo much for sharing this
Thank you so much to Deepa for sharing her story and to Lemuel for sharing his platform so we could understand more. I watched the Panorama episode prior to watching this and appreciate Deepa for speaking up so others reconsider or further investigate these schemes. How did the housing market get so convoluted? Very insightful videos.
Thank you for watching! I’ve passed on your message to Deepa. I’m extremely grateful to her as well. It’s important for people to share their home buying experience. It can be such a daunting process and schemes like Shared Ownership are not the most transparent
@@SelfInvested Thank you so much Lemuel. I'm literally binge-watching your videos at the moment. My friend just bought her first home without a scheme although previously considered shared ownership, and I'm currently looking as a FTB. We talked about HTB and she recommended I watch some YT vids. Your videos have been so helpful, I cannot tell you. I could never seem to make the numbers work for Shared Ownership so ruled that out early on, and thought I would do HTB, but I have learnt so much this weekend through your vids, so I am going to try and buy without a scheme. Thank you for your videos and the time you put in to help us gain a better understanding of what we are getting into. Best wishes.
@@yo-a Thank you so much for taking the time to leave a comment and let me know! That's why I make these videos, so it's great to hear that people are finding them useful! If I thought I could realistically buy a place without one of these schemes, then I probably would. You also need to be careful with leasehold properties. There are good buys out there, but there are a number of things to be aware of. Have you watched my videos on leasehold properties?
Thanks this is a very informative video and lovely seeing your beautiful daughter 😊
thank you ☺️
gosh, what a nightmare, so sorry for you and your family...
Thank you, Kim. I hope she reads your message...
thank you. very helpful!
I’m glad you found it helpful. I take it you’re interested in Shared Ownership?
Thanks for this!
My pleasure ;)
Very informative, thanks
You’re welcome brother. Glad you found it useful 👍🏿
It is sad to see how the government allow cowboys to put average earners in financial difficulty.
Thank you Self Invested for a platform like this educating those that are seeking knowledge.
Yes, this issue is partially due to poor regulation by the government. I cover how this was allowed to happen in this video: th-cam.com/video/nPtYqgTgsmU/w-d-xo.html
I'm glad you find the content so informative!
Really informative 👏
Thank you, Uto! Did you watch part 1?
I may be cynical but I think MPs vote this down because a lot of them are landlords and they would have to fork out money. It's just pure greed :(
I think you’ve got a point there! I don’t see how anyone could think it’s fair for leaseholders to foot the repair bills... It’s an absolute scandal!!
Informative
Glad you think so!
Love this channel, such valuable info on shared ownership. I've recently purchased a shared ownership flat, all seems well at the moment (but come back to me in 3-5 years!). It would be good if you could show a SO success story? I'd very much like to know how you can come out of SO unscathed!
Thank you, Isabella! I’m glad you find the videos useful, especially as a shared owner.
My next interview will be with someone who was able to get the scheme to work for them with some tips for other shared owners!
@@SelfInvested I look forward to it!
@@SelfInvested where is the link please?
@@pattersonellen th-cam.com/video/kwATPO4VcNQ/w-d-xo.html
This was informative! Thanks! 👍🏽
(I've got some questions: since flats are mainly leasehold and detached and semi-detached properties are mostly freehold.
Wouldn't saving more money [yes, while it takes time] for those types of new properties a much better idea? [keeping in mind, even semi-detached and detached new builds have shoddy workmanship!]
Though semi-detached and detached properties are more expensive within London, comapared to outer London, but not everybody has the freedom of moving out of London, unless your job is WFH-based or you're self-employed.)
Sorry, if I rambled unnecessarily. I'm a newbie in this space. 😅
👋🏽
Thanks for watching!
Are you asking if freehold properties are better investments then leasehold?
Yes, I think so.
I lost my property via one of these schemes after 12 years was in the same position unable to get out of it, rising service charges even though no work was done, it was a nightmare
Hi - Thanks for this video, really important discussion. Could I ask if this certificate should be issued as part of purchasing a flat or at what part of the process you should see this certificate?
Would it be possible to do a video with some example case studies, I.e, someone on £X trying to buy in London might be best suited to X scheme and a couple with a household income of £X might be best suited to X scheme? I know there are so many different factors but it would be so helpful to get a rough sense of which schemes might be the best match for different situations. Great videos, thank you!
Thanks for the comment and suggestion! Have you seen this video, where I compare Shared Ownership and Help to Buy: th-cam.com/video/kkfCOIj60IM/w-d-xo.html
Let me know if this is the sort of thing you were thinking...
@@SelfInvested thank you, I’m new to your channel so will check that video out : ) You’re posting really helpful content, thank you.
@@watchingwatcher5821 Not problem 👍🏿 I’m glad you think so!
That's a great question, Lemuel thankfully has covered most of this.
I'd definitely also watch why you'll never staircase to 100% it's a real eye-opener 🙏
@@deepamistry-longley6664 thank you Deepa and for sharing your story. It’s so important to hear from people firsthand before new time buyers make any decisions, thank you : )
i think i am a just watch the videos for your adorable daughter from now on
Lol! I guess that means I’ll have to bring he back?!
Please let Maya lead all the interviews, she's such a star 🌟
The way leasehold is designed for this case seems highly unfair and owners would always be out of pocket for a flat that they will never own hence the lease has an expiry, I don’t understand how the government fails to see this end to end.
The current leasehold system is wholly unfair! There are plans to change it, watch here: th-cam.com/video/oiF_4K-JJPk/w-d-xo.html
I don’t think I’ll ever be buying a flat any time soon as hopefully the hybrid/remote working may break the ice in people having to cope with staying in big cities for better employment. I don’t know what the government will do to Re investment the old 9-5 as people now see no reason to stay in inner London where almost 70% live in flats
@@sultansalim6458 If I could go back in time, I’d buy a house!
Definitely would not go Leasehold or shared, or any govt or developer scheme. Buy a home without any restrictions. You'll be much happier, it might take longer, but in the long run it's worth the wait. 🙏
The housing providers should pay not the government
The developers and government both need to take responsibility. Check this video out which explains why: th-cam.com/video/nPtYqgTgsmU/w-d-xo.html
Shared ownership should be made much more transparent & simple!
I agree with you!
Is this form only for flats ? Does it still count for houses
Wow, what a hot mess
Yes, indeed!
Hi, thank very informative. How do you go about checking if your building has an ews1 certificate??
You’re welcome! Have you checked with your landlord or management agent? Do you know if your building needs an EWS1 certificate?
You can approach the building owner or freeholder. They should be able to advise at first instance. But otherwise you can go to RICS the lovely people who came up with this requirement and ask if it's necessary, they've changed the rules around it recently and maybe will in future. 🙏
I am also trapped in this way, made worse that due to the lack of any proper maintainence on the block my roof blew off on Monday in high winds. I had been waiting 6 months for them to do anythign about fixing a hole in the roof, but dispite large metal sidings coming off, no one inspected after any storms, and as expected and stated I now have no roof. I strongly suspect that the NBC cover (which is ending late this year) is not going to be valid as it was through neglegent lack of repairs that it has got this way. The repair team for the company in question covering from Bournmouth to Oxford and into Kent has a team of 16, covering around 4000 properties, with the repair line not sharing all information with their customer services (or visa versa) so any form of customer service is ill equipped to consider all the relevant information. I am now waiting, with no water proofing, looking at a week of wet weather forecast, and no definate sign they will decamp me or water proof the place until the ceiling comes down.
That sounds terrible! I’m sorry to hear you’re in that situation. Have you sought legal advice?
starting to look into this now, have been trying to concentrate on getting them to do something to stop the ceiling coming down... local MP is hooked in on it, but other than waving their job title, not sure what they are actually likely to do.
Try speaking to the Leasehold Knowledge Partnership www.leaseholdknowledge.com/advice/ and see if they can offer any advice...
I have been in my shared ownership flat for 2 years and I’m thinking that I want to sell and get out, as I cannot see me achieving the full asking price of £317,000, which I brought in 2019 and I would not want to staircase either, as it’s a risk?? I believe this is a real con and my solicitor told me not to buy, but I needed somewhere to live with my daughter? I have been told that my flats have no cladding as I asked for this form, but you cannot trust them and I need to find out? Can you give me advice if I should sell and get the hell out? I am so sorry to hear what has happened to you and ur family 🙏🙏
Please contact End Our Cladding Scandal and see if they can advise you: endourcladdingscandal.org/contact/
If they are not able to help, then please let me know...
What other countries have H2B and Shared Ownership schemes?
I believe there are similar versions of the schemes in Scotland, Wales and Northern Ireland, but across the rest of the world I’m not sure. But I do know there are other similar shared equity schemes in places like America...
This is crazy...
I’m not sure whether I included it in the video or not, but she actually said that if she told a regular person what was going on, they wouldn’t believe her...
@@SelfInvested she's incredible for being a part of the mobilisation effort and dealing with this for so long!
It's impossible to get past these walls without a real public outcry. Sometimes you feel like you're shouting to a brick wall. The power held by those in the know are working hard to squeeze us for everything we hard working people have.
@@deepamistry-longley6664 great it got on TV. Now more people will be aware. Certainly i didnt know and was thinking of getting into home ownership. Gov needs to cap service charges for a start. Otherwise it coukd turn into a second martgage after 10 years. This affects all of us as some will be home buyers in the future. Crazy.
thank you for saving me the hassel, I will not be buying a shared ownership.
Yeah, it is important to do your homework before signing up to this scheme!
can you do exchange with another shared owenership property
Generally or in Deepa’s situation? Generally, I’m not sure. Even if this was a possibility, the buyer or swapper would have trouble getting a mortgage for her flat without the EWS1 certificate...
Jesus. It's legalised criminality what goes on. Sickening what they are doing to people
I would just stop paying my mortgage. I think repossession and bad credit would be better than this 10+ year nightmare!!!!! I feel so sorry for this woman and others out there in her position
And it will continue until the cladding scandal is resolved! I'm sure this was hyperbole, but make sure you get professional financial advice before making a financial decision like that...
Agree re the nightmare but repossession will also be a financial nightmare...
Hi Lemuel, is there a way I can speak with you regarding shared ownership via email please.
(I'm aware you are not an expert, I just need some educated, unbiased advice please)
Thanks
You can add me on IG @SelfInvested_UK
Wow, I never trusted the share to buy scheme but I did not think it was that bad. 😳
I know 😬 There’s a combination of issues with Deepa’s situation, which are compounded by shared ownership
@@SelfInvested Sad
What a nightmare. Thank god I didn't make the decision to get shared ownership
I know, right?! But this issue (building fire safety) is a bigger problem than just Shared Ownership... It’s hitting leaseholders as well...
Shared ownership looks like a massive government scam, it’s a bandaid to a wound that won’t heal...
It's heavily flawed, but the building safety crisis is bigger than Shared Ownership - it affects at least 700,000 flats across the country!
That's messed up, lol. The government is so shitty.