Buying a house (and renting)

House next to me has sold. Just checked it was added to right move two days ago!!! Shocked I didn't even know they were moving out.

Jenuall wrote:That's going to knock a good £10k off the price

Good thing the landlord is going to bill Moggy £10k again soon

Has anyone had any experience with help to buy stuff. It seems like a massive con to me.

Lex-Man wrote:Has anyone had any experience with help to buy stuff. It seems like a massive con to me.

I think Staydead used it when he bought his flat?

Qikz wrote:.

Lex-Man wrote:Has anyone had any experience with help to buy stuff. It seems like a massive con to me.

I went to use it but I didn't have nearly enough money, it's a joke if you live anywhere near London. I ended up going into shared ownership which allowed me to buy 40% of the place I'm in which isn't great as im paying rent on top of my mortgage, but it's still cheaper than my previous rent on it's own when you put both together.

Moggy wrote:

Lex-Man wrote:Has anyone had any experience with help to buy stuff. It seems like a massive con to me.

I think Staydead used it when he bought his flat?

Qikz wrote:.

No he used help to kawaii

Booked 3 separate estate agents to visit flat next week for valuations.



I am fully expecting any sale to go horribly wrong though.

Moggy wrote:Booked 3 separate estate agents to visit flat next week for valuations.



I am fully expecting any sale to go horribly wrong though.

Probably need to pay a fee to the evil company so they can take you name off the doorbell, for a licence to move a sofa through the hall way, a take you off their system admin fee.

Errkal wrote:

Moggy wrote:Booked 3 separate estate agents to visit flat next week for valuations.



I am fully expecting any sale to go horribly wrong though.

Probably need to pay a fee to the evil company so they can take you name off the doorbell, for a licence to move a sofa through the hall way, a take you off their system admin fee.

I know they charge £600 for a "management pack" that has to be sent to potential buyers. Thieving banana splits.

Moggy wrote:

Errkal wrote:

Moggy wrote:Booked 3 separate estate agents to visit flat next week for valuations.



I am fully expecting any sale to go horribly wrong though.

Probably need to pay a fee to the evil company so they can take you name off the doorbell, for a licence to move a sofa through the hall way, a take you off their system admin fee.

I know they charge £600 for a "management pack" that has to be sent to potential buyers. Thieving banana splits.

Thats ridiculous! Clearly we need to start a building management company, you can make some serious money

Misread that as "management prick".

Lex-Man wrote:Has anyone had any experience with help to buy stuff. It seems like a massive con to me.

What questions did you have on it?

Maybe cover the full size Colston statue in the front room with a blanket or something while the photos are being taken though

Moggy wrote:

Errkal wrote:

Moggy wrote:Booked 3 separate estate agents to visit flat next week for valuations.



I am fully expecting any sale to go horribly wrong though.

Probably need to pay a fee to the evil company so they can take you name off the doorbell, for a licence to move a sofa through the hall way, a take you off their system admin fee.

I know they charge £600 for a "management pack" that has to be sent to potential buyers. Thieving banana splits.

What the strawberry float? Is it made of gold?

Grumpy David wrote:

Lex-Man wrote:Has anyone had any experience with help to buy stuff. It seems like a massive con to me.

What questions did you have on it?

I was just reading about it and it just seems there's loads of problems. For example people not being allowed to buy more of their flat and then houses prices rising so fast by the time they can the % they don't own being too expensive for them to ever buy. Also the service charge rises £200-£500 a year and finally getting stuck with a house they can't sell because they don't own all of it and nobody wants to buy a quarter of a flat and then pay rent.

Qikz wrote:

Moggy wrote:

Errkal wrote:

Moggy wrote:Booked 3 separate estate agents to visit flat next week for valuations.



I am fully expecting any sale to go horribly wrong though.

Probably need to pay a fee to the evil company so they can take you name off the doorbell, for a licence to move a sofa through the hall way, a take you off their system admin fee.

I know they charge £600 for a "management pack" that has to be sent to potential buyers. Thieving banana splits.

What the strawberry float? Is it made of gold?

When lady upstairs sold, that's how much they charged her. All it is is a list of service charges, is anything owed and are any works planned in the near future.

The government had plans to cap the cost at £200, but that hasn't happened. Landlords probably scuppered that.

https://www.landlordnews.co.uk/fee-cap-leasehold-packs/

Landlords

Moggy wrote:

Qikz wrote:

Moggy wrote:

Errkal wrote:

Moggy wrote:Booked 3 separate estate agents to visit flat next week for valuations.



I am fully expecting any sale to go horribly wrong though.

Probably need to pay a fee to the evil company so they can take you name off the doorbell, for a licence to move a sofa through the hall way, a take you off their system admin fee.

I know they charge £600 for a "management pack" that has to be sent to potential buyers. Thieving banana splits.

What the strawberry float? Is it made of gold?

When lady upstairs sold, that's how much they charged her. All it is is a list of service charges, is anything owed and are any works planned in the near future.

The government had plans to cap the cost at £200, but that hasn't happened. Landlords probably scuppered that.

https://www.landlordnews.co.uk/fee-cap-leasehold-packs/

Landlords

I dont even know why you need to pay that, they are the strawberry floaters charging for stuff why is that your problem. Every time i hear anything more about leasehold stuff it just seems more and more mental.

"However, private wealth law firm Boodle Hatfield believe that this is likely to leave landlords significantly out of pocket.

...

Boodle Hatfield believes that the costs for producing this information are often significantly higher. In London especially, costs can easily reach more than £750 per pack."

Get the strawberry float out of here! In what world does it cost that amount of money to collect this information (that as responsible landlords they should already have on record) and strawberry floating print it out!

Jenuall wrote:

"However, private wealth law firm Boodle Hatfield believe that this is likely to leave landlords significantly out of pocket.

...

Boodle Hatfield believes that the costs for producing this information are often significantly higher. In London especially, costs can easily reach more than £750 per pack."

Get the strawberry float out of here! In what world does it cost that amount of money to collect this information (that as responsible landlords they should already have on record) and strawberry floating print it out!

That's the thing, they literally have all the information after the first one. There's no cost to them after.

Lex-Man wrote:

Grumpy David wrote:

Lex-Man wrote:Has anyone had any experience with help to buy stuff. It seems like a massive con to me.

What questions did you have on it?

I was just reading about it and it just seems there's loads of problems. For example people not being allowed to buy more of their flat and then houses prices rising so fast by the time they can the % they don't own being too expensive for them to ever buy. Also the service charge rises £200-£500 a year and finally getting stuck with a house they can't sell because they don't own all of it and nobody wants to buy a quarter of a flat and then pay rent.

Sounds like you have described Shared Ownership, not the Help To Buy Equity Loan scheme.

With Shared Ownership, if staircasing upwards and buying another percentage or the whole amount, it's subject to it being affordable to borrow the increased amount.

Where its tricky is say you bought at 300k and a 50% share. The remaining 50% isn't 150k, it's whatever the value is at the time you apply to buy extra. So it could be worth 400k now and suddenly that 50% share means borrowing 200k instead.

Service Charges do seem to be higher on both shared ownership and help to buy but that's not because of the government schemes but more so that they tend to be new builds with elevators which cost a bloody fortune to maintain.

Reselling when not owning 100% of the home does mean a limited market since most buyers aren't using shared ownership.

I'm generally not a fan of Shared Ownership as it's the worst of all both worlds of owning and renting.

The 5% mortgage guarantee scheme is rolling out from Monday for most lenders. If you can buy using that scheme (the 95% mortgage is capped at 4.5x income) I'd choose that over shared ownership or HTB Equity Loan (which also has limited resell as the original buyer buys using an artificially high deposit which the subsequent buyer doesn't have access to).