Shared Ownership UK Experience

Shared Ownership UK Experience | 1 Year Later

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3 ай бұрын

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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@dilliano5 2 ай бұрын

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 👍🏾

@sr-lu2sc 3 ай бұрын

Very insightful, thank you :)

@Streetorvintage 3 ай бұрын

❤️

@s-br9 9 күн бұрын

Great video! Would love an update from you once you sell etc regarding how you found the process, the pros and cons.

@Bas_Lightyear 2 ай бұрын

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..

@donna25871 2 ай бұрын

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.

@Standard_Jay 3 ай бұрын

Your service charge situation is basically unheard of in terms of it going down. Very lucky

@markroyds23 2 ай бұрын

That is extreamly rare... Usually all It does is skyrocket

@NMiller80666 3 ай бұрын

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.

@almurabitun 3 ай бұрын

Shared ownership is a scam

@SWISSMUSICFC 3 ай бұрын

👀👀👀??! What happened

@TJDenmead 3 ай бұрын

who hurt you bro

@NMiller80666 3 ай бұрын

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 ).

@anthonyfaucy2761 3 ай бұрын

@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

@NMiller80666 3 ай бұрын

@@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.

@MissOrleansF 3 ай бұрын

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!

@Streetorvintage 3 ай бұрын

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

@nazahmed2092 3 ай бұрын

Avoid shared ownership, its a trap. Worst thing you can do to try getting on the property ladder.

@Gr0nal Ай бұрын

what if you can't afford any other way? Do you propose renting and owning nothing at all?

@nazahmed2092 Ай бұрын

@@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.

@samwithers2147 Ай бұрын

Why avoid it?

@AlomM 3 ай бұрын

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

@NickVlogTv 2 ай бұрын

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?

@Ineedahandle75 3 ай бұрын

I'm so glad I saved a bigger deposit and bought a freehold property.

@LR52VUU 3 ай бұрын

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.

@1Carly 3 ай бұрын

It isnt really, not anymore....have you seen the rent for 2 beds now 😱😱

@angelapedro9676 5 күн бұрын

@@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🤢🤢🤢.

@Butthead-n8o 2 күн бұрын

It's a new build assuming they didn't cheap out it should be very high in energy efficiency

@samwithers2147 Ай бұрын

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?

@NerdKillerable 2 ай бұрын

Can you explain Why did the service charge reduce?

@zuba786 Ай бұрын

Whys it harder to sell 25% if the house

@-_-11k52 3 ай бұрын

😅 no thanks to shared ownership. Work several jobs and do whatever you can to buy on the open market.

@tekkennady1662 2 ай бұрын

Keep saving as it will probably be easier to sell you 25% share when the times right

@Bas_Lightyear 2 ай бұрын

Genuine question - why is it easier to sell a 25% share than a 100% owned property?

@shoshkigz9454 3 ай бұрын

Great video ! good to hear some neutral/positive experiences 👌

@Streetorvintage 3 ай бұрын

thank you! 🙏🏾

@1Carly 3 ай бұрын

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.

@anthonyfaucy2761 3 ай бұрын

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

@1Carly 3 ай бұрын

@@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.

@1Carly 2 ай бұрын

@@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.

@anthonyfaucy2761 2 ай бұрын

@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.

@bigdaddyyo 3 ай бұрын

Well done. My advice sell and buy freehold

@Streetorvintage 3 ай бұрын

thank you! yess think that is probs the best option

@rickp2293 3 ай бұрын

Buy the house, long term better investment, once that shine off your flat wears off its also a big downer

@Streetorvintage 3 ай бұрын

leaning more towards that for sure!

@VV-hx3hw Ай бұрын

She fell for legal property scam .She will regret it in the future.

@mekam 3 ай бұрын

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.

@dolphin119 2 ай бұрын

Is the price for service charges per month?

@matteo-cu8uv 2 ай бұрын

Yes

@dlc2479 3 ай бұрын

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.

@Streetorvintage 3 ай бұрын

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

@yoe-c5x 3 ай бұрын

Don’t staircase. Get your money and skidaddle

@MattBrophy 3 ай бұрын

I’d be concerned you don’t know how to fix cupboard door

@1Carly 3 ай бұрын

You do understand its within the defects liability and she bought it as new?

@Dipo_Miller 3 ай бұрын

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

@CiCi-Love 3 ай бұрын

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.

@Dipo_Miller 25 күн бұрын

@@CiCi-Love just don't tell them! _ the property managers and the other owners are thieving bustards anyway!