2 жыл бұрын
3 жыл бұрын
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@rsw600 Күн бұрын
I've been a council tenant since 1993, I believe I should have 61% they valued the house at £215,000 and give me the £102,400 discount, why dot my 61% discount as that's lower.
@drsinthu 6 күн бұрын
This is such a great video. Your approach to explaining and hand holding through the online processes is honestly so good! So thorough. Thank you!!
@breakingnewslondon4582 7 күн бұрын
I found 2 bed flat of 2 floor building on leasehold with 60 years remaining for £120000, how much will be to renew the leasehold? Thanks
@david_olubodun Ай бұрын
Hello, is there a situation where you are able to staircase, but the developer is refusing to sell their share of the property to you?
@cameronalexander7383 Ай бұрын
What if you wanted to sell , using this example, could you use some of the equity, if any, to go towards a property on the open market? I suppose the market for buying a ‘shared ownership resale’ is small and probably wouldn’t give you the funds needed for a deposit for another property?
@andrewamidala Ай бұрын
Do not ever touch a leasehold if the freeholder is the council, just google the horror stories! I bought a leasehold in 2002 on the open market not realising the lovely Newham Council were the freeholders. Thankfully people like you are able to educate people. Less than 2 years later I received a bill from Newham Council for £30,000.00!!! Alleged regeneration of the block, new windows, doors, boilers etc. When I spoke to Newham council about it they said tough you have to pay, if you don't you forfeit your lease and lose your flat. Leasehold ombudsman useless The work done was of a very poor standard, windows falling out and half the work we were charged for not done. I definitely did not get a new boiler. I refused to pay and Newham didn't even bother with me, they went straight to my mortgage lender with a court order because they have first charge on the property. Fortunately there was enough equity in the flat (just) for my lender (HSBC) to pay the £30k but added it to my mortgage. So the decision was taken away from me and I also pay interest on the £30k. I enquired what would happen if I got another bill and did not have enough equity in my flat, I was told I would have to pay myself or lose the flat. I very quickly got rid of that flat!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@StellaWembley Ай бұрын
Hi. I am finding very challenging to apply even just to be alble to rent it (moving in myself) .They say I am not elegible because I cannot provide paylisps , but as I have disability I was not able to work. I expained this but they kept saying They need paylisps , I am thinking I need citizen advisors to help me as I think this is not fair.
@sahealkhan9011 20 күн бұрын
You need medical evidence also there is a right to buy petition u can sign
@christofinb 2 ай бұрын
It’s enough of a trap these days even when you own a property to have the freedom to find somewhere else, but shared ownership it seems you are just stuck with it without even owning. The cost of flats are unbelievable now in this country.
@derekasomani4838 2 ай бұрын
Thought provoking
@aliakber2k10 2 ай бұрын
Great video. Very useful in these tough times when I can't afford a solicitor to learn to get all this information.
@OneEternalAsh 2 ай бұрын
What happens if I buy the 25% of the property outright instead without taking out a mortgage? (Would this help me in the long run of saving instead of huge spending on ground rent, service charges every month) I’m really interested in these shared ownership stuffs
@rosiechong5415 3 ай бұрын
If my salary is £50K, £225K via usual mortgage, nationwide offer £275K. To buy a £335K house, I need £60K deposit, and fix 5 year rate with Nationwide @4.3%. I will be put @ variable rate @7% after 5 years fix rate ends, and my only way out is to make sure I have saved £50K cash to buy up my equity so that secure fix rates with other banks. Otherwise, I will lost a lot of money by stucking at variable rate with nationwide after 5 years. (However, if my salary has risen to £60 or above, then I don't need to save the £50K cash to buy up equity anymore)
@rosiechong5415 3 ай бұрын
Hi Samuel, I am first buyer and would like to apply for the helping hand mortgage from Nationwide to maximize the amount I can borrow, however, I believe this will limit my remortgage choices if I need to find different mortgage provider after my current deal with Nationwide after 5 years fixed rate?
@utterlee 4 ай бұрын
The main problem I've experienced is how fast the value of my shared ownership flat has increased. I've had it 15 years and it's gone up in "value" but 75%. If it had stayed the same I'd probably have been able to afford to staircase by now, as things are, it's as unaffordable for me to pay for 100% as it was 15 years ago.
@TheFrazzyo Ай бұрын
have you had a good experince? looking to get into shared ownership as a family of 4. our landlord is selling and the rent around our area is ridiculous! if we move 30 mins away, we could get a huge house through shared ownership, the mortgage, rent and service charge added together is cheaper than our current rent...
@utterlee Ай бұрын
@@TheFrazzyo The first ten years were pretty good overall, the housing association was sometimes crappy on the communications front but costs didn't escalate wildly and the scheme gave me a place to live in Zone 2 London that I'd never be able to afford on the open market. I'd simply never have got my own place on my income. Since 2020 I've been affected by the fire safety/cladding crisis, I found I wasn't able to sell or re-mortgage or staircase as my building has stacked wooden floor balconies that needed changing. That finally happened last week after 4 years waiting. They did it as part of the cyclical redecoration works, for which I'm going to get a £5000 bill next year, as builder's costs have escalated so much in recent years there is not enough money in our sinking fund to cover the costs. I've also got an issue with my lease which was 99 years from new, but recently I found out after 90 years mortgage lenders can get iffy about lending on a lease that short. It's going to cost around £10,000 to sort. Additionally my service charge has started to increase A LOT thanks to the Ukraine war energy crisis and buildings insurance increasing by 10x thanks to the fire safety issues. Problem with shared ownership is you have all the issues leaseholders generally face, plus another level of restrictions and expenses. You're liable to the 100% cost of repairs, lease extensions etc, regardless of how much you actually own. The sales process is more complicated. You're not allowed to sublet easily if you need to move out a while. So basically you need to go into it doing lots of research and with your eyes wide open. My feelings on it are so mixed, for years I've had a really affordable home but suddenly the expenses are racking up rapidly and I don't know how I'm going to cover them.
@AppliedPsychology101 4 ай бұрын
Hi, I'm a shared ownership holder and thinking about staircasing to 100% or selling. I wanted to ask a few questions that you may know or picked up from caroline. 1. If I staircase to 100%, own the property and rent it out, am i right in thinking that I still pay service charges each month, that can obviolsy go up annually, as there is no cap on it. And I still have to pay for any major works that need to be done to the building? 2. If the above is right, what advantages, if any, is there for me to staircase to 100% because it would be hard to me to sell on if I want to at some point? 3. If I staircase to 100% to keep living there or rent it out, if people in the building move out and I'm the only leaseholder when major works happen, will be responsible for the entire charge. For example, they do £100,000 worth of upgrades and I'm the only leaseholder in the block - do I have to pay the £100,000 by myself? Thank you. Maybe it's worth to do a video on this or please feel free to reply to this directly.
@chizobasalome8967 4 ай бұрын
This is the most comprehensive video on mortgage i have come across. Well done
@dantetepes8849 5 ай бұрын
Don't buy share house After the lease they can kick you out
@Georgianandlovu 5 ай бұрын
is it possible to get a two or three bedroom flat as a single person on £40k if the 25 percent is about 160k? I need extra room for a carer
@nalahappy2547 5 ай бұрын
Thank you this was very insightful and helped me a lot on my own shared ownership journey, I’m in London but will definitely be buying up north of England, my plan is to use shared ownership as a starter home then sell up to buy the house I really want. I doubt I would staircase unless I really love the house & I can see myself maybe retire there but I want to have the opportunity of seeing other houses and whilst I’m living there to see other opportunities.
@Markmysphere 5 ай бұрын
What if I have paid off my mortgage of 25% share already. Say my property is worth now 500,000. If I want to staircase to 100%. How much can I use my 25% share as a deposit and how much loan do I need to take. Thank you so much.
@TimShow 5 ай бұрын
Great video
@samiulislam5918 5 ай бұрын
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?
@samiulislam5918 5 ай бұрын
Hi Alex - is there a sweet spot like 40% of stair casing as a maximum which is still affordable when reselling?
@mrfoameruk 7 ай бұрын
I want to sell my freehold flat. It seems I have to supply a notice 5a to the other flat upstairs as that is leasehold. how does that work? Who pays for paperwork ie in your scenario above the leaseholders would need to pay their solicitors to get the work done. Does the freeholder wanting to sell their property have to pay for any of the leaseholder's solicitors fees if they want to proceed?
@karenmorvay247 7 ай бұрын
Thanks for this. Great video. I am confused as my husband and I have just purchased the freehold of the property we have lived in for 24yrs. The current freeholder & landlord no longer has a vested interest in the property and after 8yrs of paying no service charges, has resulted in much needed maintenance work to be undertaken. It is 3 one bedroom purpose built flats, each with a garage. All occupiers own their own property but are tenants; one has a 156 year lease remaining and the other with 66yrs. We are the 3rd flat, having just secured the freehold. The other tenants had a right to buy, but none of them were interested in the purchase or joining forces. Now we are left 'holding the baby' and need to start again with building up the service charge and annual ground rent (one tenant only on the 66yrs). As new landlords/freeholders, do we need to set up a FMC? I have no idea where to start and am new to all this. Any help or advice is appreciated.
@olukayodeadenekan-i9u 8 ай бұрын
Can i have your number pls
@SA-oj7rp 8 ай бұрын
Where do I find first home scheme properties.?
@rosie.nino_ 8 ай бұрын
Hi there thank you so much for your video! We are currently renting a house from a Housing Association under the 'rent-to-buy' scheme. After three years, we have the obligation to purchase a percentage of the property, with a minimum share of 30%. Any suggestions on this process? Would you recommend a broker or solicitor in this process? TIA
@niamhthomas-molloy6805 8 ай бұрын
You mentioned it being an expectation to buy the house at the end of the renting agreement, what happens if you're unable to do so? Do you continue renting until you have a deposit or are there some ramifications for not purchasing the house? But great video! You're one of the few who are concise and give a well thought out answer to the question.
@lxvideos1125 8 ай бұрын
The landlord (Housing Association) will reassess your affordability once your short term tenancy is up, and if you didn’t breach the T&Cs in the contract and you were able to save for the deposit, then you can buy the property if you want to. If you can’t afford to buy the property, they will reassess your affordability to rent and then they will give you another 3 years short term tenancy contract. You can only rent the property up to 10 years before you decide to buy the property or give it up. The short term tenancy usually last for 3 years.
@andrewdugdale7043 9 ай бұрын
What happens if you overpay on your share of the property and therefore create larger equity would if be more viable go then staircase to 100%?
@uk-aymamavlogs4731 9 ай бұрын
Hello mate questions please,about staircasing on shared ownership on a house property
@uk-aymamavlogs4731 9 ай бұрын
Really appreciate you mate guiding us to this matters
@uk-aymamavlogs4731 9 ай бұрын
Hello mate
@Afrinaturality 9 ай бұрын
Your daughter... Start 'em young! She's very cute. 🥰
@Ray_eddi 10 ай бұрын
Good job dude!
@Pirake123 10 ай бұрын
I don't see any point in staircase to 100%. You are getting subsidized rent compared to private rent and its better to either sell your share or do a simultaneous buy and sell to sell the entire property on the private market. Also, another point to make is, if the apartment went down in value, you are somewhat insulated as you don't own the whole amount so as a whole shared ownership shouldn't really be seen as an investment but just as a subsidized rent which you put a deposit down for.
@Ezinma88 10 ай бұрын
Good video
@anupamapu 10 ай бұрын
Itskind of extortion. The owner not only takes their portion of capital gains but also buyers one. Its a plain extortion. I wonder how they can call it shared ownership legally. Quite extraordinary way of taking someones money away (blatantly a legal theiving)
@Superabs337 10 ай бұрын
I need videos from this guy, someone get him back online.
@rosemuhaiteto2836 10 ай бұрын
sorry this might an old video but i used it as ameans of contant . i have rught to buy and need advice thank you
@strong_gal_tee 11 ай бұрын
🙏🏿
@kennethasare1 11 ай бұрын
Great explanation
@adoseofcats 11 ай бұрын
What if I don't want to save for a deposit for a home and just want to rent for affordable price??
@sylviarapheal7399 11 ай бұрын
Can a skilled worker Visa holder benefit from the shared ownership scheme? Or is it considered as public funds? Your response would be appreciated. Thank you
@glodiben1667 11 ай бұрын
Thanks for your videos mate
@randyboodnah4279 11 ай бұрын
How can i be RTB For my flat which is under the assured shorthold tennancy..
@vincentdaniels7818 11 ай бұрын
The issue is MOREEEEEE people are not speaking out. The are hiding it out of embarrassment.
@lucaluca187 11 ай бұрын
hi ncould hi have you phone or you rmail plese
@impamiizgraa Жыл бұрын
You are just the best. I found your videos when I was researching endlessly on Nearlylegal's blog, Leasehold Knowledge Partnership and Shared Ownership Resources sites. I asked tonnes of questions on MSE forums too, but liked the way you brought scenarios to life. I purchased 28% of my flat 3 years ago, and am now staircasing to 80% (don't want to pay ground rent at 100% but want to force HA to let me put it on the open market when I sell). I am looking at a 95% LTV which is painful in this climate, but the aim is to minimise rent and maximise equity. I made a full market value election at the start. And here you are with precisely the scenario and assumptions I need, bringing it to life! THANK YOU for these vids!