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I’m not an expert. I’m not a financial advisor. I’m just a regular guy that enjoys learning about how we can do better with money and sharing what I learn along the way!
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?
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.
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
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.
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.
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.
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)
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
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!
Hello I'm a housing association tenant been a tenant with housing association for more than 10 years but I can not buy my home . If I wanted to do a mutual exchange with a council home do I get the full discount or rtb straight away
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
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
Why everyone are so obssesed to stairecase shared ownership? Just keep your 25%, don't buy more, do your savings and when you're ready to move on, just sell your percentage leave the scheme and buy your house somewhere else 🤷♂️
I’ve seen your RU-vids before and they are very good. I know this is a different subject, but I have shared ownership and I am in a quandary what to do. I live in Surrey and brought this property due to divorce and it’s the worst thing I have done. The property was over priced and the stair casing is impossible. With the current climate I cannot afford a mortgage. I have to achieve the full asking price if the council cannot sell within 8 weeks. I paid cash for my 43% of the property and i don’t have a mortgage and I am certain that when I sell I will lose money. My property is 4 years old. Another tenant brought their flat the same time as mine for £300,00 and when they sold to the council they lost £10,000 how can this be. I am now worried that when I come to sell and with the housing market increased I will too lose money. I am now thinking of buying land do you think this is a good investment which is the only way in which I can afford to buy which I will own and live on the land with a log cabin. Thank you so much I would appreciate your input.
