Attention: Please take a moment to consider our terms and conditions before posting.

Getting onto the property ladder

Hi all

Being 27 it's time I got my back side in gear and started looking at getting a property.
Like many, I've been renting for years but my girlfriend has owned a shared ownership flat with Hyde Housing in the Dartford area from brand new since 2007, owning 38% of the flat value.

We have begun contacting a few local estate agents to get a valuation and waiting to see where we stand.

Apparently the housing associations will offer to sell your place first (at a reduced rate I imagine) and if they are unsuccessful you can go private. Has anyone done this before?

The whole prospect of trying to get on the dreaded property ladder seems daunting to me, so any advice from those who have done it or know of people in the game please feel free to offer your wisdom!



Comments

  • Yes - they advertised our old house on their site and sent it to people on their waiting lists etc.

    They got it valued but the guy was pretty fair - he works for the local council I.believe not them so doesn't rip you off, we got about market value.

    Sold quite quick - was a bit more complicated because of the buyer needing to.sign.everything differently for our half and the housing association's half but cost a lot less in the long run than an estate agent would have!

    Good luck.
  • Oh and one tip I would give you is only accept an offer if the buyer wants the same percentage as you are selling - our buyer bought 10% extra off the housing association too and that really complicated things.
  • Wherever you decide to buy try and get something that you can add some value to. I'd also think about buying a property which allows you to rent out a room so you can pay down the mortgage quickly from the off. Out of interest which areas are you looking at?
  • Yes. First home was shared ownership (50/50) and when we sold did so through the housing association. They had 8 weeks to find a buyer and we ended up with 4 interested parties. Whole process went really quick but we were lucky in that the people we bought off were moving abroad so a very short chain.
  • As I've recently found out, a 10K deposit gets you no where.
  • edited October 2015
    Been saving for years (whist interest rates are shite) whilst renting to get 10% together and nearly there now.All the while seeing three mates get left significant inheritance and walk straight into a brand new place.

    Advice - life ain't fair lol.

    Ps - I realise there are people far worse off so it's a half-hearted gripe.
  • edited October 2015
    Our first place was shared ownership and it was a bloody nightmare when we sold it.

    We had to go through the Housing Association trying to find someone for 8 weeks - they found no-one.

    We were then told that we could go to the open market. First agent was useless and we walked away after a fruitless month. Second agent got a fair bit of interest but people were constantly put off by the high service charges (we were on the Royal Arsenal).

    Eventually got someone, all set to exchange when the Housing Association pipes up "oh, you can't sell yet, you don't have a current valuation" Whilst they said we could go to the open market what they "forgot" to tell us was that the place could only be marketed at their valuation. They went as far as to say that we should be having the place valued every 6-8 weeks that it was on the market at a cost of £120 a go! The valuation they gave was ridiculous and the buyer (quite rightly walked away).

    We challenged the Housing Association and threatened legal action and they eventually said they would get an independent valuer. We essentially ended up paying someone to value it at what we wanted, her first question was "how much do you want for it?".

    Took best part of 18 months to sell, had to pay the Housing Associations legal costs as well - something our poxy solicitor missed when we were buying. Housing Association "forgot" to take the money when we completed and came chasing it 3 months later. Fought them all the way but eventually had to cave in and pay it.

    Whole thing was a nightmare and cost an absolute fortune.

    Wouldn't go near it again.

    One big wors of advice, get a solicitor who specialises in Shared Ownership as it is a legal minefield.
  • Sponsored links:


  • Been saving for years (whist interest rates are shite) whilst renting to get 10% together and nearly there now.All the while seeing three mates get left significant inheritance and walk straight into a brand new place.

    Advice - life ain't fair lol.

    Ps - I realise there are people far worse off so it's a half-hearted gripe.

    Yeah, far better to have a relative die than to have to save up a deposit.
  • Our first place was shared ownership and it was a bloody nightmare when we sold it.

    We had to go through the Housing Association trying to find someone for 8 weeks - they found no-one.

    We were then told that we could go to the open market. First agent was useless and we walked away after a fruitless month. Second agent got a fair bit of interest but people were constantly put off by the high service charges (we were on the Royal Arsenal).

    Eventually got someone, all set to exchange when the Housing Association pipes up "oh, you can't sell yet, you don't have a current valuation" Whilst they said we could go to the open market what they "forgot" to tell us was that the place could only be marketed at their valuation. They went as far as to say that we should be having the place valued every 6-8 weeks that it was on the market at a cost of £120 a go! The valuation they gave was ridiculous and the buyer (quite rightly walked away).

    We challenged the Housing Association and threatened legal action and they eventually said they would get an independent valuer. We essentially ended up paying someone to value it at what we wanted, her first question was "how much do you want for it?".

    Took best part of 18 months to sell, had to pay the Housing Associations legal costs as well - something our poxy solicitor missed when we were buying. Housing Association "forgot" to take the money when we completed and came chasing it 3 months later. Fought them all the way but eventually had to cave in and pay it.

    Whole thing was a nightmare and cost an absolute fortune.

    Wouldn't go near it again.

    One big wors of advice, get a solicitor who specialises in Shared Ownership as it is a legal minefield.

    Yep, never been convinced that shared ownership is without it's issues,
    .
    Remember when the right to buy came about, and RBG put on all sort of service charges to put people off. ( yes i know it is different, but showed there attitude)
    Pity that RBG flogged off there housing stock, to Triangle and co, and jumped into bed with property companies, but I guess that is history now.
    Independent valuation would have been he way forward,( as you say) and as you found out, and a complaint to the Ombudsman service at the council. Surprised that you did not know that working for the RBG housing department,but then there attitude has always been a bit strange.
    Trouble is i guess quite a few folk do not have a choice these day's.
    Luckily I did, but that was decades ago. Found the housing department at RBG very dogmatic, and patronising.

    Hopefully they have some better customer service people employed these days........
    But then I was born in Charlton, lived there till I was 23, and my family worked for Greenwich council.
    As you can see not a fan of that department.


  • Well I think getting an inheritance is the only way some people will ever get to buy a place. Who can save a deposit while paying rent and wanting a life at the same time.

    I feel really sorry for the younger generation.
  • Curb_It said:

    Well I think getting an inheritance is the only way some people will ever get to buy a place. Who can save a deposit while paying rent and wanting a life at the same time.

    I feel really sorry for the younger generation.

    I'm already worrying about my kids being able to buy something, my oldest has only just turned 6.

    #FirstWorldProblems.
  • edited October 2015
    Neither of our families have much money and as such we had to save and get on the market our own way. We finally got on the ladder in April 2014.

    We gave up going out for 2 years and saved like mad.

    Halfway through the third year we got on the Governments Help2Buy scheme which operated on new builds only. With this scheme we only needed a 5% (£11,000) deposit coupled with the government putting in 20% (£43,000) (You start to pay this back after 5 years) then we put in an additional 7% (£15,000) from the rest of our savings giving us a 32% (£69,000) deposit on a good size new build 2 bed flat. (£215,000 at the time)

    My partner is self employed too which means Mortgage companies gave us the middle finger until we got accepted by the Help2Buy scheme.

    No regret, just a slight disappointment that the government opened this offer up to all properties weeks after we completed. So we could have got a fixer house with garden for the total property price we paid for a 2 bed flat...

    :confounded:

    The moral is if you want it, like everything in life you have to work for it.
  • I've never owned a shared ownership place but one bit of advice I'd give anyone selling a property through and agent is stay on their case. Estate agents are very dirty people, so are their comrades. The ever elusive fixed fee conveyancing solicitors.

    Make them fully aware you want them on the case and don't be afraid to expect them to keep you posted at least every other day. The conniving shytehawks will try and dry fuck you either way in the end so just make then earn the disgusting amount you have to pay them for doing very little.

  • Been saving for years (whist interest rates are shite) whilst renting to get 10% together and nearly there now.All the while seeing three mates get left significant inheritance and walk straight into a brand new place.

    Advice - life ain't fair lol.

    Ps - I realise there are people far worse off so it's a half-hearted gripe.

    Yeah, far better to have a relative die than to have to save up a deposit.
    Not enough dying though, they're living too frigging long.
  • Carter said:

    I've never owned a shared ownership place but one bit of advice I'd give anyone selling a property through and agent is stay on their case. Estate agents are very dirty people, so are their comrades. The ever elusive fixed fee conveyancing solicitors.

    The agents in Lewisham are a disgrace, Channel 4 did a Dispatches programme on them a year or so ago. As a buyer I'm not confident that they pass on your offer if it doesn't suit their agenda to do so, as a seller I wouldn't trust them to pass on all the offers for the same reason. Think the high street estate agent will have died out within a decade - more and more people seem to be using Purplebricks.com, House Simple, Home Network, etc - probably still incompetent, but far, far, cheaper than the high street.
  • Curb_It said:

    Well I think getting an inheritance is the only way some people will ever get to buy a place. Who can save a deposit while paying rent and wanting a life at the same time.

    I feel really sorry for the younger generation.

    I'm already worrying about my kids being able to buy something, my oldest has only just turned 6.

    #FirstWorldProblems.
    We're looking into buying a flat for ours (she's 6 too) and renting it out until she's old enough. Seems ridiculous but as you say, how are they ever going to get on the ladder?
  • Curb_It said:

    Well I think getting an inheritance is the only way some people will ever get to buy a place. Who can save a deposit while paying rent and wanting a life at the same time.

    I feel really sorry for the younger generation.

    I'm already worrying about my kids being able to buy something, my oldest has only just turned 6.

    #FirstWorldProblems.
    We're looking into buying a flat for ours (she's 6 too) and renting it out until she's old enough. Seems ridiculous but as you say, how are they ever going to get on the ladder?
    3 flats for sale in Bexley village Dave.......
    1 :for £375,000, conversion from the old wick/Rising sun
    2:Old Pharmax site 2 bed 'rabbit hutch', nice view of the trains.........£215,000
    3: One above a kebab shop in Albany Park .....£160,000. I guess with or without chilli sauce

    When I checked out a house a year ago.....gave up..... unless you want one alongside the A2.......
    Ended up in Northtfleet/Gravesend...... immense amount of work, and he is in the building trade, had to delay the wedding, been begging favours from all his building mates.
    It is not easy that is for sure.
  • Sponsored links:


  • Curb_It said:

    Well I think getting an inheritance is the only way some people will ever get to buy a place. Who can save a deposit while paying rent and wanting a life at the same time.

    I feel really sorry for the younger generation.

    I'm already worrying about my kids being able to buy something, my oldest has only just turned 6.

    #FirstWorldProblems.
    We're looking into buying a flat for ours (she's 6 too) and renting it out until she's old enough. Seems ridiculous but as you say, how are they ever going to get on the ladder?
    2:Old Pharmax site 2 bed 'rabbit hutch', nice view of the trains.........£215,000
    This is the flat for me.
  • Our first place was shared ownership and it was a bloody nightmare when we sold it.

    We had to go through the Housing Association trying to find someone for 8 weeks - they found no-one.

    We were then told that we could go to the open market. First agent was useless and we walked away after a fruitless month. Second agent got a fair bit of interest but people were constantly put off by the high service charges (we were on the Royal Arsenal).

    Eventually got someone, all set to exchange when the Housing Association pipes up "oh, you can't sell yet, you don't have a current valuation" Whilst they said we could go to the open market what they "forgot" to tell us was that the place could only be marketed at their valuation. They went as far as to say that we should be having the place valued every 6-8 weeks that it was on the market at a cost of £120 a go! The valuation they gave was ridiculous and the buyer (quite rightly walked away).

    We challenged the Housing Association and threatened legal action and they eventually said they would get an independent valuer. We essentially ended up paying someone to value it at what we wanted, her first question was "how much do you want for it?".

    Took best part of 18 months to sell, had to pay the Housing Associations legal costs as well - something our poxy solicitor missed when we were buying. Housing Association "forgot" to take the money when we completed and came chasing it 3 months later. Fought them all the way but eventually had to cave in and pay it.

    Whole thing was a nightmare and cost an absolute fortune.

    Wouldn't go near it again.

    One big wors of advice, get a solicitor who specialises in Shared Ownership as it is a legal minefield.

    Yep, never been convinced that shared ownership is without it's issues,
    .
    Remember when the right to buy came about, and RBG put on all sort of service charges to put people off. ( yes i know it is different, but showed there attitude)
    Pity that RBG flogged off there housing stock, to Triangle and co, and jumped into bed with property companies, but I guess that is history now.
    Independent valuation would have been he way forward,( as you say) and as you found out, and a complaint to the Ombudsman service at the council. Surprised that you did not know that working for the RBG housing department,but then there attitude has always been a bit strange.
    Trouble is i guess quite a few folk do not have a choice these day's.
    Luckily I did, but that was decades ago. Found the housing department at RBG very dogmatic, and patronising.

    Hopefully they have some better customer service people employed these days........
    But then I was born in Charlton, lived there till I was 23, and my family worked for Greenwich council.
    As you can see not a fan of that department.


    RBG had nothing to do with these properties. It was all done via Southern Housing Group.

  • Yes Clem hence the reference to that in the second line.
    I am aware of the difference.
    Been down to the Greenwich borough Housing department ( Peggy Middleton House as it was) on quite a few occassions as well as the fair rent tribunals.
    Most of my mothers family lived in Greenwich from the 1920s.
    In fact my Aunt bought one of the first Shared housing schemes albeit in Quaggy walk albeit near the Cator estate.
    That was shit as well.
  • edited October 2015

    Curb_It said:

    Well I think getting an inheritance is the only way some people will ever get to buy a place. Who can save a deposit while paying rent and wanting a life at the same time.

    I feel really sorry for the younger generation.

    I'm already worrying about my kids being able to buy something, my oldest has only just turned 6.

    #FirstWorldProblems.
    We're looking into buying a flat for ours (she's 6 too) and renting it out until she's old enough. Seems ridiculous but as you say, how are they ever going to get on the ladder?
    3 flats for sale in Bexley village Dave.......
    1 :for £375,000, conversion from the old wick/Rising sun
    2:Old Pharmax site 2 bed 'rabbit hutch', nice view of the trains.........£215,000
    3: One above a kebab shop in Albany Park .....£160,000. I guess with or without chilli sauce

    When I checked out a house a year ago.....gave up..... unless you want one alongside the A2.......
    Ended up in Northtfleet/Gravesend...... immense amount of work, and he is in the building trade, had to delay the wedding, been begging favours from all his building mates.
    It is not easy that is for sure.
    I hope she likes kebabs
Sign In or Register to comment.

Roland Out!