Which house should we buy?

53 replies

HollyLondoner · 26/01/2024 16:06

SE England
Married couple in 30s with a young child
£700 a month for 2 days at nursery
Combined salaries of £65k/£4k a month

Option 1:
Little 2 bed Victorian terrace in the area we currently rent
Lovely neighbours and lots of friends
Terrible parking (people park across your front door and you have to walk down the middle of the road with a buggy from all the cars on the pavement)
Shit schools
A little sketchy
£270k
£1400 a month

Option 2
Shared ownership 20 years old
105 years on the lease
30% share for £100k
Very desirable area
Woods on doorstep
Fantastic schools
Drive way and garage
Massive garden
Not really our style and wish we could afford outright but still a lovely house
£900 a month

OP posts:

Tulipvase · 27/01/2024 16:25

HollyLondoner · 27/01/2024 14:09

I know there are many cons to leaseholds but the price is great as the rent part is very reasonable. New builds charge twice as much as this as they're much more popular than a 20 year old house like this.

It's in fantastic condition and we're waiting to hear back by the end of today if we've got it. I think we're the only ones not in a chain so fingers crossed!

We could comfortably pay for childcare and save a few hundred a month so seems a good option. Also do fed up of the crazy parking where we live!

I’ll keep everything crossed for you! Not being in a chain is a great advantage.

Pointerdogsrule · 27/01/2024 16:26

Tulipvase · 27/01/2024 13:50

I’m not saying it’s the case for the OP, she needs to check carefully but are you not aware of the leasehold scandal surrounding new build houses being sold as leaseholds and the buyers were unaware? And the fact that there were hidden clauses including doubling ground rent?

At the end of the day, the companies that are selling shared ownership properties aren’t doing so out of the kindness of their hearts.

But I appreciate it is necessary and not all of these companies will be out to rip you off.

Show quote history

I 'm aware, but you're comparing apples and oranges.

A typical shared ownership association is a non-profit, a different universe from Barratt Homes, Countryside Property, Wimpey etc, all of whom I wouldn't touch with a barge pole for their horrible new builds. I wouldn't touch one.

In fact the only new build I would buy would be a part buy part rent one owned by a housing association as they are much more heavily regulated.

There hasn't been the same leasehold scandal with share ownership, the only controversy has been service charges and as you correctly point out, management companies, in both cases for flats.

Original poster

HollyLondoner · 27/01/2024 17:20

@myphoneisbroken @Tulipvase thank you! They've said they'll get back to us on Monday. Let's hope 🤞

OP posts:

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