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How do I get onto the property ladder, but easily?


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I'm living in London and have been told to find a new place and fast. As I'm struggling to find a suitable house/apartment to move into I need some help with this. Is things such as shared ownership a good idea? I have looked more and more into the idea and it seems to be something of interest. From talking to multiple people and housing people I have come across the idea of this shared ownership. One friend even recommended places to look such as this website https://propertybooking.co.uk as they do all of that stuff. I am someone to want things done easily, can not be fussed with lengthy and dragged out process' to find out I can't afford the high rent (especially in London). I just would like some help, and know not all of my money is wasted. As I am not the richest person in the world.

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Hi Sohpiag95, sorry to hear that you've been told to find a new place. Shared ownership can be a good starting point to help get you on the property ladder, it all depends if that is what you want. If you want to own a property outright then it may not be the best option but if you do no might then it could be a good start for you! Hope this helps

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Hi sohpiag95

 

Shared ownership is a solid start, but just be aware of the other costs involved. Under  shared ownership, you'll still be paying a portion of rent. This page summaries it quite well:

https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/shared-ownership-what-to-watch-out-for/

 

I think the main issue with London (I'm based in SE London, so if you're around there and want a chat let me know) is trying to build that deposit for a place.

 

Other options might be:

• the Bank of Mum and Dad

• if you have friends in the same boat, pool resources / deposit together to buy (just have a contract drawn up if you do though)

 

Either way, buying a property is always a drawn out process with lots of paperwork.

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HI Sohpiag95,

 

When deciding on purchasing I would always ask myself whats your long term goal.

 

With share ownership, do you intend to buy more of the share and eventually own the whole property?

 

The reason I ask is if you decide to sell in the future , share ownership is not an easy sell, your buyers are restricted. However it does get yourself on the ladder and I think we are still 2/3 years from a major price dip (depend on what research you read) so you may be able to benefit from a price rise.

 

One thing I dislike about share ownership is the rent you have to pay, it seems a little bit high and the property are new built which are genuinely not the best buy for quality.

 

It all depends on your goals where you are in your life.

 

best

 

keung lee

 

 

 

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