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Speak to an IFA they will be the best people to talk you though how much you will be paying intrest against how much intrest you could earn with savings.
To be honest I was nearly sick at how much you are paying for a 1 bed shared ownership property.
68.31%
Property is 525k open market value
Property is in Chelsea, West London. Probably one of the most expensive areas in London and UK
It’s a luxury development, about 10 years old now.
I plan to live there for the next 3-5 years
Alright that fills in a few blanks, as I said before speak to an IFA plenty out there who would take a call today. Just be mindful when it comes to selling the council gets its share of the equity first, you get what's left, also be wary of what other charges you have to pay or what your share to fix anything in the building, savings maybe needed to bail you out of the what ifs.
I'm in Wales, and to see a first time buyer purchasing a 1 bed flat/apartment for 370k is mind-blowing! How is that apartment so expensive and how did you get all that deposit?! >< I'm fooked, still at home with parents saving nowhere near that amount
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, please report them via the report button. * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
Speak to an IFA they will be the best people to talk you though how much you will be paying intrest against how much intrest you could earn with savings. To be honest I was nearly sick at how much you are paying for a 1 bed shared ownership property.
It’s a shared equity property, I would not be paying rent on the % I don’t own. Is that still awful?
How much is the real price of the property if the council own a chunk. Is this a new build and how long do you plan to live there.
68.31% Property is 525k open market value Property is in Chelsea, West London. Probably one of the most expensive areas in London and UK It’s a luxury development, about 10 years old now. I plan to live there for the next 3-5 years
Alright that fills in a few blanks, as I said before speak to an IFA plenty out there who would take a call today. Just be mindful when it comes to selling the council gets its share of the equity first, you get what's left, also be wary of what other charges you have to pay or what your share to fix anything in the building, savings maybe needed to bail you out of the what ifs.
NFA, but it always pays to put down as much as you can, in the long term you won't be paying back as much.
Shared equity can be very hard to deal with later. And that sounds very expensive.
Really, in what way? If it makes a difference, the property is in Chelsea, West London.
Well I won't touch shared equity because if I buy something, I want to buy all of it, not part of it....
They may have different ideas about selling and sharing the proceeds from your ideas. They may place restrictions on your use of the property.
If I own 70% and the council owns 30%, how would this change when I sell? They would take the same percentage share as they own
They may estimate the price differently from you.
Would you suggest I get a surveyor?
Surveyors deal with the physical state of the building. I don’t know anything about that. My point was about the title.
£52k yearly gross should result in £3,393.42 monthly net.
Yes. I also work 3-4 extra shifts each month, bringing me >4k total.
Its a no
I'm in Wales, and to see a first time buyer purchasing a 1 bed flat/apartment for 370k is mind-blowing! How is that apartment so expensive and how did you get all that deposit?! >< I'm fooked, still at home with parents saving nowhere near that amount