Part buy part rent, anyone know how it all works? - HotUKDeals
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Part buy part rent, anyone know how it all works?

ChipSticks Avatar
6y, 10m agoPosted 6 years, 10 months ago
The OH and I are planning on moving in together in the summer, we're not keen on just renting, ideally would love to buy outright, but with the current climate that won't be possible. So we are looking into the part buy part rent scheme. I have googled, but I'm going round in circles and getting nowhere fast! Does anyone know how it works, or know the first step you need to take?
ChipSticks Avatar
6y, 10m agoPosted 6 years, 10 months ago
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1 Like #2
http://www.liftmortgage.co.uk/

this might not be of any use to you but its where i got all the information i needed.
1 Like #3
i watched a program about this a few years back and the general consensus was leave well alone TBH your paying all the maintenance and home improvement bills but only get half the potential profit banks laughing really!!
#4


never thought to check that site, will have a browse though, thanks :)

BlondeBella
http://www.liftmortgage.co.uk/

this might not be of any use to you but its where i got all the information i needed.


I think that's for Scotland, not too sure. We're looking to buy in Worcestershire. Thanks though :)

We are first time buyers, from what I gather that's mainly who the scheme helps, so far all I can see is that we need to find a HomeBuy agent?

Whoever said the best things in life are never easy, was bang on! lol
#5
mrcareful
i watched a program about this a few years back and the general consensus was leave well alone TBH your paying all the maintenance and home improvement bills but only get half the potential profit banks laughing really!!


I did wonder about the costs of maintenance etc, seems a tad rubbish if we have to pay for it all. Unfortunately we really can't buy outright though :(
#7


Ah, that looks really helpful, many thanks hun.

How come I spent 30 mins googling and just confused myself? lol
#8
mrcareful
i watched a program about this a few years back and the general consensus was leave well alone TBH your paying all the maintenance and home improvement bills but only get half the potential profit banks laughing really!!


not how it works here you pay for everything like its your own and when it comes to reselling what every percentage the bank own is the percent the recieve when sold.
#9
ChipSticks
Ah, that looks really helpful, many thanks hun.

How come I spent 30 mins googling and just confused myself? lol


you have to look for shared equity not part rent part buy it took me a while to find it when i first started looking:giggle:
1 Like #10
i have a part rent part buy house bought mine last april

what information do u wana know happy to answer anythign u want :)
#11
BlondeBella
you have to look for shared equity not part rent part buy it took me a while to find it when i first started looking:giggle:


Ah, thats probably why I was confuzzled, lol

ViperKeith
i have a part rent part buy house bought mine last april

what information do u wana know happy to answer anythign u want :)


Was just basically where to start really, had been looking on some estate agent sites and notice the odd part ownership sales, but thought it was something to do with the government, so was a bit lost, and google was making it worse... lol
1 Like #12
This also looks like what you may want: Clicky
Myself and OH Bought our home through the Lift shared ownership scheme (scotland)
We only pay for Mortgage and the Housing Association own a percentage, they get this back when/if we sell.
Or we could buy them out (if we win the lotto).
#13
ChipSticks
Ah, thats probably why I was confuzzled, lol



Was just basically where to start really, had been looking on some estate agent sites and notice the odd part ownership sales, but thought it was something to do with the government, so was a bit lost, and google was making it worse... lol


ur already starting in the right place with the estate agents - i found my house with right move but the house i bought was through mann and co they are a local estate company.

the way it works is u own a percentage of the house and ur local housing ass will own the other half

in my case i own 50 % and surrey heath (they are my local council own 50 %

i works as if u own the house out right, u do all the maintaince u do all the decorating etc and when you sell the house 50 % goes to the local auth and 50% is yours hopefully making u enough profit for u to put a deposit down on your next home u can own 100% of.

there are only 6 companys that offer part rent part by mortagues and you usually need about 10% of the part your buying for a deposit my house was valued at £180000 for a 2 bed end terrace i had to get a mortague for £900000 which is allot easier than trying to get a moraguge for £180000 :oops:

so all u need to pay is your morguage re payments and the rent on the 50% u dont own and the rent is at a very reduced rate which is set by the govement

i think in total i pay £710 a month in mortague and rent which is cheaper than renting and atleast u own half the house

hope i have helped:santa: and sorry for my spelling:oops:
1 Like #14
My sister has done this and I think she is a stupid cow for doing so, its a very wacky set up and you never seem to gain anything. It would be better if the housing ass paid for half of the repairs but they dont. I think its a great scam by the those that run it as they dont have to pay for sod all whilst you pay them rent :? Plus I dont know how it works when you upgrade the property. Such as if you put in double glazing in replacing wooden windows, or add a conservatory etc when you come to sell it does the housing ass gain from your improvement or not, I dont understand how that would work?

If it was me I wouldnt bother, its far too weird if you ask me.
#15
Thanks for your help with this guys :)

Have repped xxxx

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