Buying a house - Shared ownership

[MontyVeda]

What does staircases the balance mean?

Ai reply...
"Staircasing the balance" is a phrase used in the context of Shared Ownership house schemes in the UK. It refers to the process of a shared owner buying additional shares in their home to increase their equity and reduce the amount of rent they pay

 

[Fastpedaller]

I've always considered these 'shared ownership' schemes to be merely a way to inflate the price of a new house. They aren't worth the price that's being asked. If only buyers would just offer less the prices would come down! A person my Wife worked with was buying a new house. This was a few years ago, so not the current 'slump'. She and her partner had both saved a deposit and were told by the developer "we can offer a help-to-buy scheme". They explained that they had a deposit and a mortgage was being agreed upon. They said 'we'd like 10k off the price and the kitchen of our choice' They got it (along with the snagging list and subsequent flooded rear garden which was eventually fixed).
One thing I didn't realise until a couple of years ago, when our Daughter bought her first property.... Getting a mortgage through a mortgage advisor can achieve a better rate than direct with the lender (I can't work out why either, because they are paying them a commission) but it was certainly true, and I believe some lenders will only go via an advisor, I guess it's easier for the lender than dealing with the home buyer directly.
The first advisor over the phone told our Daughter "when you find one you want, offer 20k more than the asking price". She might be new to buying a house, but she's not inexperienced, so she found someone else. She offered 10k less for the property she found, and has been in it over 2 years. I've been decorating it for 2 years - but that's another story Good result for a 25 year old to have a detached 3-bed as their first property!
OP - it's a buyer's market at the moment - exploit that as much as you can! Negotiate hard.
We rented before we bought, have only ever had 3 properties (including a flat), but the biggest lessons learnt are 1) don't ever consider a flat and 2) anything which is shared is a potential problem.
Good Luck.

 

[Pat "5mph"]

My motivation is to give myself housing security.
Council housing is in very short supply and there will always be people more in need of it than me.
Private renting means living at the whim of the owner. If they decide to sell then I'll have to find somewhere else to live. That could happen every year or two and there's nothing I can do about it.
The only way I see that I can give myself housing security in my later years is by buying somewhere.

I understand.
Hopefully you'll find an affordable property.
Maybe get something cheaper because it needs lots of renovations, but it's structurally sound?
Get ready to spend your later years slumming it a wee bit lol
I'm soon to be 63, just got a new kitchen after 18 years in this flat, and the kitchen was already old then!
That didn't stop me to bake for Scotland during those years, even when the oven's door fell off ... I reattached it
I did prioritize paying off my mortgage before doing the necessary renovations.
If you have your health and can keep yourself warm in your home you're sorted!

the biggest lessons learnt are 1) don't ever consider a flat

Well, for us singletons on a basic wage a flat is certainly the most cost efficient way to live.
I live in a 2 bedroom flat, back and front door, private front garden.
It was affordable because at the time the area was not desirable, but now it has changed.
It's a building of 6 flats, the ones upstairs have 3 bedrooms, 2 flats still belong to the council.
We are all single households, apart from one of the council flats, they are a family.