Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

All advice welcome!

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • All advice welcome!

    Hello everyone,

    Thanks for taking the time to read this - I am in need of some advice.

    My partner and I are wanting to buy a flat, and we have been looking for around 4 months. Last month, we found one that seemed to tick most of the boxes and, the best thing of all is that it's shared ownership (so we only have to buy 50%). This works out much better for us financially as we don't need such a massive deposit.

    So what's the problem? Well the big problem is that my partner's parents really don't like it. And they are not the sort of people that just object to everything, they are really decent people who, I believe have our best interests at heart. I've been with my boyfriend for around 3 and a half years and they've never expressed such strong opinions before. To make matters worse, everything they have said is true - there are a couple of things I'm not too keen on (for instance, it's an eco-friendly house and so it looks a bit industrial inside) but my partner and I were willing to accept it as it is.

    We are really stuck over what to do - we have already set the wheels in motion and applied for a mortgage, have a survey done... all in all we have spent a few hundred pounds. So, should we continue and go for it? Or back out now?

    If we decide not to go for it, I'm not sure what our other options are because this was always supposed to be a short-term thing (for around 5 years) so the longer we leave it to buy, the less worth it it becomes. But, then again, I don't really like the idea of renting for another 5 years and paying off someone else's mortgage for them!

    Anyway, sorry for babbling on, we just can't seem to come to a decision on this and we need to get our holding deposit in soon otherwise i fear someone else will get in there first.

    Any advice is welcome - what would you do in my situation?

  • #2
    Hi,

    Not sure how helpgul this is, but I would ignore any payments you have already made when making your decision. Regardless of what you do, that money has gone, and compared to the overall commitment you are making, that cash is a relatively small amount.

    Have you looked around at other developments? There are usually quite a few new builds around offering shared equity (similar to shared ownership but no rent) so I imagine if you are patient and spend lots of time looking around you will find more than one property that suits your requirements.

    But at the end of the day it is your decision and nobody else can tell you whether or not to buy the place. You are the ones who will have to live there.
    Independent Mortgage Advisor, expert in residential, buy to let, holiday let, and refinance mortgages

    Comment


    • #3
      It sounds like you are having second thoughts...and as mortgage advisor said don't focus on what it's cost you so far...think about what you are going to be spending in the future. If you're not 100% sure now, it's likely to feel like a noose round your neck, an expensive one!
      Surely renting isn't so bad until you find somewhere that makes you all happy
      www.ownerhome.co.uk
      commission free property sales and lettings

      Comment

      Working...
      X