Homebuy - Need to improve our chances
Discussion
My Girlfriend and I went to see a house on the Homebuy scheme this morning and we really like it. The scheme allows people to purchase a proportion of the house and rent the rest therefore helping first time buyers like us get on the housing ladder.
We have to purchase 40% from the people selling the house - the remaining is owned by the Local authority. We intend to offer the full asking price and the scheme dictates that we cannot offer anymore than the asking price. The local authority then chooses who gets the house based on need.
I know this house is going to be very popular and will attract lots of offers of the full asking price (when we went round he had 11 viewings planned and 4 offers). So my question is how can we increase our chances of getting it? We don't have any kids and we are renting at the mo (i.e. have a roof over our heads) and we are reasonable earners - though do qualify for the scheme. The seller seems keen (or would prefer) to sell to us rather than others but they are not sure whether they can influence the decision. Has anyone had experience of this before? Either as a seller or a buyer? Is there anything you can do as a seller or a buyer?
Any advice greatly received!
We have to purchase 40% from the people selling the house - the remaining is owned by the Local authority. We intend to offer the full asking price and the scheme dictates that we cannot offer anymore than the asking price. The local authority then chooses who gets the house based on need.
I know this house is going to be very popular and will attract lots of offers of the full asking price (when we went round he had 11 viewings planned and 4 offers). So my question is how can we increase our chances of getting it? We don't have any kids and we are renting at the mo (i.e. have a roof over our heads) and we are reasonable earners - though do qualify for the scheme. The seller seems keen (or would prefer) to sell to us rather than others but they are not sure whether they can influence the decision. Has anyone had experience of this before? Either as a seller or a buyer? Is there anything you can do as a seller or a buyer?
Any advice greatly received!
My main concern would how marketable the property would be after you own it. Lots and lots of shared ownership properties become almost unmarketable in the secondhand market. If the person buying off you does not receive the same benefits you have received, it will be worth alot less when you come to sell it and you'll struggle to sell it.
Go into shared ownership with your eyes wide open.
Go into shared ownership with your eyes wide open.
JQ said:
My main concern would how marketable the property would be after you own it. Lots and lots of shared ownership properties become almost unmarketable in the secondhand market. If the person buying off you does not receive the same benefits you have received, it will be worth alot less when you come to sell it and you'll struggle to sell it.
Go into shared ownership with your eyes wide open.
Hi GQ, thanks for the response.Go into shared ownership with your eyes wide open.
I am not worried about the second-hand market in this case. The property is not actually new (which is why we like it) and this is the second or third time that it has come on the market through the scheme and there is loads of demand. It is in a really good area and I don’t think we would have any trouble selling it on again.
The problem is getting it in the first place...
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