[NSC] Life Choices- Moving From Brighton

[pasty]

Having lived there for 34 years, I was firmly in the "I'll never leave Brighton" camp, but two years ago moved to Horsham, partly for financial reasons, partly because Mrs P wanted to leave Brighton.

Can honestly say, I don't regret leaving one iota. The only thing I really miss is staying for a few beers after a match with my Brighton friends.

 

[UnhingedSeagull94]

It kinda sounds like you don’t WANT to leave Brighton, and would be only for financial reasons. So with that in mind you could consider compromising your living location. Perhaps an immobile mobile home, or cabin home on a fixed park. There are options, but will all require compromise in some way shape or form

OP - I agree with Scooter here. Other areas of town are a lot cheaper. Peace haven, Portslade and Mile Oak, Southwick, Lancing, Worthing. All a stones from from central Brighton and there will be job opportunities there. Leaving Brighton doesn’t mean you have to up sticks and move away from all you know.

 

[North of Robertsbridge]

I've skimmed through the thread and didn't see a mention, but have you looked at shared ownership on a new-build apartment in the Brighton/Hove area? You buy a quarter of the property (mortgage if necessary) and rent the remainder with the option to buy more of the property and rent less

My daughter just did this in London, the monthly cost is similar to renting without the uncertainty (and the letting agent is constantly pushing her current landlord to raise his rent)

Upfront you'd typically need 10% of the quarter share plus around £3K for solicitors fees and upfront rent

 

[Barham's tash]

Germany has almost the lowest % of home ownership in Europe……

Homeownership rate in countries in Europe 2023 | Statista

In the presented European countries, the homeownership rate extended from 42 percent in Switzerland to as much as 96 percent in Albania.

www.statista.com

@dazzer6666 I see these stats all the time about France, Germany and Spain and then just left wonder who owns all the properties? Still the same issue of lining someone else’s substantial pockets.

But I get it’s a psychological consideration in that regard and our European brethren feel much more comfortable about.

 

[Herr Tubthumper]

@dazzer6666 I see these stats all the time about France, Germany and Spain and then just left wonder who owns all the properties? Still the same issue of lining someone else’s substantial pockets.

But I get it’s a psychological consideration in that regard and our European brethren feel much more comfortable about.

Here it’s a mix of council housing, private small landlords similar to B2L, large housing cooperatives and large private companies like Vonovia. A friend of mine is signed up to a cooperative, he pays a monthly subscription and gets access to lots of fair priced accommodation which they own. He has been renting a nice apartment in a block in Mitte for a few years now at very reasonable price.

 

[Zeberdi]

I've skimmed through the thread and didn't see a mention, but have you looked at shared ownership on a new-build apartment in the Brighton/Hove area? You buy a quarter of the property (mortgage if necessary) and rent the remainder with the option to buy more of the property and rent less

My daughter just did this in London, the monthly cost is similar to renting without the uncertainty (and the letting agent is constantly pushing her current landlord to raise his rent)

Upfront you'd typically need 10% of the quarter share plus around £3K for solicitors fees and upfront rent

Afaik - if one can afford to cash buy a property or at least save up a deposit then you’d not be eligible.

It’s a good idea if you can’t afford to get a foot on the housing ladder but that’s not the situation here for the OP.

Also your mortgage repayments plus rent may be as much as, or more than, repayments on a full mortgage.

’Worse still, there is a risk that if you are evicted, you could lose the portion of the home that you have already ‘bought’, since you don’t own it in a fully legal sense until you have staircased up to 100%.

The housing association is not legally obliged to reimburse you if you are evicted – you are only legally entitled to be paid for your share on the sale of the property.’

Shared ownership: pros and cons explained

If you’re struggling to find a home you can afford to buy, one solution may be shared ownership. Learn the pros and cons of shared ownership and more here.

www.unbiased.co.uk

 

[swindonseagull]

And you would have me as a near neighbour. What's not to love?

Ive had that ' pleasure'

 

[Eeyore]

I have actually seen a park home over Polegate way. I think the first thing may be to pay the site a visit- with the estate agent and without. I was thinking of knocking up a couple of residents to ask questions. Does anyone have experience of buying a park home ?

 

[North of Robertsbridge]

Afaik - if one can afford to cash buy a property or at least save up a deposit then you’d not be eligible.

It’s a good idea if you can’t afford to get a foot on the housing ladder but that’s not the situation here for the OP.

Also your mortgage repayments plus rent may be as much as, or more than, repayments on a full mortgage.

’Worse still, there is a risk that if you are evicted, you could lose the portion of the home that you have already ‘bought’, since you don’t own it in a fully legal sense until you have staircased up to 100%.

The housing association is not legally obliged to reimburse you if you are evicted – you are only legally entitled to be paid for your share on the sale of the property.’

I believe that different schemes have different rules and the latest schemes have much more flexibility and protection than previous arrngements

My daughter paid the first share entirely from cash savings, the eligibility criteria was simply earning less than £90K (in London), also not having owned for the last 3 years. You are probably right that it’s going to cost more than mortgaging the entire property but I read the OP as saying he was ruling that out. It’s cheaper than renting though with more protections and less risk of massive rises

Not sure why you’d worry about being evicted, unless you’re using the place for something illegal - the share is saleable if necessary (if not as liquid as a fully owned property); usually the association gets sole selling rights for 3 or 6 months and after that can sell on the open market

ps: I just checked and each £100 of monthly rent would need close to £200 of monthly mortgage to buy further shares that way

You are right that there are pro’s and con’s, but it’s another route