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    • MSE Jenny
    • By MSE Jenny 26th May 15, 4:40 PM
    • 1,219Posts
    • 3,554Thanks
    MSE Jenny
    Share your shared ownership experiences
    • #1
    • 26th May 15, 4:40 PM
    Share your shared ownership experiences 26th May 15 at 4:40 PM
    For those who can't afford to buy a home outright and are eligible, shared ownership can be an option. This is where you buy a share of the property and rent the remainder. If you've done it, we'd love to hear your experiences.

    How easy was it to move up to full ownership, did you have problems selling it on and is there anything you wish you'd known?

    If you haven’t already, join the forum to reply!

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Page 5
    • sugarbabe84
    • By sugarbabe84 2nd Sep 17, 11:02 AM
    • 149 Posts
    • 15 Thanks
    I've heard that Housing Associations usually compromise on the quality of properties for people who have bought through shared ownership.

    Has this been a problem for anyone?
    • comalley2015
    • By comalley2015 31st Oct 17, 1:35 PM
    • 4 Posts
    • 1 Thanks
    Hi everyone,

    Just wanted to pick a few brains re Shared Ownership. My wife owns 50% of the property we live in and we are looking to staircase to purchase the other 50% of the property.

    The further staircasing application is solely in her name (as we were not together when the first 50% was purchased. I presume we can still apply for the mortgage jointly, but the property as such would be entirely in her name.

    Any advice in relation to this matter would be gratefully received.


    • Koomess23
    • By Koomess23 7th Nov 17, 8:01 AM
    • 1 Posts
    • 1 Thanks
    This is my 1st time posting on any forum.
    I wanted to share my positive experience with shared ownership. My husband & I bought a 50% share in a 2 bed ground floor maisonette 2 years ago. We live in Aylesbury, Bucks & although we both earn fairly good salaries we couldn't get a mortgage big enough to buy a property fully. Anyway we have sold our property on the 1st viewing for 50k (25k for our share) more than we bought it for only 2 years ago. We put only 4k down in deposit originally so we now have just over 30k to move on to our next property.
    The selling part was easy but it has been slow going since & we are due to complete in a few weeks. Our housing association didn't want to try & sell it themselves & we were able to market it with an estate agent straight away.
    Our rent & svc charge has increased by a total of £10 per month in the 2 years.
    I think as long as you do your research & are aware of potential problems shared ownership is a good option for some.
    • madlyn
    • By madlyn 7th Nov 17, 2:09 PM
    • 592 Posts
    • 99 Thanks
    I have been in my shared ownership house for nearly 10 years.
    I am currently buying a 25% share but I can only purchase a total of 70% as it is part of a rural scheme and the house is around 100 years old.
    I did look into buying more of a share but I later changed my mind so I am currently making over payments on my mortgage instead.
    My mortgage and rent are around £440.00 a month with no service charge. doing this has worked well for me and I would recommend it.
    • KS53
    • By KS53 4th Dec 17, 10:10 AM
    • 1 Posts
    • 0 Thanks
    Repair or Improvement?
    I am a single working mum and 16 years ago I could only just afford a shared ownership property as I did not qualify for Council because I earned too much apparently. My rent and mortgage together are less than what you would now pay to rent a flat and I have a 2 bed semi which is lovely. Not much interaction from the Landlord except when wanting more money which is fine when they do the work. My major bugbear though is that there are a few of us in a cul de sac, surrounded by tenants who get all repairs undertaken without even asking. This year they have all had new windows, doors, kitchen floors and worktops and now they are all having new fencing outside. Some of these people are druggies who don't give a damn about their property and will damage it all within a couple of months in the knowledge they will get it repaired free of charge. They have a better quality of life than me who is trying desperately to keep a roof over my head by having to pay for everything myself. In the knowledge that unfortunately when I sell, Knightstone Housing (this is Somerset) will take the majority of my profit. Is this justified I ask myself? The cost of huge repairs, i.e. windows, boilers, roofs, doors, floors, kitchen worktops, fences etc far outweighs what we save on monthly rent/mortgage in the long run and I really do look after my property. I put forward to them an idea of having a discounted repair service which we can pay into monthly, they have the interest on the money we pay in, and then they negotiate a discount from contractors to do our repairs. It would work well for all parties but they refused. Martin - if you are able to read this - could we put this idea forward for all Housing Associations? It makes me very very frustrated to see what goes on around me and I have no money for myself at any time because it all goes into keeping my house up together/food on the table, with the constant thought that I will lose out at the end when I do sell because Knightstone profit from my efforts to keep the house going. It is their bricks and mortar at the end of the day and I feel it is unjustified and unwarranted to make us pay for the upkeep of the property and then take EXTRA money at the end of it. Surely there has to be some rights that we have to stop them taking so much. I also feel that I would have problems selling at full price if I staircased because no-one would want to pay full price for a property on a housing estate, especially when our little cul de sac looks so different to rest of the estate because none of us can afford to do all these repairs. Has anyone any experience of taking the Housing Association to Court for having their cake and eating it too?
    • stark994
    • By stark994 1st Feb 18, 12:01 PM
    • 6 Posts
    • 1 Thanks
    Do you need to go through a solicitors to re-mortagage?
    • SirRobin
    • By SirRobin 3rd Feb 18, 5:58 PM
    • 1 Posts
    • 0 Thanks
    There are different types of shared ownership. I'm on the LIFT scheme in Scotland where the government own about 20% of my flat but I don't pay rent on it. I just give them that proportion back when I sell or in 20 years. Or you can buy them out sooner in chunks (you have to pay solicitor fees and revaluation cost).

    You could choose any property on the open market and could have one with a spare room as long as it was within their (fairly modest) limits. You did have to put up a deposit but only very small.

    It's meant I was able to get on the property ladder and pay an affordable mortgage without being at the mercy of rent rises. I've had no issues so far and still feel grateful to have my own place.

    I understand the latest schemes are not so flexible but would still recommend to someone struggling to come up with the vast deposits required.
    Originally posted by djembe_caz
    Do you need to go through a solicitors to re-mortagage?
    Originally posted by stark994
    My experience with shared ownership has generally been good I bought 50% of a 2 bed terrace house .I believe rent increased by a few quid over the 2 years. With savings and a pay rise I've now increased my mortgage and bought the remaining 50%.

    East Midlands housing association were great I didn't get any hassle from them and they were helpful and prompt when it came to's the Solicitors that have caused me a lot of grief.

    Staircasing was expensive and painful nothing like the simple process it was made out to be. Nationwide lied to me about my chosen Solicitors not being on the panel and convinced me to use their incompetent one(O'Neil Patient FYI) I won't go into my tale of woe regarding these Solicitors just avoid them like the plague as I've never seen such ineptitiude.

    Staircasing was the equivalent of buying a whole house again
    affordability assessments, house evaluations by both bank and housing association etc it cost me about £2000 in legal fees.

    Overall my experience has been positive as it helped me achieve ownership of a property I otherwise couldn't afford. They need to simplify the Staircasing process though. Just be aware the legal fees are high and your likely paying over the odds for the privilege of owning a share.
    Last edited by SirRobin; 03-02-2018 at 6:03 PM.
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