Shared Ownership Nightmare-any tips?

robin_banks

geoffky wrote: »

Shared Ownership Are For The Financially Remedial. There Will Be In A Few Years Thousands Of People Who Have Been Conned Into One Complaining About Them... They Are Designed To Maintain High House Prices And Still Let People Buy Who Cannot Save A Deposit . Madness

I'm certainly no proponent of shared ownership, but only one lender will lend on a 100% mortgage - I'm sure that will change to none very soon. Concerning complaints they are already starting i.e. the exterior of flats that need a lick of paint, obscene hikes in service charge etc.

geoffky

No One Who Cant Save Should Be Getting A Mortgage Its Simple As That....if They Cant Save They Are A Risk

robin_banks

TBH it's such common sense it doesn't seem possible that people are stupid enough to think they'll get a mortgage and what's more keep up with payments.

As I say I nearly got my fingers burnt with a shared ownership but we had the common sense to pull out when the valuations came in. I would advise everyone to give them a wider than wide berth that's got a fair bit of width.

mrsdarbs

geoffky wrote: »

No One Who Cant Save Should Be Getting A Mortgage Its Simple As That....if They Cant Save They Are A Risk

So are you trying to tell me that I should have stayed living with my ex husband while I saved for a mortgage instead of getting a shared ownership and getting on with my life??

For me, at the time, it was the only option. It was a crap decision, but at the time didn't seem that bad, it wasn't overpriced and seemed fair. Had my circumstanced not changed so dramatically I would be there still now and would have staircased up.

It is madness I agree with you, but I also think that there are a lot of young naive people getting involved (me included) that maybe don't fully understand the system.

geoffky

No You Should Of Rented And Saved Like Most Sensible People

sukieq

To Geoffky,

I'm a single parent (shock, horror) who lives and works in London, I pay my rent of £1200 per month with additional child care costs of £400 per month. I'd like a permanent address so I have some level of stability for my son.

Most sensible people (which you assume yourself to be) would understand its impossible for some of us to save or have many choices in terms of housing.

Do you seriously think that anyone who had adequate resources would choose to go down the Shared Ownership route?

Thanks for the constructive comments though

mean_momma

mrsdarbs wrote: »

For me, at the time, it was the only option. It is madness I agree with you, but I also think that there are a lot of young naive people getting involved (me included) that maybe don't fully understand the system.

S/O has its uses in a rising market, where getting anything on whatever terms is a start, but those days have long gone. I wonder how many years will have to pass before the HAs accept falling values and prepare to take a loss? Or will they be doing silly deals to take over all the repos so that they can bumble about some more, not doing anybody but profiteering house builders any good?

Richard_Webster

What I have said before, which is just as applicable to SO as to ordinary new builds, is that solicitors should warn buyers who buy off plan that there is a significant risk that a mortgage may not be available (or only available on much less favourable terms) when they come actually to complete the purchase. A reason could be a change in valuation because of the long delay.

If they didn't give that advice then they may have been negligent and OP may have a case against them.