Shared Ownership advise please?

twirlypinky

My mortgage advisor told me to steer clear of these schemes unless i had no choice. You should absolutely rent somewhere for a year or two until you've saved enough. With your income i don't know why you need SO.

I'm not sure where you live Oxigin, but you really need to think hard and get professional advice before you do this.

House prices are likely to keep on falling for a while longer, some people are saying 10%. So, 10% of 183k is £18.3, making the house worth £164.7k. If you jointly earn about £50k a year, then 3.5x50 is £175k. Wait a year and you can do it on your own!

Rental prices are falling too, so you could get a bargain.

lil'H

speak to a good mortgage advisor. If your joint income is over 48k as you said in first post and you are looking at a property around the 182k mark you may be surprised how much you can borrow. Save a bit towards deposit (which with that kind of income should be easy) let pices fall slightly more, or bargain hard on whats on market now and you may well be able to get the sumes to add up without doing shared ownership.

Lemonade_Pockets

I've read the posts with interest as i'm beginnig to look at this start of scheme as well.
I would be interested to hear if anyone who has actually bought a house on a SO scheme has had a bad experience.

Also can i borrow someones crystal ball since everyone on here seems to know when the property market is going to bottom out!

Surely it is better get in to soon than to late?? I would prefer to take my time now choose the best place for me and risk loosing a few grand in the short term, rather than trying to rush in just as the market kicks off again.

DaisyClaire

Lemonade_Pockets wrote: »

I've read the posts with interest as i'm beginnig to look at this start of scheme as well.
I would be interested to hear if anyone who has actually bought a house on a SO scheme has had a bad experience.

Also can i borrow someones crystal ball since everyone on here seems to know when the property market is going to bottom out!

Surely it is better get in to soon than to late?? I would prefer to take my time now choose the best place for me and risk loosing a few grand in the short term, rather than trying to rush in just as the market kicks off again.

Actually brought a SO house.....good experience
Property market...who knows.....

Lemonade_Pockets

It seems everyone who has actually bought a house on SO scheme has only good things to say about it.

Would still be interested to know if anyone has had any bad experiences, the only people slating them seem to be those with little or know direct experience themselves.

Jvic28

The way I look at it. If I'd have bought somewhere wether it be 100% or 75% I would still be looking at a loss at the moment. I'm just going to sit tight. When the time comes I'll put it on the market again and I'll already have a list of people who may be interested on the HA Waiting list. (Hopefully)

Anyone out there who has actually had bad experiences themselves?

Wickedkitten

Personally, I'd be more interested in hearing from people that have been on the scheme for over a year or have actually sold on it.

Buying is the easy part.

Jvic28

Wickedkitten wrote: »

Personally, I'd be more interested in hearing from people that have been on the scheme for over a year or have actually sold on it.

Buying is the easy part.

I haven't sold yet, I don't think anyone who owns any share even 100% of a property would want to sell at the moment but I have been on the scheme for 2 years. As I said previously in the thread, no complaints so far really.

I wish I could move as I have a baby on the way in a one bedroom flat, but if I owned 100% I'd be in the same situation.

scheming_gypsy

Wickedkitten wrote: »

Personally, I'd be more interested in hearing from people that have been on the scheme for over a year or have actually sold on it.

Buying is the easy part.

i'm in shared ownership but not sold, although the ex twisted-b*tch did buy a shared ownership off somebody in the scheme. Saw it on Right Move, went to look at it and then bought it.. so they do sell.

Rotwein44

brit1234 wrote: »

Stay away from shared ownership they are a nightmare and con:

1. You share the blocks with housing association tenants some of which will be criminals and cause anti social behaviour.
2. Prices are extremely overvalued and build quality is poor.
3. Service charges are inflated and rents rise above CPI inflation
4. It is far harder to sell, you have to jump through hoops for ages before you can market with a normal estate agents. It is well known most people will stay well clear of shared ownership so your pool of people to sell to is smaller.
5. House prices are falling fast, get a normal flat at auction for 50% off instead.

Dont just assume this is the case!! :mad:

I am a teacher and have bought a shared ownership property as a way of getting on the housing ladder and to get away with extortionate rental prices!

1. I DO NOT 'share the blocks with housing association tenants some of which will be criminals and cause anti social behaviour.' But have friendly professional neighbours in a similar situation to myself!
2. The property wasnt overvalued but the same price as the same property up as a 'whole' purchase.
3. Dont pay ANY service charges and a very SMALL amount of rent on 50%
4. People do not steer clear of such properties, except people on here slating them, when they more than likely havent had any real experience of them!!

:mad: :mad: :mad: