Shared Ownership

Poppycat

We have our own house 2 bedrooms but its too small for use 2 adults and 2 kids, plus my daughter is now disabled. We are applying for a shared ownership house but the shared ownership houses in my home town are two small and even smaller than what we have now, although better area.

No chance of getting a council house we have 44 points we need 80

Theres has been a scheme running in my area a year or two back but had little take off, because it wasnt advertised apparently. That you find the house ie it has to be realistic ie say 2 adult 2 kids a 3 bedroom house You pay x amount say for argument sake house is £150k you pay £75k, the housing association pay £75k, when you sell and you choose they get the percentage they put in so in effect they get the have an investment, in this caes 50%. If you do some work on house say new extension they can gain by that, as it may increase the value of the house if you see what I mean.

I cant remember what they call it but it is hopefully running in certain areas and its our area as of April 2006 subject to funding.

Priority is giving to people who are on a council waiting list and can afford the morgage.

beckstrous

Poppycat, is it Homebuy you're talking about?

More info here: http://www.housingcorp.gov.uk/yourhome/homebuy.htm

Poppycat

I am unsure that link doenst give much info.

I really need to get out and am desperate to move, if I can afford to upgrade on my own merits I would

suki1964

Poppycat, Im pretty sure that as you are already a homeowner you wont be eligable for a shared ownership or homebuy scheme as they are for first time buyers

bizzy_lizzie

Poppycat, I thinkwhat you talk about is DIYSO - literally DO IT YOURSELF Shared ownership. I dont think its around anymore. Shared Ownership is normally new build now & is on the msall side as its really to help young people who are borderline in need of social housing on to the property ladder. Homebuy which is an interest free loan and can be new build, existing properties or is sometimes only for key workers (sounds daft, aren't all workers key ?). The very latest is Homebuy Shared ownership which I havnt heard details about but I guess is a mixture. Proper Housing Associations are regulated by the Housing Corporation & dont make a profit, they just do repairs & pay the mortgage with the rental income & equity on re-sales.
The council is still the best way to get into HA properties of any type as most are only allowed to house council nominations or at least a large propertion of what they provide.

Hope this helps

Bizzy

Poppycat

I haven't been turned down for it, it fact it was the housing association that is participating with the scheme that informed me about it as I haven't heard of it before and they have my name down, but is subject to funds being available from government or so I have been told.

I am desperate to leave, I have even thought of walking away I am that desperate, even though I only have 8 years left I gone beyond the stage of caring about money I just want a quality of life for us and give my disabled daughter her own bedroom, she has trouble now with bunk beds.

mummytofour

Poppy cat it is def homebuy you are looking for BUT if you call your local council then you can tell you what H/A covers your area with this scheme.

You may be able to purchase a S/O home on a 50% share BUT you would need to ask each H/A that covers your area ( there are many) as each one has its own rules, our would not let us apply for a bigger house ( we are over crowded) until we had sold our home and we renting... not ideal.


Howevre there is no funding round here, it ran out months ago and currently no known date for funding.

Also, there are now grants of up to 25k to help with adaptations for a disabled person, maybe you could get an extension??


Suki, I know what you mean about appealing, I could of... but that would of held up everything, this time when we put the house on the market we had already found a new house ( shhh dont tell) and offerd on it, its just about the only house within 50 miles of here that has everything we need Ie 4 beds and 2 rec rooms with a budget we can just strech too, still maybe in yrs to come I will kick myself, by right now in all honesty, im sooo bloody fed up of shared ownership, like you say, yes they have made profit out of us.

This house was originally DIYSO 10 yrs ago, we bought it from the original DIYSO purchasers almost 7 yrs ago, 10 yrs ago the house was 66k so 33k from the H/A now its 190k.. plus the H/A have had £160 pcm in rent every month for the last 10 yrs.


Its a 1974 ex council house and we have spend sooo much money on things that needed doing.... in the end we have had to draw a line and say no more.

We have re-morgaged over the yrs to pay for the increased work and now to find out we get non of the profit back its a huge kick in the teeth, infact it makes me wonder why anybody would want to maintan and improve a S/O home??? At the end of the day tho, we got a home when we where homeless and now have a deposit for a new home, that Im greatful for.

I think if i had the choice tho and we had to have S/O I would of been happier with a brand new house than needed nothing spending on it.

mummytofour

bizzy_lizzie wrote:

Proper Housing Associations are regulated by the Housing Corporation & dont make a profit, they just do repairs & pay the mortgage with the rental income & equity on re-sales.

Bizzy

They dont do repairs if you live in a house its ALL up to you!

Poppycat

My local council housing association have enver even heard of it. In fcat I rang them up and asked to be considered on the scheme, as priority is given to people who are on the list and can afford the hous. The only reason why we can afford it is because we only have 8 years left on our morage but cant afford to increase our monthly payments to get a larger house. If I was in that position I would have left years ago.

I couldnt get an extension as we dont have much space at the back and none at the front, we had an extension to our kitchen years ago to make it bigger as it was too small.

The only way is up and the neighbours would object, I know I would if I was then as it would block light, ist alrdeay dark at the back even onn the sunniest of days, as its a north facing.

suki1964

mummytofour

Im so glad you have found somewhere that suits within budget in your area. I found what suits our needs within budget - but 500 miles away

We have been priced out down this end of the country. After 41 years of being a londoner Im going to give country living a try