Shared Ownership

bizzy_lizzie

mummytofour wrote:

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

Shared owners & Homebuy do their own repairs, like all other homeowners I guess. Rented repairs are done by the HA, unless its the 'fault' of the tenant. Still need to be paid for though & the rental income is what they use as they dont have anything else.

Bizzy

mummytofour

suki1964 wrote:

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

Ahh we are in west sussex which too, is very expensive, we are moving 25 miles to the cost, YAYAYYAYAYAYAY for a house, but 500 miles is a LONG way, I hope you have a happy new life :j

slobbery

Shared Ownership is a minefield. MIL has lived in hers for 5 years and now needs a bungalow for health reasons.
The problem we have had is that she has to sell it herself but is only allowed to sell for 50% of the valuation (has to be by Chartered Surveyor). So although she has been offered £78000 for her half, HA will only allow her to sell for £70000. They do not allow payments for extras either, so we are having real trouble getting money for the extras she has had done to the house (conservatory, outbuildings, furniture etc).
The solicitors have been unable to resolve this as it is "clearly" stated in her contract.
She is buying a DIYSO with a different housing association and they do not have the same terms and conditions. So to anyone considering doing this - read the contract thoroughly!

helen_vasey

we bought our shared property last september, we had been here for nine years, the original price was 48000 in 1996, we owned 25% originally paying 250 per month in rent & mortgage. we have just paid 73000 for our house on a valuation of 120k. our payments have gone up to 420 a month , thats on a fixed rate with portman for 5 years. i have had to double my hours with a new job but we felt it was now or never with how prices are now obscenely high.at least we can call the house ours now.i suppose we are lucky up here in staffordshire compared with the south, i really feel sorry for first time buyers, they havent a hope in hell of getting a foot on the ladder.

mummytofour

slobbery wrote:

Shared Ownership is a minefield. MIL has lived in hers for 5 years and now needs a bungalow for health reasons.
The problem we have had is that she has to sell it herself but is only allowed to sell for 50% of the valuation (has to be by Chartered Surveyor). So although she has been offered £78000 for her half, HA will only allow her to sell for £70000. They do not allow payments for extras either, so we are having real trouble getting money for the extras she has had done to the house (conservatory, outbuildings, furniture etc).
The solicitors have been unable to resolve this as it is "clearly" stated in her contract.
She is buying a DIYSO with a different housing association and they do not have the same terms and conditions. So to anyone considering doing this - read the contract thoroughly!

Your right a minefield it is!

I totally understand the problems that MIL is having, they are the same as I have had myself. The valuation is the part that I think that many shared ownership owners fall down on, the value is not the same as the open market value and in some respects totally unfair for the seller.