Shared Ownership/HA a good idea?

hindsight_2

Help needed from you clever people on this site

I have a 2 bed house in Surrey but work in Central London. It cost me £290 per month for travel :mad: . I have had my house for 5 years (joint mortgage with my Mum but I live alone). I am thinking of selling & buying a flat in London through a Housing Association.

I would be greatful for any advice in regards to HA/Shared ownership & anyone who has experience (good or bad). Or should I just look into buying through a private way?

Many thanks in advance

Richard_Webster

Search this forum for threads on shared ownership - there are loads.

Basically HAs have got saddled with a lot of overpriced newbuilds and the so-called 100% values are generally too high.

A second hand one will generally have a more realistic price label on it and it those that you should go for if you are considering SO.

sukieq

Hi Hindsight

You already have a property so I'm not sure you'd meet the shared ownership criteria.

I recently bought shared ownership in London after many problems. If I wasn't in need of a stable base for my son I wouldn't have touched this scheme with a barge pole. There are many pit falls so do your research and try and buy in a decent area.

Good luck

robin_banks

Highly doubtful you'll be offered a shared ownership scheme, key workers HA and LA tenants way higher than yourselves on the priority list, this is not a bad thing as shared ownership as a con.

hindsight_2

I was thinking of selling first & then starting from scratch. This will (hopefully) enable me to capitalise on the cheaper interest rates. I am currently paying about 5% interest only fixed until next year. I have been paying the interest alone for the past 5 years - ouch!!!!

mrscole_2

I currently own a shared-ownership property,we bought it in april 2003. For us it enabled us to own a 2 bed house and garden and combined rent and mortgage was cheaper than privately renting. The other 1/2 of our home is owned by Jephson Housing Assosiation who have not exactly been helpful to us but have not upset us in any way. Our rent to them has gone up from £120 to £144 in the 6 years we have been there.

We are currently trying to sell our share - its not going well - an identical house sold in august 2008 for £75k - we are getting no interest at £56k.

lynzpower

I would agree:

1)new builds are over priced- and by a long way.
2) trying to sell them in this soret of market is a nightmare see mrscole above.

Wickedkitten

hindsight wrote: »

I was thinking of selling first & then starting from scratch. This will (hopefully) enable me to capitalise on the cheaper interest rates. I am currently paying about 5% interest only fixed until next year. I have been paying the interest alone for the past 5 years - ouch!!!!

Do you know if you are in NE or not?