shared ownership

RHYSDAD

Our house is a shared ownership and, to be frank, we didn't buy to make a profit. We bought it to give our sons a decent area to grow up in rather than the !!!!!! flat in a !!!!!! area we'd been allocated by the HA, with no prospect of ever moving on from in anything like a hurry. The house we bought was purchased originally on the open market under a SO scheme. Our quarter mill house has a drive for 5 cars, a garage, conservatory, front and rear gardens and an open fire to boot! We live in easily the most attractive part of town about a mile or so from one of the best schools in the area. We bought a quarter share and if the value of our home dives, bring it on. We get three bites of the cherry, so to speak, to buy outright so we are waiting for a crash. We can then purchase the rest of the property for a cut down price. For my family it was a no brainer. For those of you that say it's !!!!!! all i can say is it isn't actually. Yeah we're liable for 100% of the repairs but if we bought outright we'd still be liable for that. And those that say it's almost the same as an outright mortgage well you're talking bollox. I'd need at least £1650 a month to pay a 100% mortgage on my place. As it is i pay just a quarter of that with around £230 rent. Not nearly as dear. Our neighbours are fine, it's quiet and safe and so pardon my not caring about making "profit" as that is, after all, what got us all in this !!!!!! state of affairs in the first place isn't it?

suki1964

Ah yes, something that most forget about, in a crash it makes buying more shares so much easier

Go for it

Graham_Devon

suki1964 wrote: »

Ah yes, something that most forget about, in a crash it makes buying more shares so much easier

Go for it

Yep!

It never crosses my mind personally, as I wont be doing it.

But add the fact you can buy your next share at a cheaper price (if you wish) with the low rent and low mortgage, and tbh, I can only find it one of the best schemes.

You profit on the way up. You can profit on the way down i fyou want more shares. Rent it linked to the RPI, so if it goes down, so does your rent.

In this crash, its the next best thing to simply renting.

I think the negatives are when you come to sell. It can be a nightmare.

RHYSDAD

Graham_Devon wrote: »

I think the negatives are when you come to sell. It can be a nightmare.

We have no plans to move on so that's that one dealt with. Next please!!

suki1964

Graham_Devon wrote: »

I think the negatives are when you come to sell. It can be a nightmare.

I sold mine in two weeks

Took two week for the HA to market it. On the open day of viewings I had 22 couples and I think 12 applied for it.


So nope, no negs there either