HomeBuy - Shared Ownership getting better?

nig0609

Here we go, another thread on shared ownership...

I went to a HomeBuy event today and noticed that a bunch of flats which were being advertised from 175k for a 2 bedroom, from 150k for a 1 bedroom, this was in December 2008, now they are being offered on under the homebuy scheme for 115k 1 bedroom, 127k 2 bedroom. The agent said that by law they have to revalue the properties every 2 months and they are revalued in line with what sales have completed in the area.

I was put off going into shared ownership as all I saw it for was a scheme to keep property prices up (by reading threads on here and looking at what was on offer locally), but am I being naive in saying that things are getting better and it might be worth reconsidering?

llh189

there is a difference between shared ownership and mychoice homebuy.

Shared ownership tend to be on certain properties, and whilst these properties should be independently valued I suppose the shared ownership status of them could sway a surveyor in to valuing it on the high side - although valuations on shared ownerships places are normally only relevant for three months then normally the HA is obliged to get them revalued inline with market forces.

Homebuy is an all of the market scheme, you are not restricted to property type and you can make whatever offers you want to, you then get it independently valued by your mortgage company. The scheme gives you your deposit money based on your financial position and not the value of the market at the time.

nig0609

Thanks for your input, but HomeBuy is shared ownership - and it comes in many flavours (I count 9 on their website, http://www.homebuy.co.uk/)

MyChoice HomeBuy is only one of them - but I agree with what you say about it.