shared ownerships your thoughts

fizzysweets

Hi i am interested on peoples opinions on shared ownership propertys. I have recently seperated from my husband and the only way i could possibly afford a house of my own is through buying a shared ownership. I am trying to work out what the best thing is to do, either stay in the house i currently own with my husband, he is happy for me to do this as we have two small children but the mortgage company won't take his name of the mortgage, which means his name will stay on there, which might be a problem if he wants to buy soemwhere of his own. Plus i would love to have my own place for me and my children but i keep hearing neagative things about the shared ownerships.
Thanks in advance.

poppysarah

Take legal advice if it's a divorce on the horizon.

Wickedkitten

Rent, shared ownership is a con.

gabyjane

Hi fizzysweets we have one and it the best thing we have ever done (certainly not looking like we would have ever bought the way things are now!) they get slated on here so if you want to pm for any info please feel free!

besonders1

I suppose it depends on what era you're buying in. if you bought during the peak, shared ownership may have been the only way to get on the housing ladder. Whereas now the housing market is crashing, who needs these schemes anyway when you can buy a whole house for the same price when the prices bottom out? A lot of people think that its like buying a council house but its not true as if its value goes down, then you still owe the original valuation.

Fight_Club

Wickedkitten wrote: »

Rent, shared ownership is a con.

+1

An invention to get suckers to take the property bubble to the next level of outrage.

gabyjane

besonders1 wrote: »

I suppose it depends on what era you're buying in. if you bought during the peak, shared ownership may have been the only way to get on the housing ladder. Whereas now the housing market is crashing, who needs these schemes anyway when you can buy a whole house for the same price when the prices bottom out? A lot of people think that its like buying a council house but its not true as if its value goes down, then you still owe the original valuation.

Me and dh earn well and tbh where we live there has not been for years a good time to buy, paek or not...other than settling for a scummy delapidated hole on the edge of a main rd! I always thought you would owe the origional valuation anyway but always let dh sort it out, at the end of the day if you can afford to buy it what difference does it matter what era or price it is?

gabyjane

Fight_Club wrote: »

+1

An invention to get suckers to take the property bubble to the next level of outrage.

Well im a sucker then BUT not as much as i was paying towards my ex landlords house (his daughter used to say to my dd, 'your'e buying this house for me when i'm bigger you know' grr!!

Fight_Club

gabyjane wrote: »

Well im a sucker then BUT not as much as i was paying towards my ex landlords house (his daughter used to say to my dd, 'your'e buying this house for me when i'm bigger you know' grr!!

Well apologies for insinuating you are a sucker and i'm sure what you say is true.

But I'm a great believer in the saying "There's one peace not worth having and that's a peace at the cost of the truth".

And the truth is that while you may now be paying less than what you were paying your landlord, the prices of houses was vastly inflated and now you and the Landlord will probably have lost considerable amounts of equity.

It was a huge ponzi/pyramid scheme and Gordon Brown is to blame, for allowing interest rates to be low for to long.

Apologies if the post takes on to a serious tone, it's just the incompetence of the people who runs this country (and are supposed to know what they are doing) makes me a tad wound up.

gabyjane

Fight_Club thanks for the apology! i know exactly what you are saying BUT most houses have lost equity whether shared ownership or not, we are in no position to sell for a very long time so it makes no odds what the prices do, and at the time whether prices were put up for this scheme or not ours was cheaper than most propertys around and it is exactly what we wanted/needed so saves in the long run, extending, moving etc.
The country is up the spout and imo always will be iv'e given up taking any notice tbh!

llh189

It is all very well that you can now buy a whole house for the same amount as a SO house - but in the current climate you still need a big deposit - and given that I am on a single income (horribly single) and I have the usual car loan etc and outgoings, saving 20K plus as a deposit is just out of the question.

So the my choice homebuy scheme is the only answer for me right now and 65% of a house is better than no percentage at all, especially after renting for 13 or so years!