Shared ownership

Laura2507

I have a SO property and think it can be really good for some people, depending on their circumstanced.

I have consistent worries about selling in the future as I know I won't be staying here forever, so as soon as my mortgage fixed term expires (June next year) I will be putting my flat up for sale.

The one thing that makes me more positive about selling it is that with the banks stopping 100% mortgages, people are now having to raise a deposit to purchase a home, and even 10% on my share is a large amount of money. My share is 50% and is £77,500 so even that would be over £7k deposit. So a SO property may appeal more as it wouldn't take as long to save that much for a deposit compared to buying on the open markert.

I would also recommend people ensure if they are buying a SO flat, that all the other flats are also SO and not mixed tenure with social housing. I never was a snob but after having a particular issue with a neighbour I regret being so open minded about it.

shellnapier

gabyjane wrote: »

Wicken kitten we have 40% and pay that per month all in..it is a 2 bed semi detatched with garage, driveway, large garden, 2 bathrooms, 2 double bedrooms, big kitchen diner, 10 min walk to the beach lol can you tell i love it!!

shellnapier where we live it is true hence us having to wait years to get one, we had to earn a certain amount before we were eligible..at the end of the day if you have to have a council house and rent paid or low rent then why would you be eligable for a mortgage?

Catblue like i said if you are in affordable housing or council etc you are obviously there because you cannot afford private rents so therefore not eligable, that's the case where we are anyway..we had to earn above a certain amount before we could be considered as i said below.

well teh SO we are looking at is with the council - and you can only apply if you a.live ina council house.or are n teh waiting list and a first time buyer .

teh idea behhind these is to get people who feel they can afford a mortgage get a house and give up ther house for people who canot

Idiophreak

Comparing the cost of these things to council properties is a bit odd as far as I can see - it should be compared against owning a house through "conventional" means...

Anyway, a lot of people are saying the schemes are bad because they inflate prices, which may be true, but I'd argue that's bad *for the market*, not necessarily bad for the individual buyer. Buying properties is very tough at the mo, especially for first time buyers, so if these schems help people out, they can't be all bad..

(although, that said, I'm not a *huge* fan of SO personally, I think there are better schemes about for some people...)

chez22

I was in two minds about whether to post on here as there are so many people against SO I didn't want the same response I got last time, but here goes. I think the problem is the huge variation in SO schemes across the country. The scheme I joined was great and I would recommend it but I have heard of others I would not go anywhere near. Because there are some bad schemes people then make assumptions and generalisations about ALL SO schemes. I think this is unfair. My home was a new build when I bought it (1995), I have had no problems with it, nor is it a 'poorly built shoebox'. House prices in this area have always been high, it is an expensive and popular area, but the SO houses are no more expensive than similar properties on neighbouring estates and are not inflating prices.

Catblue

gabyjane wrote: »

shellnapier where we live it is true hence us having to wait years to get one, we had to earn a certain amount before we were eligible..at the end of the day if you have to have a council house and rent paid or low rent then why would you be eligable for a mortgage?

Catblue like i said if you are in affordable housing or council etc you are obviously there because you cannot afford private rents so therefore not eligable, that's the case where we are anyway..we had to earn above a certain amount before we could be considered as i said below.

Eh? Do you have any evidence that actually supports your claims? Which SO scheme are you in that excludes people who currently have council tenancies?

A lot of people are in council housing because it provides secure tenancies at a reasonable rent, not because they cannot afford private rents. That's why people tend to hold on to council tenancies as long as they can.

From a financial viewpoint, you'd need to be pretty dense to trade in a secure tenancy for an insecure one that is more expensive.

But I'd really like to know the name of the scheme that excludes people who currently have council tenancies.

aconitum

I live in a SO scheme house and have done for 13 years. It is on a small estate of mainly privately owned houses and despite being a new build we have had no probs with it. We own 60% and rent the remaining 40%.
We had been on the council house list for years but as there is a big shortage in our area and we still lived at home with parents ( and hadn't had kids yet) we were not high on the list of priorities. The housing association advertised in the local paper and the only initial conditions for applying were that you couldn't afford a mortgage locally and you were on the council waiting list. Whilst I don't know if the council would have necessarily excluded existing council tenants I think they may have given preference to those still on the list, particularly those that were likely to still be waiting when drawing their pension,lol.

shellnapier

aconitum wrote: »

I live in a SO scheme house and have done for 13 years. It is on a small estate of mainly privately owned houses and despite being a new build we have had no probs with it. We own 60% and rent the remaining 40%.
We had been on the council house list for years but as there is a big shortage in our area and we still lived at home with parents ( and hadn't had kids yet) we were not high on the list of priorities. The housing association advertised in the local paper and the only initial conditions for applying were that you couldn't afford a mortgage locally and you were on the council waiting list. Whilst I don't know if the council would have necessarily excluded existing council tenants I think they may have given preference to those still on the list, particularly those that were likely to still be waiting when drawing their pension,lol.

that sounds like the same type os scheme were looking at except proirty is given like this
1. live in a council house and have a "conection" with town
2.waiting list for a counicl house have a "connection" with town
3.live in council house no "connection"with town
4.council wainting list "no cennection withtown"

and you do not need a depoist, thas what we are waiting to see if we have ben lucky enought= t get 1 of the six

we shall own 65% if ok - and only need £995 for fees and £250 for suvar

omen666

Can you get one one of these if you have bad credit ratings?

shellnapier

well we sitll had to go for a mortgage nad had an oka cedit rating and passed

omen666

What if I know I cannot get a mortgage, a lot of these advertising in the London Metro say they will sort out the mortgage, assume they are using standard Finance companies?