Shared Ownership Schemes

alexxa

Hiya!

Has anyone taken part on this government scheme - shared ownership? How did they do it? I'm not a key worker and most of the properties are given to the keyworkers. I am keen to get one myself as I don't think I can afford to get an open market property.

lynzpower

alexxa wrote:

Hiya!

Has anyone taken part on this government scheme - shared ownership? How did they do it? I'm not a key worker and most of the properties are given to the keyworkers. I am keen to get one myself as I don't think I can afford to get an open market property.

Yep Ive got one in inner london.

Im not a keyworker either, you dont need to be in london.

They have thier benefits and dibenefits, but if its all you can afford, then worth considering I would say definately.

Do send me a pm if you want any further info!
Lynz
x

AndrewSmith

Hi,

Deal with these quite a lot recently. First thing to do is register with as many housing associations as possible in the are you want to live. Then you will get to find out about properties being offered under these schemes.

Arranging the mortgage is quite straight forward also, depending on whether you have a deposit available or not. IF you do then it is very easy, if not then it does limit the number of lenders you can use.

It is, however impossible and foolhardy to quote specific companies or lenders without knowing the full facts as you may not qualify with certain lenders dependong on your circumstances.

You will then buy, for example, 50% share in the property and pay rent for the remaining 50% to the housing association. You may have the option to buy further shares at a later stage. This is known as 'staircasing'.

Make sure you get a copy of the lease involved and ask the housing association if the contracts have actualy been prepared in advance. A friend of mine has her mortgage and everything done, The Housing Association have taken 4 months and have still not produced a contract.

Speak to a solicitor regarding the legal side also.

Hope this helps

Andy

purple12

I just got a shared ownership flat last November. I am a key worker but that wasn't necessary for the scheme I'm in, indeed, most of the people who live in this development aren't.
For me, it was the easiest and best way to get a flat that I could, even partially, call my own without having to worry about when a private landlord might sell on and a chance to feel more settled and secure.
And a few months later, everything is still going well - I love the flat more than I did at first even and any doubts I had have evaporated.

Good luck with it.

CharleneUK

We are hoping to get into the shared ownership scheme. Three bedroomed houses are just far too expensive on the open market.

So far we've applied to tower homes and shared horizons, with hopes of being added to their lists.

A friend of mine moved into her property in November and said it was the only way she could get on the ladder.

I don't *really* like the idea of paying rent and mortgage, plus service charge, and still having to fix everything yourself, yet you need permission if you want to make changes... It's all a bit restricted, but as something mentioned, if you can't afford any other way...

zag2me

Shared ownership is a great scheme, just make sure you staircase as soon as possible. I was turned down for one because I am not a first time buyer.

manhattan

is it possible to buy 100% so you gain full ownership?

AndrewSmith

With certain associations it is yes.

Depends on the individual contract and terms of the agreement.

Andy

manhattan

does anyone here rent from circle33, or circleanglia as they are known now?

we have been trying for a few years to see if we can buy or part buy the house we have been renting for about 8 years.

they seem like they do not want to give or send us any info on buying our rented house or other house on the scheme that they use.

am i correct in thinking that housing associations dont like selling their houses?

lynzpower

Manhattan you are corect.

If you are renting a home from them, they are not the same as those you can buy. there is no "right to buy" with HAs. You will have to find another property that is specifically shared ownership. All to do with funding schemes to be honest, and also HAs "buy in" property (ie rent off) private landlords, so the property you may be in might not be OWNED by the HA at all .

You cannot get 100% from the off. The HA that I am with you have to have one year at the introductory % and then ask to be staricased up. Each share will be based on a current valuation too, so if its 100k when you buy it, in a year, the flat might be worth 120, so extra shares will be paid at the current valuation price.

If you buy a new build as most of the SA properties are in london, then you will have a 10 years NHBC guarantee and a years grace for snagging.

Also check out your estate agents ( rightmove also feature some SA's in london) as if its a resale, the seller of the SA has 8 or 10 weeks to offer to the HAs waiting list, if noone wants it through there then the seller can sell via the estate agents route.

Ditto

How much cheaper are HA houses compared to private/council houses?