Shared Ownership??

gabyjane

Saying that, new builds are horribly overpriced and the SO ones are usually more expensive than those owned outright.[/QUOTE]

See disagree with that part! ours is identical to open market ones up the rd and bigger spec..yet cheaper being SO!

tek-monkey

Dunno about that, but round here most new builds are shoe box 'executive' flats - meaning single people only! Also 50% ownership seems to cost 60% of what wholly owned ones go for.

Blacksheep1979

gabyjane wrote: »

Blacksheep1979 do you own your house outright? if so well done to you.. if not you are actually no better than anyone who owns a house regardless of how much, as part is still the banks.

Not exactly true, the banks have an interest in the property - they don't own any of it.

gabyjane wrote: »

Saying that, new builds are horribly overpriced and the SO ones are usually more expensive than those owned outright.

See disagree with that part! ours is identical to open market ones up the rd and bigger spec..yet cheaper being SO![/QUOTE]

Yes, that makes so much sense - tell yourself whatever you need to in order to make yourself feel ok with your choice.

tek-monkey

Care to comment on post 10? I still think SO can work for some, just not all.

JohnnyFind_2

I moved into a SO, a new build leasehold flat.

I originally aquired a 40% stake in the property in 2007. Now the recent falls in property values will actually benifit me, as I will be able to aquire further equity at a reduced rate.

Don't rush in and pick any property, you will probably be there for a least five years. From personal experiance, make sure it ticks all the boxes for your requirements,.

I personally would avoid buying a leasehold, as service charges will come and haunt you.

Think long and hard, as you will be often be better off staying away from such schemes.

Good luck.

Janec2

Blacksheep1979 wrote: »

SO is a scam devised to keep property prices artificially high - you should be able to afford a home by yourself. There's many downsides to SO and few upsides, you may have issues renting it out (if you want/need to), who really wants to buy 1/3 or 1/2 a house if you choose to sell and you also pay a premium for your percentage.

We are simply buying our house to have a home together . No - one is Scamming us !!

We dont want to rent it out.
We dont want to sell it any time soon.
We are not paying any premiums or any service charges.
We havent paid the full asking price either .

Its our home for at least the next 10 or more years. We are paying (easily affordable on our wages) mortgage and rent - simple as that.
It works for us.

AMILLIONDOLLARS

Blacksheep1979 wrote: »

SO is a scam devised to keep property prices artificially high QUOTE]

My DD is just about to exchange on her SO, and even in these depressed times she managed to get another £12k reduction in the asking price. If you make a good enough case in challenge the asking price, most HA are willing to negotiate.

AMD

Okat

Hello,

I am new too, pleased to meet you all

Re shared ownership

I own 50% of shared ownership; my wife and I have grafted for a number of years and made a saving of about £60 K. I have been waiting years for the house prices to fall.

I reccon I will have to spend all 60K on the remaining 50% to buy it outright.

My understanding is that places for people use independent surveyors, I just hope that the surveyor down grades my home price . I have lived in my present home for 10yrs and have not done any improvements, so I hope the survey rates my semi detached home which is in good working class area home in the cheap market bracket.

I am thinking of buying it in December as homes are generally cheaper; should I approach places for people some time in November.

I am now 40yrs old, the most important financial commitment I have always wanted to make is to own a house.

I just hope there are no hidden clauses, for instance even if I buy the home outright places for people will still have legal ownership.

I would be grateful if some one could give me some advice, am I doing the right thing? Are there any tricks i can pull so that the surveyor will knock the house price right....may be use the toliet just before they come, cook bombay duck or some thing lol

NatNat1977

Well I cannot believe i have stumbled along this on my first day on the forum, when I just started looking into SO yesterday! We are currently renting and finding it impossible to save that 10% so SO seems a much better way for us to get on the property ladder! There are some nice houses in better areas that I wouldn't be able to afford otherwise.

Can I ask how you all first started the ball rolling? Is there somewhere that you can go to in the first instance for advice? As I say I only started looking into this yesterday!

Thanks
Nat

Okat

NatNat1977 wrote: »

Well I cannot believe i have stumbled along this on my first day on the forum, when I just started looking into SO yesterday! We are currently renting and finding it impossible to save that 10% so SO seems a much better way for us to get on the property ladder! There are some nice houses in better areas that I wouldn't be able to afford otherwise.

Can I ask how you all first started the ball rolling? Is there somewhere that you can go to in the first instance for advice? As I say I only started looking into this yesterday!

Thanks
Nat

I wud get independent financial advice co’s SO is not for every one; don’t forget lets say that even though you may own 10% of the property, if you’ve taken out loan for that 10%; then you wud have to pay the loan and at the same time pay lease which increases annually to keep up with the market value (cud be quite expensive if you have not purchased a big chunk of the house). If SO is the cheapest option then go for it J u don’t have to own a house, most people in the word don’t, for me it wud mark a personal achievement, i’ve had a life full of trials and financial uncertainties blah blah blah…do lots of research on line about SO, I’m certain you will find lots of SO leaseholders that wud share their pros and cons…calculate how much total rent you wud have paid in say 15/20yrs years time which does not go towards the purchase of the house (financial adviser wud be able to tell you this and how much the house will be worth etc , ………….most importantly make an informed decision, I personally wud not have gone into SO but had to due to job insecurities…good luck

What views does the GURU Martin LEWIS have about SO….I wud love to know :money: