advice on part rent part buy scheme

blossom11

Is anyone in a part rent part buy scheme? i know u pay a percentage in rent and mortage but dont know the details. advice anyone,thanks

Bexm

All the schemes are different..
Our one we bought 80% and rent the other 20% but can never buy the other 20% I'd advise against this sort of arrangement as most mortgage companies won't mortgage anymore you unless you can buy the rest..

Also find out how much say the agency who owns the other part of the house has over the house..

Although we own more of the house than they do they have final say on everything! The are a pain in the a*se!

We are now trying to sell as we're moving to the other side of the country and they have to assess everyone who want's to buy, and it has to sell for a set amount.. and at the moment as its not selling we need to rent but they have specific terms on that too which is making our life very difficult!

Shared ownership is a great way of getting on the property ladder.. but make sure you completely understand the agreement with the other party and how hard they are going to make it for you to sell before you jump on!

mike3025

Be very careful read the tenancy agreement you can be trapped into a house you can't live in. You can't rent out the house and the leaseholder can reject a buyers mortgage not all maybe but BROMFORD GROUP most certainly. They rejected a purchasers mortgage but won't say why even when a very large deposit was involved. The house is empty but they have still been paid their rent by me, money never to be seen again. All this my daughters husband walked out on her and her four children. You pay all the fees they collect all the equity in the house. Be very careful!!!!!!