a Little Shared Ownership whinge.. What to do?

geoffky

Shared ownership in a falling market is financial suicide...you could end up trying to sell 50% of a house for what whole houses are going for...too much risk!!

betmunch

geoffky wrote: »

Shared ownership in a falling market is financial suicide...you could end up trying to sell 50% of a house for what whole houses are going for...too much risk!!

Surely shared ownership in a falling market is less suicidal than owning your own home in a falling market?

Its a shared risk in a falling market and a shared benefit in a rising market.

geoffky

betmunch wrote: »

Surely shared ownership in a falling market is less suicidal than owning your own home in a falling market?

Its a shared risk in a falling market and a shared benefit in a rising market.

try getting rid of 50% of a house when others around it are going for the same money for 100% because the other shareholders will want top whack. its not shared risk as some require you to sell at their price hence being stuck until you can afford to get the other %


have a read of this

http://www.insidehousing.co.uk/6501770.article?PageNo=2&SortOrder=dateadded&PageSize=10


And evidence suggests that just 3 to 5 per cent of shared owners are able to move on to another property.

The_Pixi

OP,

Not much use to your post, but the similarities made me smile, I'm a video editor also, I live in southwark near tower bridge.

Renting is so expensive I pay just over £500 for a room, but I couldn't really move outside of London because I'd spend so long traveling in.

I think the suggestions about movinSg away are probably, and annoyingly the best option if you want to save up some good money.

They had a load of shared ownership flats go up by Surrey Quay recently, I looked into it and with a friend with both of us putting 15k as deposit we could only get 40% share. I think with a little more saving we could get a 100% ownership of a place just with a huge mortgage:eek:

What depresses me every month is knowing my £500 rent is dead money where if I had a mortgage at least a few 100 would effectively be mine when I sell the house.

betmunch

geoffky wrote: »

try getting rid of 50% of a house when others around it are going for the same money for 100% because the other shareholders will want top whack. its not shared risk as some require you to sell at their price hence being stuck until you can afford to get the other %


have a read of this

http://www.insidehousing.co.uk/6501770.article?PageNo=2&SortOrder=dateadded&PageSize=10


And evidence suggests that just 3 to 5 per cent of shared owners are able to move on to another property.

All the ones I have dealt with have sold at the market value as agreed by the mortgage surveyor. In some cases there was a difference between the mortgage surveyor and the housing associations value, after some to-ing and fro-ing the housing association reduced their valuation to match the mortgage surveyor.

I have never had a problem selling them and I look forward to getting them on our books as it generates so much activity.

So I am afraid I have to disagree with the research in that article and suggest that perhaps the figures have been colated in such a way as to create a headline/newsworthy article.

Shared Ownership is not for everyone, but when done right it is a great help to people that cant afford to buy outright and want the security of tenure that full home ownership brings.

All I ask is that people look at the plus points of Shared Ownership as well as the minus points, although on this forum it seems most people only want to rubbish what is a very well designed second choice option

poppy10_2

missblonde wrote: »

I was only allowed to sell initially through the Housing association... The housing association then allowed me to sell on the open market (October 2010)... I couldn't rent it out as the terms of my lease prevent me in doing so

Yet another example of how shared "ownership" isn't really ownership at all. You get all the worst aspects of being a homeowner - having to deal with maintenance etc yourself - while not actually being allowed to do what you want to your own property.

Catatonia

How do you all know how much he earns?!

grey_lady

Rainham in Essex is 30 minutes by train to fenchurch street in the city, tower hill a 1 minute walk. Flats are about 130-40 for a two bed, less for a 1. Worth looking east, anything within walking distance of a c2c station would get you into town quickly and the trains run late into the evening.