Shared ownership

Ames

Hi,

Does anyone know if there's a guide out there to shared ownership? I've tried googling but can't seem to find anything. I just want a simple guide about who qualifies, if there's a restriction on how many bedrooms you can get, who pays for what when it comes to repairs etc... the basics really.

PasturesNew

Every scheme operates completely differently. Every set of rules is individual. No two schemes are alike at all.

It's all very confusing.

In some you can never buy/own 100%
In some you are buying 100% at 75% of the market value and must always sell 100% at 75% of market value.
In some you have to buy the remaining share within X years.
In some you pay rent on the share you don't own, which will be at varying rates between cheap-fair-exhorbitant.
In some you pay no rent on the share you don't own.

Then there are service charges, which can go sky high, or are sometimes set at a fixed rate of increase.

Ames

Thanks! It's just all so confusing.

I live in a council flat on means tested benefit. I will probably be coming into an inheritence sometime in the next year, of roughly between 40k and 55k. Then I'll have six months to buy a property, or have my benefits cut till it gets below the threshold (and I'm pretty sure my mum doesn't want the inheritance to subsidise the DWP!). But finding a property that meeds my needs within that price range, including putting aside money for adaptions, within the time frame, is going to be tricky.

So I'm just trying to think of my options, much as I don't want to. I've asked my mum to give everything to my sister to save me the headache, but I don't think she's going to.

John001_2

I might have something to help you in a pdf file but I don't think I can attach it to this post.

I guess send me a PM with your email and I would be happy to send to you, maybe is what you looking for.

brit1234

Ames wrote: »

I live in a council flat on means tested benefit. I'm pretty sure my mum doesn't want the inheritance to subsidise the DWP!

:mad: Sorry but its OK for MSE taxpayers to subsidise your benefits rather than yourself.:mad:

zappahey

Ames wrote: »

(and I'm pretty sure my mum doesn't want the inheritance to subsidise the DWP!).

I do. I see no reason why the taxpayer should subsidise you and your new found wealth.

John001_2

I don't know how the benefit systems works and all that, but something doesn't seem right here...

poppysarah

If you're on benefits how will you fund the rest of the mortgage?
There are places to buy for 40-50k up North.

PasturesNew

The problem you will have will be:
- getting a mortgage, because you're on benefits
- potential for losing benefits if they decide you've deprived yourself of the capital
- how will you pay the rent portion yourself/would you qualify for benefits, will they be withdrawn.

You could end up losing your current home, losing your new home - and being out on the streets with a repossession under your belt and all your inheritance completely wasted.

Go carefully and be careful what you wish for.

Ames

OK, let me clear a few things up. By buying my own home I'd no longer be getting housing benefit. So the money would be reducing the benefit bill for me. I don't really see the difference between me using the money to live off for a few years and me using the money for a house - the benefit bill is the same, just from different departments. In fact, as I'd be owning a home the cost to you good MSE taxpayers would be less, as I'd be responsible for repairs and maintenance, rather than the council. It would also mean that an adapted property becomes available for someone else.

I wouldn't get a mortgage, and wouldn't be able to afford one, that's why I'd need to buy outright or go shared ownership.

Yes, there are properties for 50k around here, although not many for 40. But they're all houses and I can't manage stairs. I'd also need to put in an accessible bathroom. So I'd have to buy at 40k or less to be able to afford that.

I've already looked into the benefits, if I buy a property it's not deprivation of capital, but I could only ringfence the money for six months.

To be honest, I've never wanted to own a house, and I'd much rather have my mum alive than have a bit of paper saying where I'm living belongs to me. I'm sorry that I've offended you all.

ghostmadlittlemiss

Could all the Daily Mail readers on this thread kindly get back on thier high horses and go forth and multiply please? I hope to God none of your children are ever born too badly disabled to work. You'd probably throw them out with the rubbish bags if you thought they couldn't earn the country a keep. :mad:
Kayleigh