Right, going into shared equity from full ownership - am I mad?

girlatplay

Ah! Just searched for LIFT and I get it now. It was the HomeStake pilot that I did

Eels100

Yes I think that's the same as what we're looking at. The Open Market one is now only available to ex-service personnel and widows/widowers I think.

girlatplay

I don't think it is as bad as everyone thinks. When you sell the property you sell 100% of it freehold, the HA get their money back when it is sold. You are not allowed to sell only your %age you have to sell the whole property and whoever buys it buys the 100%. Also, you don't have to pay rent on the HA's share.

BadgerFace_2

I think 80% of the people on this thread need to do a LOT more research, as you evidently have no idea of the difference between shared equity and shared ownership. They are poles apart.

girlatplay

Badger I would agree. It is a shared equity scheme that covers me.

Eels100

I have looked more closely at the details I have and there's no rent element - I am technically the owner of the property, responsible for all maintenance etc, but the RSL (social landlord) owns a % of the equity, as girlatplay said. But perhaps the flexibility of renting might be better as we'll need a bigger property than the RSL currently has available soon.

getmore4less

girlatplay wrote: »

I don't think it is as bad as everyone thinks. When you sell the property you sell 100% of it freehold, the HA get their money back when it is sold. You are not allowed to sell only your %age you have to sell the whole property and whoever buys it buys the 100%. Also, you don't have to pay rent on the HA's share.

But this is a VERY big issue.

Where are all these people that can afford 100% going to come from?

There are no people around that can afford 100% now?

Something very significant has to change for there to be any in the future.

girlatplay

getmore4less wrote: »

But this is a VERY big issue.

Where are all these people that can afford 100% going to come from?

There are no people around that can afford 100% now?

Something very significant has to change for there to be any in the future.

Yes, but my point was that with shared equity you sell 100% of your property as opposed to shared ownership where you have to find a buyer for your %share only. As someone posted earlier there are strict rules for selling if you have shared ownership. The rules for shared equity are much more relaxed. Like BadgerFace said, a lot of people don't understand the differences between SO and SE.

When I said I don't think it is as bad as everyone thinks I didn't mean the situation the country is in at the moment!

LINDANO

I was amazed when I read this post, I thought it was just me in this evil mess!
I have a 110k mortgage, and I need to sell my house as I can't afford the mortgage any more since my adult family all married one by one and moved out, and life changed hugely.
I bring in just £850 a month and my Mortgage alone is £700!
Fine when 6 adults lived here, but as the family have moved out one by one it's now impossible to stay.
It's breaking my heart to lose this house, an ex-local authority property that I have spent over £90k over 10 years extending and doing up to the nines, but, to make matters worse, I stupidly missed ONE payment last year on the Mortgage, when I was off ill, which I paid back over 8 months, and now find that even though I intend to put £60k deposit down on a new property I cannot get a mortgage for the £35k I would need to buy even a half decent house in this area, and by that I mean a small 2-3 bed ex-local authority still, but on an estate this time. Not some mansion.
The Estate agents are all insisting I must rent or buy on shared ownership as this is the only way forward for 'someone like me'.
The world has gone mad I swear!
For you guys though it sounds as tho it may just work, as the house will be the same size and be cheaper to run.
For me, I have 5 Golden Retrievers of varying ages, and 4 cats, and live in the country. I will need to move into a town, that's fine, but
I am going to end up losing most of my pets as I won't have the space in any house to keep them, so far from me being 'responsible', saying ok, I need to sort this before things go very badly wrong, I cannot find any way to turn that isn't bad for me.
I am likely going to end up off work through stress because of all this, as I think I'm going mad with panic, so what now???
I truly wish you guys all the luck in the world.
Linda N.

puddy

girlatplay wrote: »

Yes, but my point was that with shared equity you sell 100% of your property as opposed to shared ownership where you have to find a buyer for your %share only. As someone posted earlier there are strict rules for selling if you have shared ownership. The rules for shared equity are much more relaxed. Like BadgerFace said, a lot of people don't understand the differences between SO and SE.

When I said I don't think it is as bad as everyone thinks I didn't mean the situation the country is in at the moment!

i think what the poster is saying is that if i, as a potential buyer of your 100% comes along, why would i choose to buy your ex social housing property, when i can buy a 100% purchase of the 'average' property? if people cannot afford to buy 100% now in this climate, where are the 100% purchasers coming from in the future. the point is the houses are there because the area, locale or whatever cannot sustain buyers at 100% and its not likely to change in the future.
most people who can afford a non SE property arent going to buy yours, they'll buy someting without that 'history' because they may not want to live on an estate with lots of SE properties.