Shared Ownership buying

neednewhouse

I'm in Manchester...buying in M19

neednewhouse

I can buy another 25% anytime and pay no rent, but the economics of putting in £30k to save £1k a year escapes me! And I'm not sure but if I owned 75% I suppose that means I would pay 75% of any repairs?

NNH

brit1234

I personally would avoid after my research into the scheme and all the problems my fellow key workers have/had.

Its clearly a scheme to keep house prices high and get people to overpay for a property.

They seem to pick up the desperate or those who tend not to read or understand the small print.

Anastacia5887 wrote: »

Wow sounds like its probably a bad idea from those posts!! I though these things were supoosed to help. I Think ill have to continue to rent for the next 6 years or so until I can save £10,000!

Wise decision, the scheme is a scam. House prices are falling so the longer you save the more they have dropped in value. Also you don't risk negative equity and all the many problems with shared ownership.

carefullycautious

:T sound brilliant wish I had access to this.

carefullycautious

I must admit I would be worried the housing association may hike the rent element as some shared ownership pay huge amounts of rent on the other 50 %.

poppysarah

neednewhouse wrote: »

And I'm not sure but if I owned 75% I suppose that means I would pay 75% of any repairs?

NNH

You would pay 100% of repairs even if you only own 25%.


Whilst some people say it's worked for them I suspect they are in the minority.

Those who have bought and sold houses at the right time will generally be able to make money for nothing.

However the current state of the market means that people are propping up high prices by buying in to these schemes.

What do your grandchildren have to look forward to if you can only buy 25% of a house? Will they be able to buy 0.25% of one?

neednewhouse

Mine is such a scam that since the flats were built 10 years ago only 3 of original owners have put their flats up for sale. And I am in effect swapping a run down terrace in a bad area for a lovely flat with juliet balcony, jacuzzi bath, needing nothing doing to it, private surveyor very happy with the price, in a nice area. If flats in the area are selling outright for twice the price how is it inflating prices?

NNH

WelshNic

poppysarah wrote: »

Whilst some people say it's worked for them I suspect they are in the minority.

Weird how you always hear more about how it has worked well for people on this forum isn't it?

neednewhouse

No grandchildren to worry about, my 2 grown up children are renting....one at £700/month in Manchester, the other at £850/month in London......now is it my shared ownership scheme ripping me off or their landlords?

poppysarah

WelshNic wrote: »

Weird how you always hear more about how it has worked well for people on this forum isn't it?

There are probably as many threads from people who are having trouble selling etc