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Part Buy- Part Rent
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wheelerdealer_2
Posts: 14 Forumite
What do you guys think of Part Buy - Part Rent schemes? Is this something a first-time buyer should be looking at, if it is available?
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Comments
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Shared Equity/Shared Ownership comes up as a topic several times a week on here.
In my opinion they are a very poor choice of home-ownership indeed. Actually, I'll go further and tell you that I think they're a con. People can't afford full-ownership so they see owning half as a solution. I don't think that they are. You get all of the disadvantages of ownership and of renting with none of the advantages. Plus, they're almost impossible to get shot of once your circumstances change, especially if they're flats or "apartments".0 -
I'd go with BitterAndTwisted's view - hard as I look, can't find anyone blogging/posting/singing the praises of 'shared ownership' - lots of people posting 'gripes' - you get landed with all the repairs & insurance, often only a certain 'panel' of lenders will lend, and then not necessarily with market leading products - oh and selling on is a massive problem. Plus if you get into arrears then both the lender and the housing association will go for possession0
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My former land lady part owned the flat I rented (she owned 25% of it) Any work done to the other flats didnt get done to mine (new kitchens and windows etc) any work to the communal areas she got hit with bills for and when she finally tried to sell it, shed had it 11 years and made a loss because the HA knew they had her over a barrel and noone else would want it.0
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Hi
Below is the link to the main shared owners hip thread on MSE.
To summarise shared ownership is a scam.
https://forums.moneysavingexpert.com/discussion/3177256:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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