Shared Ownership whats the best way to own it outright??

ShaneJoshua80

I have recently purchased as Shared Ownership property and have a 55% share paying rent on the rest on a two bedroom flat which was valued at £290,000. The flat is in Acton in a developement in Bromyard Avenue it is on the top floor with a roof terrace our own parking space which set us back £20,000 as well.

We will be paying a mortgage of around £950, rent of around £250, £150 service charge a month plus the loan on parking space. I earn around £32,000 as a key worker and my wife £35,000 as a key worker. My wages should increase if I look to take promotion which I will do.

I feel in order to get the full benifit of this purchase we need to increase our 159,000 share to as close to 100% as possible. Is there anyone out there who would suggest what the most effective way to increase this share will be


The flat is in a first class developement and when the new Shopping centre in Shepherds Bush is built(Apparently it will be bigger than bluewater) surely the value will rise? I want to be in a situation that when we go to sell eventually that we are getting the most of the equity.

How much would our total wage have to increase for example for us to take on a further 20% in addition to the £159,000 we own?

roughly what kind of joint wage would we need to own it outright so we are talking £300,000-£320,000

MortgageMamma

Hello ShaneJoshua

First of all, how recently did you buy your share of the property? The process whereby you buy a larger percentage of a shared ownership property and eventually buy it outright it called staircasing. You need to contact the housing association your purchased your property from and ask them how they conduct this, and if you have to own the property for a minimum period before you own it outright. It sounds like a nice property.

How much you can borrow depends upon a lot of factors which I would need more info about. e.g. how much you pay per month in credit commitments such as credit cards, loans, HP, storecards etc. How much of your earnings are basic and how much OT/Bank work? how long have you bee in your job and what are your credit ratings like?

Another thing you MUST consider. I know this is London but do not take it for granted that the value of your property will rise, it may not, especially if there is a gradual market correction. I know thats not looking likely at this moment in time but its not impossible either.