Shared Ownership

fifi2212

Hi,

I have recently split with my partner and unfortunately he was the main beadwinner. He is looking to buy me out and I want to stay on the property ladder.
The only option I can see is the shared ownership scheme. I live in Norwich Norfolk and I wanted to know if there is anyone out there that knows anything about these schemes?

lynzpower

the way I feel now as a seller of shared ownership is dont bother! but im having a rough day...

I dont know much about schemes in Norfolk though? I would be checking whether they are good value for money. Or whether your money might be better invested elsewhere, and renting for a while.

I know in london, the SO were significantly cheaper than the local competition AND they are SO, making it affordable. and good value, Id have reservations as to whether norwich has the same VFM factor.

sorry i havnet explained myself very well there hope you get what I mean!

izoomzoom

Hiya

You find that there are a number of SO people on this forum. There are both for and against, as in anything really.

We have only recently purchased, after two years of being on waiting lists etc.

I am not aware of what HA there are in your area, and your best bet would be to contact the council and register on the housing list (is a prequisite for some HA) and ask the council for a list of SO HA in your areas. Then apply to all of them and see what comes up.

Are you aware that we SO, you have to pay your mortgage (if you have one) rental on the portion you don't own AND wait for it ALL repairs and maintenace on your property. Please be prepared for this, as I think that this is one of the major gripes people have with SO, that and the beauracy(sp) of buying / selling SO, along with the usual hassles of normal buying.

HTH

izoomzoom

Lynzpower - now I know I have seen you somewhere before ... definitely ...

Raggamuffin_2

fifi2212 wrote:

Hi,

I have recently split with my partner and unfortunately he was the main beadwinner. He is looking to buy me out and I want to stay on the property ladder.
The only option I can see is the shared ownership scheme. I live in Norwich Norfolk and I wanted to know if there is anyone out there that knows anything about these schemes?

I am in Norfolk too, and there are a couple that I can think of off the top of my head. One was Circle Housing and the other was Flagship Homes. Flagship currently have some builds on offer in Wymondham, south of Norwich. The same developer (Bovis Homes) also has a development in Norwich, some of these may also be available on the shared ownership scheme.

Sometimes there are properties on Rightmove.co.uk which are shared ownership. This might be another place to look.

It's something I have been having a bit of a look into recently, but unfortunately I can't even afford to buy a house this way!

Best of luck.

morganb

I have to say, if it hadn't been for shared ownership 9 years ago I would never have got on the property ladder. It was the only way I could get a 100% mortgage that didn't completely bankrupt me every month. I had finished teacher training with a big loan after supporting myself through Uni for 5 years.

Never had any problems with maintenance, etc., maybe I was lucky. I lived in my flat for 3 years and then sold. Unfortunately had to sell through the Housing Association, who found me a buyer who hadn't yet found a buyer, so I had 3 months of paying two mortgages, but it served me really well and it was a brilliant way of getting on the property ladder.
Good luck and enjoy your own place.