Shared ownership

Frankie56

I bought a house some years ago with a housing association. I own 1/4. I had to sign to say that I would be responsible for all repairs and I have to pay them for buildings insurance as well as rent for 3/4 of the house. I felt,, because of personal circumstances, that I didn't have much choice at the time. I recently asked if there was any way they could help me out because the windows need to be replaced and the heating boiler won't last much longer but they said there was no way they could help. I have to pay for it all myself.

I now feel that this is very unfair as I have to pay to keep their part of the house in good repair and they will get 3/4 of the profits when the house is sold, even though they say they are non-profit-making.

Is anyone else in this situation? How do you cope? Does anyone know anywhere I can get help with these repairs as I am in a very low paid job and in receipt of housing benefits and live alone?

hazyjo

But there's nothing you've found out that you didn't know at the start... that's one of the problems with shared ownership. Many on here hate the idea. Sorry to say it sounds a bit like you're trying to shut the gate after the horse has bolted.

Sorry to hear about your situation. I do wish people were better informed before signing up for these 'schemes'.

Wouldn't have thought there was help/grants out there for you to improve your home. Hopefully someone else can clarify.

Are you permitted to take in a lodger or anything?

Jx

sirmosh

Unfortunately this is just one of the reasons why shared ownership is such a scam and they should be allowed to market it as an easier way to get on the property ladder since in the long run it only causes more headaches and costs even more money.

scheming_gypsy

Frankie56 wrote: »

I bought a house some years ago with a housing association. I own 1/4. I had to sign to say that I would be responsible for all repairs and I have to pay them for buildings insurance as well as rent for 3/4 of the house. I felt,, because of personal circumstances, that I didn't have much choice at the time. I recently asked if there was any way they could help me out because the windows need to be replaced and the heating boiler won't last much longer but they said there was no way they could help. I have to pay for it all myself.

I now feel that this is very unfair as I have to pay to keep their part of the house in good repair and they will get 3/4 of the profits when the house is sold, even though they say they are non-profit-making.

Is anyone else in this situation? How do you cope? Does anyone know anywhere I can get help with these repairs as I am in a very low paid job and in receipt of housing benefits and live alone?

I'm in shared ownership as well, and when I bought the house i wasn't under any impression that they'd be doing repairs, replacing anything or even decorating for me.

they don't live in my house so they're not going to benefit from me having a boiler replaced so I have to replace it myself. I might have to replace 4 boilers in the time I live there so why would they pay for them when they won't benefit from them at all? even when I sell the house they're not going to make any money on the boilers because it's not adding value to the house.
If i sell at a loss then they'll receive 40% of the selling price not the buying price. So again they're not going to benefit from anything.

If you weren't shared ownership but had a full mortgage, who would you be wanting to pay for the boiler or replace the windows? You'd still be in exactly the same position you are now but you'd be paying out more money for the mortgage.

sorry but the issue has nothing to do with shared ownership, it's your house, your boiler and your windows. If you want somebody else to pay for them, you should rent and not buy.

scheming_gypsy

hazyjo wrote: »

Sorry to hear about your situation. I do wish people were better informed before signing up for these 'schemes'.

we're fully informed and paying for repairs is part of it. The problem is that people want something for nothing just because they're skint.

wymondham

You have purchased the house, but feel that it should work as though you rent it?

Wickedkitten

Frankie56 wrote: »

I bought a house some years ago with a housing association. I own 1/4. I had to sign to say that I would be responsible for all repairs and I have to pay them for buildings insurance as well as rent for 3/4 of the house. I felt,, because of personal circumstances, that I didn't have much choice at the time. I recently asked if there was any way they could help me out because the windows need to be replaced and the heating boiler won't last much longer but they said there was no way they could help. I have to pay for it all myself.

I now feel that this is very unfair as I have to pay to keep their part of the house in good repair and they will get 3/4 of the profits when the house is sold, even though they say they are non-profit-making.

Is anyone else in this situation? How do you cope? Does anyone know anywhere I can get help with these repairs as I am in a very low paid job and in receipt of housing benefits and live alone?

Since you are on benefits, you might be able to get a council grant

Flibsey

wymondham wrote: »

You have purchased the house, but feel that it should work as though you rent it?

i think his beef is actually that he only purchased 25% of the house and yet has to pay for 100% of the repairs.

poppy10_2

Wickedkitten wrote: »

Since you are on benefits, you might be able to get a council grant

Very unlikely.

Frankie56

Thank you for your replies. I took this route some years ago. I could not afford a mortgage and used the money from the sale of the house I had owned with my ex to pay for the 1/4 I own. I have never been able to afford to buy any more of it. I only did this as I needed a home for my children.

Scheming_Gypsy and Wymondham - No they don't live in my house but, if I rented all of it, they would be liable to replace as many boilers as were needed. They own 3/4 of this house and so I am renting 3/4 of it so why should they not pay 3/4 of the repairs? And I don't want something for nothing, just feel I am paying for repairs for something that the housing association own.

Flybsey - thank you. You understand what I'm getting at.

No, I'm not entitled to any help. My children left home 16 years ago and I'm only 56 so can't get any help whatsoever. I posted this hoping someone might be in the same position and know where I could get perhaps a cheap loan if and when I need it. Or if anyone had successfully got any help from their housing association. I only just manage to pay my bills as it is and, if the heating breaks, I cannot afford several thousand pounds so will have to do without.

MarkyMarkD

Because the rent you are paying for the 3/4 of the house is presumably less than 3/4 of the rent you would pay to rent a property privately.

As the rent is subsidised, you are responsible for the repairs.