Shared Ownership help!!!

timbo86

anyone at all?

Bargain_Rzl

Hi, I really don't know I'm afraid - each HA is different, and I would imagine that the likelihood of acceptance is based on a number of criteria, not least the supply/demand ratio for SO property in your area.

I would think that if you've met the criteria set by your HA, and there's a reasonable supply of housing and you've shown yourself to be proactive and on the ball with your application, you stand a pretty good chance, but I don't know anything about your HA so can't really advise!

Fingers crossed, eh

robwend - I'd be interested to know the answer to your question too, not that it affects me at present (and I hope it never will - I have a health insurance policy in place but I don't have general unemployment covered!). Lynzpower might know, given that she went through a period of being on benefits while in SO accommodation.

Lynz?

zag2me

timbo86 wrote:

Hi guys to keep you all informed we have now completed the housing association form with trent and dove apparently we will know in 2 weeks if we have been accepted am abit worried we won't be not sure why mind you. Someone reassure me that they dont turn down people often? What reasons could they turn us down this is before the mortgage stage at the moment this is just confirming with the housing association. Any thoughts on this would come greatfully recieved.

They very rarely turn people down in reality they are desperate to fill these flats and houses.

I got turned down on my application because I was already a home owner, but they did say If I sold the house I could re-apply.

imoneyop

timbo86 wrote:

Thanks for that guys i have arranged a meeting with the estate agents mortgage advisor a week on monday so will see what they have to say. Been assured that the 1st time is free!!!

Just noticed this - don't get conned into paying a mortgage advisor - they all get paid a commission by the lender for mortgages they introduce, so if they are planning on charging you then they are getting two lots of cash for the same work. There are plenty of free full market advisors around.

Bargain_Rzl

zag2me wrote:

They very rarely turn people down in reality they are desperate to fill these flats and houses.

That is only the case if supply exceeds demand. The reason I got my flat was that out of a group of people who all met the criteria - and viewed the 3 available flats on the same day, as a group - I was the one who got my application in first. There were three applications for my flat, and I was top of the pile because I was fast!

The reason demand was high is that most Inner London SO schemes, while they're intended to be affordable, are not at all (some others marketed by the same HA would have led to outgoings of getting on for £1000 a month!) and this was one of the few schemes that was genuinely affordable to a single person on an average salary.

As I said before, it's all to do with the market conditions in the area, how many people fit the HA's criteria and are interested, and the way the HA choose to allocate the properties.

timbo86

Thanks for your thoughts guys it hasn't even been properly advertised yet there are 20 available in the 2nd phase and 8 so far have been taken. Like i say it has not even been advertised yet so hopefully that might put me 1 step ahead. I will be devasted if i get turned down!!!!

clairewp

timbo86 wrote:

Thanks for your thoughts guys it hasn't even been properly advertised yet there are 20 available in the 2nd phase and 8 so far have been taken. Like i say it has not even been advertised yet so hopefully that might put me 1 step ahead. I will be devasted if i get turned down!!!!

Hi we have owned a 50 % share in a house since 1990, we were first time buyers at the time.We upped our mortgage three years ago for household improvements but did struggle to get another mortgage, we are now with the halifax. It is also worth considering that to sell these properties or your share, it is normally written in the contract that you have to offer it back to the housing assosiation first due to the first time buyer rule. hope this helps.

izoomzoom

I was on the waiting list of about 5 different HA, and I was interested in an area that was spread across 3 counties, so by now means too selective.

We saw about 10-15 different places and got our hopes up many times. In fact we viewed some places (new builds, so looked through the windows) half a dozen times each, and we were turned down. We were so gutted.

Some of the criteria that the HAs I dealt with included:

Housing need (1 person cannot have a 2 bed place)
Existing housing (overcrowed etc)
Financial affordability
Waiting period (and this is where we fell down, eventhough we were registered with some HA for 18-24 months at that stage.

We finally bought a SO late last year, but it took four months from having the place allocation to us until we moved, and it was agonisingly slow. With this place, we viewed it twice only (we were convinced that we had jinxed ourselves, so didn't even do any drive by viewing).

Talk about superstitious (sp?), but it worked and it is ours (well the banks but you know what I mean) !!

Best of luck and keep your fingers you get allocated soon. That is almost half the worry gone.

timbo86

thanks for that fingers are firmly crossed that it goes well!!!!!! i will keep you all updated

might just add what 3 counties were you registered with

timbo86

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