Daughter wants to buy with shared ownership?

Chickenbrain2009

My daughter has recently seperated from her partner. At the moment the council are paying towards her rent, she has two children and has some work but only part time.

She wants to aim to buy her own place and was hoping for a shared ownership scheme with a housing association but the council have informed her that now she has somewhere to live she is down the bottom of the list, so she feels trapped in rented accomodation. Can anyone advise us about shared owndership schemes or such like where she buys part of a flat or house? She is not a key worker. The new govt scheme may help a bit but its for new builds, which are always more expensive. Is there some other way she can obtain shared ownership with a housing association? She feels that although she isnt ready yet she needs to have something to aim for.

Thanks
Pam :think:

kingstreet

There may be shared ownership resales in her area. These are properties on shared ownership where the current part-owners are looking to move.

She needs to find the HCA Homebuy Agent for her area, for example it's Catalyst in the SE, Orbit in the Midands and East. Their websites "funnel" people looking for property. A google search for "shared ownership resales" may be a good start.

Once she establishes the right kind of area, a discussion with the Homebuy Agent would be a good idea to check her qualification.

Fire_Fox

If she doesn't have enough earned income to save up and/ or cover a mortgage she is not ready to be considering this, by the time she is rules and the property market may well have changed significantly. It's worth running an advanced search to find out the pitfalls of shared ownership.

paddedjohn

If she cant afford to pay her rent without assistance how is she going to manage with a mortgage/part rent/repairs etc on her own whilst working part time?

Chickenbrain2009

Thanks, we are aware of that, as I said although she isnt ready yet she wants something to aim for. No one wants to feel there is no prospect of moving on in life. Anyone who starts saving for a house could argue the same thing. The answer from Kingstreet was really helpful.