Shared Ownership Scam!

Richard_Webster

RPI +2% on shared ownership rents is pretty standard I'm afraid.

This should have been explained. One reason why SO purchases attract higher solicitors' fees.

I guess they want to encourage purchase of 100% or that you sell your percentage and buy an "ordinary" property so someone else can get into SO.

MobileSaver

elfordio wrote: »

No he didn't, and he was recommended by Bromford Homes.

Sorry to be blunt but I have little sympathy for anyone stupid/naive enough to use a solicitor recommended by the seller rather than using their own independent legal representative.

ruggedtoast

MobileSaver wrote: »

Sorry to be blunt but I have little sympathy for anyone stupid/naive enough to use a solicitor recommended by the seller rather than using their own independent legal representative.

:-O

Rude.

:mad:

Brock_and_Roll

Amatheya81 wrote: »

Your best bet is to hold on a little while longer as house prices are rising steadily so with any luck you'll be able to jump as soon as you hit positive equity, this is what I'm doing.

Don't bet on that happening as I would have thought that any new shared ownership buyers would be bound by similar or the the same terms therefore would be well advised to steer well clear.

Swafe

MobileSaver wrote: »

Sorry to be blunt but I have little sympathy for anyone stupid/naive enough to use a solicitor recommended by the seller rather than using their own independent legal representative.

Hes right, you should never use their recommended one as they will skip over key info that will put you off, as they have a vested interest in making a sale somehow, it is a bit harsh though as he wasnt too know, most first time buyers who arnt clued up can easily get sucked in, they see people as rich pickings though as i imagine due to the low equity most people looking at shared ownership are first time buyers - and by this fact dont know how the market fully works

Amatheya81

Brock_and_Roll wrote: »

Don't bet on that happening as I would have thought that any new shared ownership buyers would be bound by similar or the the same terms therefore would be well advised to steer well clear.

Yes, I'm not expecting it to be easy. In fact I'm expecting it to be difficult and a pain in the but but I don't see that I have any choice as my SO contract says that even if I bought the HA out I have to offer to sell it to them at the price they value it at before I can put it on the open market.

I really do tell anyone who will listen to stay away from SA as in my opinion they claim to be helping people get on the ladder but what they actually do is get people in and then make it next to impossible to get out without taking a big loss. The day I get out from beneath the SO cloud will be one of the happiest of my life!

Swafe

Amatheya81 wrote: »

I really do tell anyone who will listen to stay away from SA as in my opinion they claim to be helping people get on the ladder but what they actually do is get people in and then make it next to impossible to get out without taking a big loss. The day I get out from beneath the SO cloud will be one of the happiest of my life!

I totally agree with this, nobody ever listens to me, more fool them, these schemes should be banned they are not in it to help first time buyers onto the market like they advertise it, they are commercial outfits designed to squeeze every penny profit possible out of their investment!

gaz141

^^
Sorry to hear your experiences have been crap, but please do not tarnish all of us who have bought a SO property with the same brush. I'm not a fool or idiot, I researched well what I was getting into and decided it was best for me. Making sweeping statements that all SO schemes are scams is just not helpful

princeofpounds

I have some sympathy for you, but this is yet another cautionary tale about shared ownership (part of which will probably become another mis-selling scandal of some kind) and using the vendor's recommended solicitor.

Suggest you write to your MP,