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Buying shared ownership property outright
mcnelms
Posts: 4 Newbie
Me and my partner have found a great potential first house. We have a good deposit, and we're looking to buy outright but the house we like is being offered on a 50% shared ownership basis for £69,000.
Is there anyway of completely buying this outright? I don't know if they're reserved for shared ownership buyers, or if they're open to full offers?
Is there anyway of completely buying this outright? I don't know if they're reserved for shared ownership buyers, or if they're open to full offers?
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Comments
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Me and my partner have found a great potential first house. We have a good deposit, and we're looking to buy outright but the house we like is being offered on a 50% shared ownership basis for £69,000.
Is there anyway of completely buying this outright? I don't know if they're reserved for shared ownership buyers, or if they're open to full offers?
Not sure I'd want to buy a house outright knowing my neighbours can't afford their own properties. Sounds like buying on a council estate.0 -
Not sure I'd want to buy a house outright knowing my neighbours can't afford their own properties. Sounds like buying on a council estate.
I didn't know that was how it worked.... Hadn't given it the thought it might be a council estate![:\](https://forums.moneysavingexpert.com/resources/emoji/confused.png ":\")
Is it definite that the surrounding houses would also be shared ownership?0 -
not 100% true. the estate we are on is mixedDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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You need to check with the HA. Usually you can buy up to 75% although you should be able to buy the remaining % soon afterwards.
Check the rules on buying shared ownership properties. If you earn a lot you might not qualify.0 -
Is this a resale, or is it newbuild?
If it's a resale, the current part-owner may be able to staircase upto 100% while selling the property to you. They would need to investigate this with the HA.
If it's a newbuild being offered on SO, this is partly Government-funded to deal with local housing issues, so you are unlikely to be able to purchase 100% at the outset.
Talk to your local Govt HTB Agent about your qualification for SO, then the Housing Association offering the property for more detail on that particular home.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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