shared-ownership property for the over 55s

Bluebellbez

Do you think there are any disadvantages to the over 55 properties mainly with Housing Associations if you only buy a percentage of it? I want to buy 70% which would leave me rent free with that amount. I have just sold my house to be mortgage free and can afford to buy the 70% share.

duchy

Not sure what you mean that it would leave you "rent free" ?
Surely with shared ownership you pay rent on the part you don't own ?

Anouchka

Do you mean that the 70% of the property you purchased would be rent free?

I live in a shared ownership flat with one of the large housing associations in Scotland and I would suggest that you read the small print far more carefuly than I did before taking the plunge.

My biggest mistake was to assume that the Housing Association - who continue to own 75% of my flat - would assist me when the sharing owner above me blatently broke the clearly outlined rules on subletting to the point that the behaviour of his antisocial tenants is markedly reducing the resale value of my flat - how wrong I was, they have absolved themselves of any responsible because they do not offer this type of service to sharing owners. There have been several other issues but this has proved to be the biggie so find out exactly what service you can expect from the housing association.

Therefore the only advice I can give is do as much research as you can before committing yourself.

Best wishes