Shared Ownership - where to start?

Ster775

Hi, I'm very new to this forum, although have been lurking for a while and looking for advice from anyone who has been through the shared ownership resale process

Me and my partner are looking to buy a resale SO around Tower Hamlets, London. We have a £30k deposit and joint salary of £55k.
Buying outright isn't an option as (frustratingly) by boyfriend won't move any further than zone 2 and we can't afford 100% in this area.

We have decided on resales rather than new builds as it seems better value. We've been to a fair few viewings, applied for 3 properties through different housing associations and been accepted financially for all...
The problem we have is we never "win". We can't seem to get to the final stage in the process. The properties are given to other applicants.

Has anyone got any experience of applying for resales? Have asked for feed back but my requests are falling on deaf ears.
Just wondering how to improve our chances of success.

Thank you in advance, all feedback appreciated!

cpheonix

I found this particularly frustrating when looking at SO properties within zones 2-3. The only difference was that I was looking at new builds, but I noticed much of the criteria was the same for resales.

I had to be registered with the local council (if applying for any in my area) as well as the HA the property was in - so I basically registered with most of them in London, regardless (most send you alerts of properties matching your criteria). In some, if not all, cases I also had to be registered with the First Steps (SharetoBuy now) website but I don't know if that's still the case.

Like yourself I met all the criteria but had to apply for the 'chance' to buy, and that was decided by the HA or Council, or both. It was annoying because they said that those who earn far less than the income threshold or who have kids were more likely to 'win'.

Unfortunately this is just how things are. You have more chance if you live or work in the borough the property is in. Otherwise I don't think you'd be successful, especially in areas in zone 2. Good luck though

Elfbert

This is the opposite of my experience.

I saw a property I liked, checked what I had to do to be eligible (not a lot - I didn't even work in the 'right' borough, but was very close by), registered with First Steps and was accepted financially, then started the buying process. (This is Zone 2/3, right by the tube.)

But this was 2 years ago - perhaps things have changed

Good luck, anyway.

Ster775

Really appreciated - I guess it's just a case of keep trying!

kingstreet

You should register with the HTB Agent for the area in the first instance, not the Housing Association. The HTB Agent funnels Government money to the HAs for affordable and social housing and makes the decisions on income levels and property needs.

The HTB Agents had to re-tender for their contracts and may have changed in April. Check out the HCA website for updates;-

http://www.homesandcommunities.co.uk/