Shared Ownership Resale - are we eligible?

millie1985

Hi everyone,

I have no experience of shared ownership so some advice would be welcome.

We've been looking but not really looking at buying a property and one has just come up on the market that was everything we dreamed of.

Its shared ownership resale, and slightly confusing in that its an older mid terraced house - I thought that shared ownership was a new property thing, or at least in the last 10 years. Its up at £300k with a min share of 40%.

The wrinkle is that its a 3 bed house and we are a couple...I know that the terms say its your housing need + 1 so really we are only eligible for a 2 bed, but I wondered if this is as strict with a resale?

We are just being responsible in waiting until we have a suitable house before we have children!! :mad:

Thanks,
Millie

kingstreet

Contact the Housing Association concerned, or your local HTB Agent as they will have to determine the demand for such property in the area.

If others are looking who require that size accommodation, you will be unable to proceed.

In our area, the HA is pretty relaxed as isn't under the kind of pressure others are up and down the country.

millie1985

kingstreet wrote: »

Contact the Housing Association concerned, or your local HTB Agent as they will have to determine the demand for such property in the area.

If others are looking who require that size accommodation, you will be unable to proceed.

In our area, the HA is pretty relaxed as isn't under the kind of pressure others are up and down the country.

I'm in SE London so we'll see I guess - depends on the demand.

Am trying not to get my hopes up!

kingstreet

SO newbuilds and resales are both subject to HTB Agent approval, so you might want to contact the one for your area and go through the vetting process before you take this further;-

http://www.homesandcommunities.co.uk/sites/default/files/our-work/htba_april_2014_tables_250314.pdf

Loopy28

I used to live in a 3 bed shared ownership and we were a childless couple.

The house was being advertised by an EA and we were told that once it goes to the open market via an EA, the only rules that apply is that you are a FTB and meet the H.A financial assessments.

millie1985

Loopy28 wrote: »

I used to live in a 3 bed shared ownership and we were a childless couple.

The house was being advertised by an EA and we were told that once it goes to the open market via an EA, the only rules that apply is that you are a FTB and meet the H.A financial assessments.

Fingers crossed! I expect we'll be in a group of applicants so let's hope they are all childless couples!

I do understand the rationale for not wanted to let people buy shares ownership properties above their "housing need" but we are thinking of starting a family and want to do that from a home we will be secure in for a number of years.

PasturesNew

I bought a SO 24 years ago. At the time, as a single, I was only "allowed" a studio, whereas couples were "allowed" a 2 bed.

Every scheme will be different - the only way to find out is to ask.