Taylor & Wimpey Shared Ownership - -yay or nay

tyguy96

Hi All,

so I'm considering the possibility of going into a shared ownership with Taylor and Wimpey, I've read many things about how their a terrible thing and how you should steer clear, but i'm not sure, because all of the things I read tend to conflict themselves when you read them (cons & pros)

So, what's you guy's opinion on shared ownership for young persons wanting to get on the housing ladder? can you list the pros and cons? and lastly do you thing its a viable option for a young persons? And please comment any other comments and things you think are relevant that I need to consider!

Thanks in advance!
T

hcb42

Enough threads on here to put you off...more likely what happens down the line

My initial thought would be it is an inflated purchase price v true value, and that alone would make me run for the hills

Mallotum_X

As said lots of threads on here as to why it's a bad thing.

tyguy96

I understand that on here any in many other places there is a lot of negativity towards them... but are there ANY pros? if people weren't interested in them surely they still wouldn't be offered in the marketplace?

hcb42

They are offered in the market place, as they still offer people a lot of things - presumably their own space and getting on that mythical property ladder.

lonestar1

Pro is a fairly secure tenancy

Cons everything else

I view them as a cheap way to rent but without the benefit of landlord having to maintain structure/fixings, or being able to give notice if a bad neighbour moves in next door

Kynthia

Shared ownership is for people who can't afford to buy and would otherwise be renting. Many people find renting unsuitable because they are continuously being asked to move on by landlords selling, have children in school yet are at risk of 2 months notice to leave at any time, can't keep finding cash to pay for tenancy checks and removals, want to make their place a home and decorate the children's bedroom but rental often don't allow this, are waiting for landlords to complete repairs and it's out of their hands if a landlord doesn't do a non-essential repair, etc.


Shared ownership has its issues but it serves a purpose if you want a long term secure place that you can really make your home and you really can't afford to buy a whole place. If you want to move in a few years, hope to make money on the place, hope to one day rent it out, or could afford to buy without the scheme now or in the next few years then I wouldn't recommend shared ownership.

8-of-us

We are currently looking into this ourselves.
I'm not hearing too many positives but its our only option of getting going with a house.
DH is self-employed after being made redundant a few years ago and mortgages are a problem. A house on the open market to buy is unachievable with the amount we can get, even with using all our saving for deposits.
We currently rent, but the landlord is selling our house (this is the 3rd property we've been in that this has happened) the rental market here is so fast, they're gone within a couple of days of going up for rent.
We've also been turned down 2 due to having too many children. Its causing us to become quite stressed and depressed over it now to be honest.
Shared ownership means we can get the mortgage on 30%, use half savings for deposit. The combination of mortgage and rent (+service charge) is almost £190 cheaper per month, meaning we can save to buy a larger share (we are able to buy 100% with this HA).
We're getting to the point where we just want a home.
Its a case of limited options for us.

ethank

Taylor Wimpey don't do Shared Ownership directly, these are normally handed over to a Housing Association.

My view is that it is better to own 1 home than a percentage of a home.