Co-ownership

AWeeCuppaTea

Sorry yes, that's what I should have said.

They won't pay the ground rent for you, but they will add the cost to your rental payment and then pay the bill on your behalf.

Parisien

saverbuyer wrote: »

Yes it is.


There are two forms of help to buy.


Equity loan, like co-ownership but not available here, you still wouldn't own 100%.


Mortgage guarantee (you own 100%) available here.


20k deposit then why co-ownership? You have to put 15k of that down anyway to qualify.


So you are using the scheme, applying just in the wife's name?

I am making initial enquiries into the easiest/cheapest/cost effective way into home ownership on behalf of my son in N Ireland

Just to clarify Saverbuyer, co-ownership is a less favourable way into ownership than mortgage guarantee in your post ( effectively the same as mainland help to buy scheme?) Any links/info etc appreciated.

Parisien

To answer my own question....is this what you mean, available in NI?

http://www.hsbc.co.uk/1/2/mortgages/help-to-buy?mtp=search&WT.mc_id=HBEU_HSBC_PPC_Generic_Mortgages__DR_Google_5&WT.srch=1

Parisien

Bumping this to see if any further info

Oliviasmom

Anyone had a recent experience of applying coownership? Thinking of applying.

flonaann

Has anyone else found co-ownership turnaround time very slow at the moment?
We are in the process of selling our house to a couple who are buying through co-ownership and the process seems very slow. The estate agent had said that co-ownership is usually quite fast, but they have noticed it to be very slow over the past few months. Its been nearly 9 weeks since we accepted the couple's offer on our house and the past 5 weeks have just been held up by co-ownership.

Is anyone else finding it very slow at the moment?

guiriman

flonaann wrote: »

Has anyone else found co-ownership turnaround time very slow at the moment?
We are in the process of selling our house to a couple who are buying through co-ownership and the process seems very slow. The agent estates have said that co-ownership is usually quite fast, but they have noticed it to be very slow over the past few months. Its been nearly 9 weeks since we accepted the couple's offer on our house and the past 5 weeks have just been held up by co-ownership.

Is anyone else finding it very slow at the moment?

We sold last year to a purchaser using co-ownership, it added about 8 weeks to the process in the end

flonaann

Thanks Guiriman. Can I ask how long the total sale of your house took from accepting offer to signing contract? When we bought our house back in 2009 everything took 5 weeks, but this time round we are already at 9 weeks and everything seems to be at a standstill cause of co-ownership.

guiriman

Offered accepted end of October and we completed end of March, but probably the last five weeks could have been saved if the buyer hadn't started messing about over who fixed what.

Talkingsinger

It’s interesting to see more recent posts state that Co-ownership seems much slower now. I’d read older posts and everything seemed to move along quickly, however I put in my application on 13th April, was told I’d get a text once payment was to be taken (wouldn’t take it at the time of application). After 5 days I was getting impatient so I rang and they said we’re just waiting on your payment? I was like, sorry I was told I would get a text and I haven’t heard anything? So that was a bit annoying because could probably have sped things up a bit if I’fav known presumably.

Anyway it has now been a week since I paid, phoned today to ask how it was progressing and was told it still is waiting to be assessed and to phone back start of next week. Was told they’re very busy! In older posts seemed they had valuation over and interview dates by this stage!

Frustrating but what can you do, just hope the seller of my house is a patient person