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Finally doing shared ownership!!
Little_Bunny
Posts: 64 Forumite
Hello all,
I've been flathunting for a while now and have now finally decided to do the shared ownership route simply because I wasn't able to find what I wanted on the open market (mainly it was the location causing me the problem as I was hoping to reduce my commute but of course central London is craaaazy expensive).
So I'm hopefully going to buy a 50% share of a 1 bed flat in Canary Wharf. Yesterday I paid £250 to reserve my flat and I just got my mortgage broker to start the process today! I'm really excited but also really scared because I know shared ownership is frankly a dangerous option due to the restrictions in place eg can't sublet but what if I lose my job, staircasing is difficult unless I get essentially a second or third deposit for the same property etc.. But its a nice place and 50% is better than nothing I guess ...
So my question is at this very early stage in the process what pitfalls should I be aware of? Is there anything I can do to make it smoother or ask questions to make things better for me in the long run? I would really appreciate some advice I guess from people who have done it or in the process currently!
Many thanks,
LB
I've been flathunting for a while now and have now finally decided to do the shared ownership route simply because I wasn't able to find what I wanted on the open market (mainly it was the location causing me the problem as I was hoping to reduce my commute but of course central London is craaaazy expensive).
So I'm hopefully going to buy a 50% share of a 1 bed flat in Canary Wharf. Yesterday I paid £250 to reserve my flat and I just got my mortgage broker to start the process today! I'm really excited but also really scared because I know shared ownership is frankly a dangerous option due to the restrictions in place eg can't sublet but what if I lose my job, staircasing is difficult unless I get essentially a second or third deposit for the same property etc.. But its a nice place and 50% is better than nothing I guess ...
So my question is at this very early stage in the process what pitfalls should I be aware of? Is there anything I can do to make it smoother or ask questions to make things better for me in the long run? I would really appreciate some advice I guess from people who have done it or in the process currently!
Many thanks,
LB
0
Comments
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Maybe you should have a read of this
http://www.independent.co.uk/property/house-and-home/future-home-dreams-shattered-in-the-traps-of-sharedownership-7605884.html0 -
Wouldn't a longer commute be worth the extra equity and flexibility?0
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LB - shared ownership is good and bad. It all depends on you and where you are right now, and where you think you'll be. It worked for me 12 years ago. Very well in fact. That said it is slightly more risky than conventional buying.0
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