Share your shared ownership experiences

Newbie78

leveller2911 wrote: »

Only time will tell if it was a great idea but 6 months is nowhere near enough time to give an informed opinion on the benefits/drawebacks of the scheme..........Come back in 5yrs time and tell us how its going ..

Well 6 months was enough time to realise we were never going to afford a home outright for some time, this was the best option right now and we are happy with that

We were able to speak to friends of friends who had lived in their S/O houses for some years

We were able to go through all the details of financial obligations

We live on a brand new estate in an expensive area

I think my experience is for those people who can take advantage of this affordable housing right now

Grant_Urismo

It's worked out well for us, but it's not without it's problems. The rent is index linked, which we thought was a good thing, but it's been going up while real world rents round here have been going down. Our current problem (and the reason why I've just joined up here) is that although we have the right to staircase, there seems to be no time limit on how long the process takes. We sent off the forms to exercise our right to buy the remaining 55% of our property over 3 months ago, but our solicitors seem to be unable to make any progress. We've already had to have a re-valuation, and now our mortgage offer is close to expiring, meanwhile the housing association are cashing in, as every day this is delayed means an extra day's rent for them!

Andyjflet

leveller2911 wrote: »

The reality is home ownership isn't for everyone.

Its also worth noting that the Government schemes have helped prop up house prices. If the schemes weren't there what do you think would happen to the bottom rung of the housing ladder?.. Obviously it would stall and so would every other rung , then prices would need to drop to affordable prices and along with building more homes the prices would fall .

It would also help not having £thousands of debt (your sig, if its still outstanding) with all the interest payable. Maybe start living within your means may be a start........

BTW shared ownership is fine in principle but its still not owning 100% and if you accept that then great.. Many SO owners pay rent as well as a mortgage and the owner is responsible for all the maintenance . On a new home its not too bad but things do wear out and break so worth putting a rainy day fund aside and not forgetting mortgage rates go up as well as down and are currently at a 200yr low.Can you afford the mortgage if interest rates rose to say 7%?...

These are things you still need to consider .

I beg your pardon ? Live within my means ? I do and always have done. Quite comfortably thank you.

The outstanding debt is for my business, which is trading very well thank you and what pays for the £1200 child maintenance I pay every month. Self Employed business owners that have been trading less than three years may find it a struggle to purchase a house and therefore shared ownership, I reiterate is great for someone like myself.

Andyjflet

leveller2911 wrote: »

Wow, never seen so many new posters on one thread, 7 newbies in a total of 18 posts.

Bit strange that.

Why is it strange ? What's your issue ?

leveller2911

Andyjflet wrote: »

Why is it strange ? What's your issue ?

I don't have any issues apart from currently having back problems..:D

I've beem here long enough to spot posting patterns and in general when you get numerous new members posting on a thread in a fairly short time span I smell a rat.

We often see it happen in the DIY section when someone posts a rant about a company and then lots of new members post saying how they thought t that company was great to deal with. Obviously those new members were plants from the said company. I'm not suggesting thats happend here..

Andyjflet

leveller2911 wrote: »

I don't have any issues apart from currently having back problems..:D

I've beem here long enough to spot posting patterns and in general when you get numerous new members posting on a thread in a fairly short time span I smell a rat.

We often see it happen in the DIY section when someone posts a rant about a company and then lots of new members post saying how they thought t that company was great to deal with. Obviously those new members were plants from the said company. I'm not suggesting thats happend here..

OK well thanks for looking out for us all in the detection of spammers. I feel a little bit safer now I know youre on the case.

darkbluechains

Having been in a SO property for just over 18 months now I can say it's been a great decision. I own 50% of the property so have a relatively low mortgage payments. My rent and service charge which I pay on top is about the same as my mortgage but this still works out less than if I wanted to rent in the area, I've had a recent look and rental properties would be about £400 more a month.

Back in April I got a notification that the rent was going up slightly but my service charge was going down so in fact I now pay about £40 less per month than when I first moved in. Not a massive difference but always welcomed!

The only problems I have had is with the Housing Association, who own the other 50%, when I've needed to speak to them. They've been a bit slow and trying to get hold of the person who supposedly runs the building I live in is near impossible.

I have the option to staircase if I want but to be honest as moving into a SO was a step up onto the property ladder I would rather stay at the current level for the next few years before selling to help another FTB.

It's given us an amazing opportunity to buy somewhere that would've been impossible before.

Bogalot

leveller2911 wrote: »

I don't have any issues apart from currently having back problems..:D

I've beem here long enough to spot posting patterns and in general when you get numerous new members posting on a thread in a fairly short time span I smell a rat.

We often see it happen in the DIY section when someone posts a rant about a company and then lots of new members post saying how they thought t that company was great to deal with. Obviously those new members were plants from the said company. I'm not suggesting thats happend here..

The reason for the new posters is that the thread was linked to in the newsletter. That always prompts new posters.

Daffodil28

We bought a 30% share in a 2 bedroom semi detached house through shared ownership in 2009. It was our first home and we were expecting our first child. (As our daughter hadn't been born at the time we were reserving, we were only eligible for 2 bedrooms). We've since had a 2nd child, a little boy, and are looking to move on. We still cannot afford to buy a 3 bed on the open market (£300k plus). There are a couple of 3 bed new builds on shared ownership we were interested in but our housing association will not let us reserve another property until this one is sold. The new homes are in high demand the HA have told us. So we could end up sold with no where available home to buy if we're pipped to the post. My husband doesn't want to take the risk of selling for this reason. I feel trapped in a property we have outgrown.

sugarbabe84

I've heard that Housing Associations usually compromise on the quality of properties for people who have bought through shared ownership.

Has this been a problem for anyone?