Shared Ownership Housing Association Experiences in the South of England

Mrs_pbradley936

With resales they charge you a ridiculous amount for providing paperwork on the lease. My friend's daughter had to pay and that is the only reason I know about it.

Tygermoth

I know its a mixed bag and resales can have issues.

We are not looking to staircase, we are looking to save (SO rent and mortgage, even with the sucky SO rates - will be a full third cheaper than the current rent) this leaves our options open - we can either staircase if we choose or put that money to a bigger better deposit if we sell and leave in several years time.

Either way we can SAVE so when things go wrong there is a buffer, we will have a small safety net rather than reeling if a big bill comes in because our current rent means we have very little free money to play with. Don't get me wrong we are frugal and smart with our money (the mortgage dude was impressed lol) but having those extra pennies AND a secure home means we will be much more stable.

After so many LL issues and fees, deposit fights we are basically putting a large payment down on a 'rented house' with no LL perks so we can be left (for the most part) alone.

If we wanted to extend the loft (how weird you would mention that, we do want to put a loft space in) our thoughts are that it will be for our benefit - in rented we cant make changes at all. least in this set up we may have the option! long winded it may be.

Where we are in our purchase process:

Still not had the stage two link through - this is getting very very stressful as we passed the mortgage check, was given a MIP by their FA and were advised we were to be made an offer over a week and a half ago. Even he said that they were looking to have everyone in by Jan.. so every day eats into that two months to get a formal offer and agree, arrange a mortgage get that agreed and then complete all the paperwork especially as it seems to take them three weeks to do each stage! Its that squeeze that's making my stress levels ramp up.

Update - I called to ask how long for the link to be sent though and the reception lady advised the whole SO team is currently off sick.

We are having to plan as if we are moving in Jan without any gtee we are... . You would not believe the amount of planning we are currently doing basically on a 'maybe' Like Kinbyanne above we know once they decide to go for it we will have 28 days from when they say yes. So we are using the mantra 'plan as if we are going'. Computer three dimensional models of the house has been build so we can see where our furniture will fit. insurances and local service quoted. removals planned. I have planning lists, notes and paperwork coming out of my ears... Its like a full on military operation lol

I just have the feeling they are dragging their feet as they are going to bump us at the later stages for someone with a 'greater housing need' as like Kinbyanne we are looking at a two bed.

I am just keeping my fingers crossed as the FA had processed loads of applications and he said that ours was the only one that passed that day for our development so this ups our chances, that and the new build in question is right on the edge of the HA area is very rural so has put quite a number of applicants off coupled with the fact the big local town has released several large developments which would be more favorable for schools and amenities. (ours is also a bit more expensive than the city houses)

We like ours though as its just a single row of houses being built, done by a local company who is known to build quality homes - rather than a huge national builder. Because of this its not not a new build box, more old style cottages with flourishes and charm. This is to fit in with the lovely lovely local village which is pretty (but also has a mainline station to london)

But i refused to get attached... as the HA could change their mind at any time.

tiger_eyes

You're all making me glad I didn't buy directly off the housing association! The resale process isn't that much different from buying a wholly owned property, I think. The vendor had to comply with some housing association rules and I had to get approved by the housing association, which took a detailed questionnaire and a couple of weeks. That was it really.

leveller2911 wrote: »

Its also worth noting that Oxford University researched SO and found that only 5% or people staircased to owning 100% which is not a problem if people are happy with never owning 100% . IIRC It was down to affordability, people couldn't afford to staircase to 100% so it wasn't through choice.

I suspect people who can't afford to staircase up to 100% aren't necessarily going to stay in that property forever. Just to pick some random figures out of the air, if you own a half share at £100k and can't afford the other £100k, maybe you trade up to a wholly owned house at £150k instead. So the shared ownership was still a successful intermediate stage that was more secure (and probably cheaper) than renting.

KHud

Tiger eyes, can I ask if you had a similar experience to that which Mrs pbradley936 speaks of with paying for lease paperwork please? Thank you.

tiger_eyes

KHud wrote: »

Tiger eyes, can I ask if you had a similar experience to that which Mrs pbradley936 speaks of with paying for lease paperwork please? Thank you.

I don't think so. I remember paying around £150 to the housing association for something to do with notice fees, but I think that's all the housing association asked for (other than rent and service charges in advance). On the other hand, the solicitor's legal fees for the shared ownership and leasehold aspects of the sale were extortionate.

Thames_Valley_Housing

Just to let you know, if you have any questionsor concerns about shared ownership or the sales process, you can call us on 020 8607 0550 or drop us an email at [EMAIL="sales@tvha.co.uk"]sales@tvha.co.uk[/EMAIL]

Thanks
Thames Valley Housing

Pete9501

TVA, I have a question. Does your HA allow people to view a property before purchasing or allow viewing during the build?

Does your HA put people through the hoops we have read about above? I hope not.

Pete

Tygermoth

Pete,

Just to show you this is the norm for S/O i have linked below to Sentinhell (not the S/o i am using but has very similar policies)

Our HA states almost the same as below but confirm when you call that they are to busy to allow time consuming visits when there is so much demand ppl will buy without seeing..... so again the implied 'if you don't toe the line we will give it to someone else'

As you can see from the FAQs - they tell you how many pets you can have, you have to ask permission to up up a dish and yes, you can view.. but its implied it is really awkward:

When can I view my property?

We sell the majority of our homes off-plan and get people moved into their new home within 5 days of the homes being ready. This means that there is very little scope to let customers view their home before they exchange or complete their purchase. We always aim to get you a viewing but it is always at the discretion of the builder (as we don’t own the property until they are completed by the builder) as the builder has to ensure there are no health and safety risks to you. When we are able to get you a viewing we will accompany you (as we have had site-safety training) as the builder will not allow you onto site without us. Please note viewings will always be during office hours as we do not work weekends.

http://homeownership.sentinelha.org.uk/faq/#ask5

Tygermoth

Still not had the promised offer - when I call in I am advised I will be called back but they are 'very busy' and 'I will be called' but they can not give a timeframe.

Pete9501

Tygermoth wrote: »

Pete,

Just to show you this is the norm for S/O i have linked below to Sentinhell (not the S/o i am using but has very similar policies)

Sometimes you have to be grateful for what you have. I will keep our drafty 1930s house thank you, but appreciate that some do have to use shared ownership to get on the housing ladder. I hope it all works out okay for you guys.

Pete