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shared ownership<to good to be true>?
robwend
Posts: 2,919 Forumite
hi guys
dont know if anyone can help but recently split with my husband, going to have to sell the house and hes agreed to give me all the equity. i contacted a large housing association and they said they have a scheme that i can go on whereby i buy on the open market with my equity and they pay the rest, a home up to £180.000 all in. now im waiting for the paperwork and dont want to call again coz they will think im mad, but is this common? all seems abit too good to be true, anyone know of this?
dont know if anyone can help but recently split with my husband, going to have to sell the house and hes agreed to give me all the equity. i contacted a large housing association and they said they have a scheme that i can go on whereby i buy on the open market with my equity and they pay the rest, a home up to £180.000 all in. now im waiting for the paperwork and dont want to call again coz they will think im mad, but is this common? all seems abit too good to be true, anyone know of this?
You're not drunk if you can lie on the floor without holding on
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Someone I know had a young couple view who were on a similar thing. Presumably there is rent to pay on the other half?Been away for a while.0
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ooh yes you have to pay rent on the other half.which isnt a problem. its more of a case i just feel there must be a catch... i mean if it wasnt for them id be renting away my equity untill i had to go homeless, just never heard that you could do this on the open market. by the way this is nothing to do with homebuy schemes, this is housing associations own thing they do, hasnt anyone done this?Running_Horse wrote: »Someone I know had a young couple view who were on a similar thing. Presumably there is rent to pay on the other half?You're not drunk if you can lie on the floor without holding on0 -
My mate did this - bought 25% of a flat, then rented the other 75% from the Housing Association.
He was accepted because he classified as a key worker though (police, firebrigade, teachers, hospital workers etc...), but i guess they accept others too then!
The only down side is that now he's trying to sell it (he's got a job abroad and they won't let him rent it out more than 12 months), it's got a limited clientel (sp??) because it has to be sold to someone who is eligible for the same scheme.
Apart from that, it was great for him. So go ahead, do it!
It depends on the HA too, as some won't let you buy on the open market, and you have to buy from their selection of properties.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
no this one will let me buy what i want up to a certain cost<yet to be told excactly how much >but was given a rough figure of 180/190 grand, and i dont have to be a keyworker. presume because i dont needa mortgage, i dunno, and coz i have kids. they work out my rent in accordance to housing benefit incase i cant afford it.<but i do work> so they do that as a back up plan so they get there rent, i just cant stop worrying its all rubbish and hes told me a pack of bull on the phoneYou're not drunk if you can lie on the floor without holding on0
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The scheme you refer to, presuming it is the same one, is a well-known - and been around a few years - method of enabling people to buy houses they've picked/chosen on the open market, but under a SO scheme. Rather than limiting people to just the SO properties specifically built as such.
There are different rules on who is eligible etc and not every area has a scheme even probably. But it's legit.
Here it is. Homebuy. http://www.communities.gov.uk/housing/buyingselling/ownershipschemes/homebuy/openmarkethomebuy/
Notice the webaddress has .gov.uk in it - means it is a British Govt website, so "legit" ... as far as the Govt are
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Nope, it doesn't sound like a lie... It sounds 100% feasible, and that's great if you can pick which property you'd like on the open market.
Just to be certain, ask them for all the terms and conditions (in writing), and read through them with a fine tooth comb to check for any limitations etc... or anything that may cause you a problem when selling/buying a bigger share/making changes.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
thx pink, still pinching myself. and pastures this is nothing to do with homebuy, i rephoned and double checked, this is there own scheme, well oddYou're not drunk if you can lie on the floor without holding on0
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Yeah, there are different things going on in different areas.
And nothing in many areas too.
If I got the chance, I'd probably snap it up.
Not an option though.0 -
i agree hun, but ive still got this too good to be true thing bothering me, still... gotta wait for the application form to coem through, with the bloody postal strike, the guy who process,s them said he cant see any problem with my situation, il wait and see on that one, always think im gonna land on me !!!! againYou're not drunk if you can lie on the floor without holding on0
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