Shared Ownership HELP

Clarko

It is a leasehold, I believe all shared ownership are leasehold. However it does state something about becoming freehold once you own 100% of the property.

You are right, we are far away from the madness in London, we are based in Staffordshire.

Thank you for your help!

Cakeguts

Check that you can staircase to 100% because there are some shared ownership properties where you can't.

Just remember that when you staircase you don't buy the next shares at the same price as they would be if you bought them now. Each part that you buy you will buy at the then market value. So if you house rises in value you will pay more for the next so many percent you buy. This is why shared ownership is probably the most expensive way to buy a house.

the_quick

Check how the rent and maintenance charges are calculated, increased, are those linked to retail price index etc.
Can you buy remaining shared up to 100% in one go? As each time you would have to pay for valuation, solicitors etc.
Have a look at stamp duty, as first time buyer I don't think you pay any, but later on you will when you buy more shared - check how this is calculated.
I live in SO flat for last 6 years and to be honest I can't really fault it. Housing association is good enough, decent communication, prices for rent are stable. For us it was only way to be able to afford property in our region.
With selling I think it all depends where you live and how is property market there, but as you intend to stay for few years and buy it outright, that's not really a problem for you.
Good Luck

haras_nosirrah

have you been self employed long enough to have 1 years books?

csgohan4

you are liable for 100% of repair costs as a leasholder , however repair costs can be eye watering, a new roof for example, or a new boiler

Clarko

haras_nosirrah wrote: »

have you been self employed long enough to have 1 years books?

Yes he has been self employed for a total of 3 years so far.

Clarko

the_quick wrote: »

Check how the rent and maintenance charges are calculated, increased, are those linked to retail price index etc.
Can you buy remaining shared up to 100% in one go? As each time you would have to pay for valuation, solicitors etc.
Have a look at stamp duty, as first time buyer I don't think you pay any, but later on you will when you buy more shared - check how this is calculated.
I live in SO flat for last 6 years and to be honest I can't really fault it. Housing association is good enough, decent communication, prices for rent are stable. For us it was only way to be able to afford property in our region.
With selling I think it all depends where you live and how is property market there, but as you intend to stay for few years and buy it outright, that's not really a problem for you.
Good Luck

Yes we are able to staircase up to 100% in one go, that is something I checked out. I will have a look into the charges though and how they are calculated.. along with the stamp duty when looking to staircase.
Thanks for your help!

usefulmale

csgohan4 wrote: »

you are liable for 100% of repair costs as a leasholder , however repair costs can be eye watering, a new roof for example, or a new boiler

The housing association is responsible for the roof in our shared ownership house.

Don't forget, as a freeholder, you are also liable for 100% of the repair costs. My mortgage over 10 years for my share is £200 a month whilst the mortgage for full ownership over the same term is £1500.

Who will be hardest hit paying for a new boiler?

00ec25

Clarko wrote: »

Can anyone offer any advice on shared ownership? is it a good / bad thing? we have heard some good and some bad things but are now looking further afield for advice before proceeding!!

have you considered using the search function?

there are >300 threads discussing shared ownership already

mije1983

usefulmale wrote: »

The housing association is responsible for the roof in our shared ownership house.

Don't forget, as a freeholder, you are also liable for 100% of the repair costs. My mortgage over 10 years for my share is £200 a month whilst the mortgage for full ownership over the same term is £1500.

Who will be hardest hit paying for a new boiler?

Those figures are slightly misleading on their own though. It's not like you are paying £200 for the same thing someone who is paying £1500 is getting. The £200 gets you c.15% ownership, whereas £1500 gets you 100% ownership

It's great that S/O works for you, but you are comparing a £200 outlay against a £1500 outlay and they are not comparable.

Impossible to say who would be hardest hit so it's a moot point. Although it would probably be the person paying £200 a month as the chances are they have less monthly income than someone paying £1500 a month.