Shared Ownership Properties

lynseydee

Hi

I'm due a lump sum from my ex-husband following our divorce.

The only way I can afford to use this money to buy a property for myself and my son is to look at shared ownership properties.

I've never bought a property like this before and was wondering if you have to pay the price for the share being sold or whether you can make an offer and also can you buy less of a share than what is being sold?

Just want to understand it a little bit more before I start registering my interest in properties.

Thanks

lena_halo

I have a shared ownership property, just sold it actually, waiting to exchange! Anyway, I had to buy the share advertised and I wasn!!!8217;t able to make an offer or pay more or less than the percentage offered of the valuation of the property. It might not be the same with every property but it was the case with mine. Best thing to do is to go and look at a few Housing Association websites that offer shared ownership properties (mine was Sovereign Living) and they are usually quite informative and tell you how everything works etc.

FWIW it!!!8217;s the best thing I!!!8217;ve ever done and now it!!!8217;s 5 years later and I have enough equity to put down a deposit on a house with my partner, never could have saved up so much money on my own in that time. Good luck with it!

diggingdude

I looked seriously at buying one in 2015. Was told by Orbit I think they were that there was no negotiation on price. In the end walked away as rent was massive

clarefs360

I'm in the process of buying a shared ownership property now. I have to buy at least the percentage share advertised, which is the percentage owned by the current owner. During the financial assessments I found out that they actually insist that you buy the largest share that is affordable to you, so I am buying a bigger share than advertised. As I'll be putting more money into my mortgage than into rent for the housing association this makes more sense.

To answer your question, yes you will have to buy at least the percentage share offered.

lynseydee

Thanks for everyone's replies. I have now registered with helptobuysouth and they have accepted my application. I will wait until I receive my lump sum before I start showing any interest in properties just in case there is any hold up and I end up not being able to get a property I want.

Klr005

I bought a shared ownership property in 2015 and recently completed my staircasing to 100%. I think its a great scheme that can really help you get on the ladder.

If you purchase a property that os no longer new, i.e. previously owned by anothet shareholder, then you have to buy the % that is being sold.

If you're purchasing a new build then usually the housing association in charge of that property can sell anywhere between 25% to 75% , based on what they deem your affordability to be.

The price is the price though. No negotiation as its supposed to be basic market value.

Good luck.