Shared Ownership - Pro’s & Con’s

izoomzoom

We completed the final staircase of our SO house last month. We originally bought 50% 14 years ago, and it took 13 years for us to be completely (non-mortgage) debt free (we didn't try incredibly hard to be debt free till a few years ago). We also had another child during that time, and thank goodness the house was big enough for us all. The biggest struggle for us, was having a baby, me still on part-time hours and our boiler was condemned. Those were dark cold days, but we got through them. We didn't buy a new build - we found the rental was more reasonable on a resale SO house. Our rental portion went up less than £10 a month each year. Our HA never bothered us, and gave permission for us to convert the garage. When we staircased, the valuation done was with and without our improvement (£10K difference) and we bought at the price as if the improvements hadn't been made.

tweet86

I was always extremely sceptical as I’d heard some mixed stories. But my friend had a good experience which has improved my view. She staircased to 100% after 2 years when her partner moved in. She then sold a few years later and made enough to buy their forever home. I realise every situation is different though