📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

New build / shared onwership

Options
Hi all, last weekend me and my hubby reserved a plot on a new build estate. We went back today to go over the book which explains buying the house from start to finish. We saw that the house attached (we are buying a semi and we are in the corner) has now been sold to an housing association for shared ownership.
All affordable housing is listed on the site plan and the plot next to us wasn't one of those.
Just wondering if they should of let us know that? as now we are wondering if we should still have the property or just loss the money
«1

Comments

  • System
    System Posts: 178,349 Community Admin
    10,000 Posts Photogenic Name Dropper
    Prejudice... or what?:rotfl:
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • cado1
    cado1 Posts: 109 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I agree with Calmapal that you are displaying a very prejudice attitude, however I also think you may have confused Social or council housing with shared ownership.
    Total Unsecured Debt at October 2018 £29,411
    02/20 £ 6,374:j
  • CLD1
    CLD1 Posts: 5 Forumite
    Not prejudice at all and I understand the difference between council houses and shared ownership.

    I just wondered if anyone knew if we should of been made aware of the plans.
  • A4445
    A4445 Posts: 1,103 Forumite
    Why should the say? The attached house could be a 70/30 split, so the neighbor would still need a mortgage. It’s a bit harsh not to want to buy for this reason. They are not inferior people just because it’s shared ownership.
  • System
    System Posts: 178,349 Community Admin
    10,000 Posts Photogenic Name Dropper
    So, if someone is buying a house with the government equity loan scheme will you not live next to them either? :T
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • It must have been in the plans.

    The developers would state which houses were for SO or for HA tenants.

    They aren’t going to hand over more of their houses to a HA for rental or for SO than they have stated in the plans.

    Would it put me off buying? No. We bought a new build and someone in a £400,000 house left passive aggressive notes on anyone’s car who parked near the perimeter of his property on the public highway. Likewise someone could buy the house next door to you and rent it out.

    You can’t guarantee what your neighbours will be like. Just like they can’t guarantee what you will be like as neighbours. Most people are quite nice. The odd few aren’t. But you’re going to get them anywhere
    Mortgages Oct 2020: £308,283 Jul 2021 £286,600 October 2022 £253,456 MFW-22 #9 MFIT-T6 #35
  • CLD1
    CLD1 Posts: 5 Forumite
    Thank you. It just would of been nice to be able to have a choice rather than be told afterwards. Just feel like they went the wrong way about it.

    And fully understand anyone can be a nightmare neighbour
  • CLD1
    CLD1 Posts: 5 Forumite
    Of course that's what I'm saying.

    Thanks for the helpful comment...:wave:
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Have you checked the council planning portal for the development?

    what you see in the show house/sales office may not include all the information about the development.
  • I specialise in shared ownership. Most of my clients are teachers, council workers, nurses, police etc etc. People who need to work in more expensive areas than their incomes will stretch to

    They have to have a job and be earning a minimum of 18k to qualify for the scheme.

    They are not allowed to rent it out so you won't have them moving out and tenants moving in

    I wouldn't have an issue living next to shared ownership
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.