Purchasing existing shared ownership flat (resale)

gsmg123

Hi,
I got a flat on shared ownership a little less than 2 years ago. It's been a very positive for us, not to mention the only way we'd feasibly be able to purchase in the area.

Some things you might want to consider, depending on your circumstances / plans:
how do they select a buyer (ours had a lot of interest, so they gave priority to key workers, those who worked or lived in the borough, etc.)
are you allowed lodgers or pets,
are the other flats privately owned or shared ownership as well, or?
if you make improvements to the flat who gets the value (usually it's split, but some will let a surveyor price them separately, if you come to sell, and carve the value out for you),
how much does the rent go up each year (usually RPI or a certain %) - this is particularly important for you as you'll pay rent on 90% of the property
clarify what will be considered fixtures and what are fittings (ideally with the person selling)

ask for a copy of the existing lease agreement, if possible (it should answer a lot of the above).

regarding the point about owning 10% not being sensible, our mortgage on 50% portion is considerably more a month than the rent on the other 50%. Other than the potential increased value in the property, which looks slim in the coming years, it's not actually beneficial for us to increase our share