Shared ownership

Emma8764

I’m looking for some advice. I currently own a shared ownership property and have been paying rent and mortgage on the property for the last 5 years. Anything that goes wrong within the property is my responsibility and I have to foot the full bill which has always led family and friends to question why I pay so much in rent. I always thought it was a lot of rent on the unowned share but just thought clearly the whole thing is not this great affordable option they market it as being. However, recently I read that the rent should only be a max of 3% of the unowned share. I have been paying far more than 3%. Are the housing association taking advantage and over charging me or is the 3% only for the first year and then the housing association can just put up the rent as they like? Does anyone have any knowledge/ experience with this? 

ninja_chinchilla

Are you in a flat or a house? If it is a flat then it might be the management fees that pushes up your rent costs. This is definitely what happened in my case.