Buying a previously shared ownership flat

charlie_1988UK

My girlfriend is looking at buying a flat. We can see on the estate agent's website that it's a shared ownership flat though. She'd be buying it outright and becoming a leaseholder, not buying through the scheme, so how does this work? What are the implications for her buying it, and for the future while she lives there and eventually sells?

Anything we should ask the agent about, or be aware of? This is near Croydon.

eddddy

charlie_1988UK said:

She'd be buying it outright and becoming a leaseholder, not buying through the scheme, so how does this work? 

Is a Housing Association managing the block of flats?


Possibly one of the following has happened...

• 1) The current owner has staircased to 100% ownership (so owns the flat outright) - and is now selling the 100% ownership

• 2) The current owner owns a share (maybe 25%, 50%, 75% or whatever) - but will do 'back-to-back' staircasing and selling. i.e. On the day the property is sold, the remaining share will be bought - meaning the buyer ends up with 100% ownership.

• 3) The current owner is selling their share (maybe 25%, 50%, 75% or whatever) back to the housing association - and the housing association is re-selling it with 100% ownership

charlie_1988UK said:

What are the implications for her buying it, and for the future while she lives there and eventually sells?

Anything we should ask the agent about, or be aware of? 

It's the same as buying any other leasehold flat really.

Presumably, the Housing Association will be managing the block. Some Housing Associations are good, some are not so good.