Shared Ownership - advice please !

Helga14

I brought a shared ownership place in December 06 and the experience has been good for me. I'd certainly look around and make sure that you are not paying too much for the flat and I'd try to buy as much of the flat as you can initally as staircasing is an expensive process and you'll have to buy more at the market rate which may increase if they have sold it to you at a good price.

I'd look into the service charge, who are the managing agents. Get in writing how the service charge works and how much they expect it to increase. They increased mine months after I moved in, which then led to me complaining and them changing their mind. I've heard some nightmare stories about some management companies charging high service charges.

If it isn't a new flat get the boiler checked. I moved in and the boiler didn't work and it took almost a year to sort out a deal with the housing association.

Overall buying a shared ownership flat was the best thing I've ever done, in theory my flat has gone up in value. I own over 50% of a flat in london which I could never have done any other way. I love my flat and where I live. The neighbours are nice although they all rent still off the housing association so don't quite get that I can't just call up the housing association and get things off them.

Look into all the options, you can get shared ownership which isn't new build flats as some housing associations sell off their stock. That is what I did and so I live in a old property which was converted not a big block. They are harder to come by but you may find a star property.