Co-ownership

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  • leemuddywaters
    leemuddywaters Posts: 256 Forumite
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    Lot of negativity surrounding it but is still a good option to get the foot on the ladder
  • chrisross22
    chrisross22 Posts: 38 Forumite
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    Yep, the way I looked at it was it was better to own part of my house with the option to buy back rather than paying a landlord money for rent and getting nothing back.
  • qwert_yuiop
    qwert_yuiop Posts: 3,615 Forumite
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    edited 17 February 2015 at 11:03AM
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    chrisross22 wrote: »
    You still owe them the amount you agreed to so in the 50/50 scenario with £100k house when buying but the value drops to £70k, you still owe them
    £50k.

    You probably are better to buy them out as soon as you can, if only for the comfort of it. Nice for them to be able to ignore any drop though.
    “What means that trump?” Timon of Athens by William Shakespeare
  • saverbuyer
    saverbuyer Posts: 2,556 Forumite
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    chrisross22 wrote: »
    Yep, the way I looked at it was it was better to own part of my house with the option to buy back rather than paying a landlord money for rent and getting nothing back.

    Nice to know Coownership don't expect you to pay them rent, with nothing to show for it.


    Oh wait...
  • tara747
    tara747 Posts: 10,238 Forumite
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    Wouldn't touch CO with a barge pole, can't actually believe it's still a thing!!!
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
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  • Mollyb
    Mollyb Posts: 36 Forumite
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    Hi everyone, I'm just gonna jump in here to give my experience. Myself and my partner are FTB's buying a new build through co-ownership. The whole process was really easy and quick but now that we've got down to the wire in relation to exchanging contracts with the developers, co-ownership have just slowed right down. They're demanding a completion cert from the local building control and refuse to exchange until they receive this. The estate agent/builders are insisting that they want the contracts exchanged BEFORE they provide the completion cert. We've had to leave it to the solicitors to wrangle it out but it's very frustrating.
  • leemuddywaters
    leemuddywaters Posts: 256 Forumite
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    That's interesting Molly as my wife and I are going for a new build as well
  • Mollyb
    Mollyb Posts: 36 Forumite
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    Hopefully you don't have the same problems we've had! Although they are quite minor in the grand scheme of things. The house is due to be ready for occupation on the 3rd of March so they've about 2 weeks to fight amongst themselves.
  • leemuddywaters
    leemuddywaters Posts: 256 Forumite
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    We've just sent the co-own application with completion date start of September, already have an AIP from Halifax, was the co own part easy enough?
  • chrisross22
    chrisross22 Posts: 38 Forumite
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    saverbuyer wrote: »
    Nice to know Coownership don't expect you to pay them rent, with nothing to show for it.


    Oh wait...

    Well they have lent you a large sum of money.... It's not like they are going to do it for free.
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