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Shared ownership in London. Any experiences?

(6 Posts)
AnnieBeeBee Thu 07-Jan-16 11:38:28

So I know the criteria: either a first time buyer or a previous home owner who can no longer afford a house in their neighbourhood. And earning under £100k (for London).

Anyone done shared ownership? I looked for properties and there weren't many. Where should I be looking?

And what's it actually like and what kind of place can you buy? (Assuming it's all new builds.)

strawberryandaflake Thu 07-Jan-16 11:43:31

Don't do it. My first flat was shared ownership. The headache it gave me, especially trying to sell. You're better off waiting and either doing a help to buy scheme or stay renting. Sorry I can't be more positive. X

AnnieBeeBee Thu 07-Jan-16 12:21:18

Oh gosh! I would actually have to sell and rent for a while before I did it. I currently own, strawberryandaflake.

My flat is worth a nice amount - but not enough to get anything family-sized in my neighbourhood. I do have the option to move to a cheaper neighbourhood, of course.

I hadn't really thought too much about resell! Did you sell to someone who would own it 100% or another shared ownership?

Moving15 Thu 07-Jan-16 16:46:20

Some shared ownership properties are restricted to be resold to another shared ownership buyer and you have to give the housing association the first opportunity to sell it for you. My friend's had a nightmare when trying to resell their flat. It took so long and it was a struggle to get a decent price because the housing association were not really concerned with making any profit!

LBOCS2 Thu 07-Jan-16 16:57:25

It's an expensive way to be on the ladder. You pay rent on top of mortgage and if you are in a flat you're not protected by the law so much because you're not on the leasehold title. I'd avoid if possible.

cooper44 Thu 07-Jan-16 19:18:22

my first flat was shared ownership - with L&Q if they still exist. I had an amazing central London victorian flat that I would never have been able to afford otherwise. It was an entirely good experience - the housing assoc were always really good re repairs and general upkeep. Yes it was a slight pain selling but only really because I had to extend my lease at the same time and that could have happened in any leasehold property. The flat had to be offered to the L&Q list of buyers first I think - but the price (which was set) would have been the same whatever. I guess in London the set price thing is not great as it's more than likely with a good property you would get sealed bids and get more. But I did very well from my flat and absolutely loved living there - probably more than in any place I have owned since. I owned 80% of it and I think my rent on the remaining 20% was about the same amount as my council tax.

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