To buy a house I will only own 30% of or am I being conned?

31 replies

30percent · 12/04/2024 09:46

Would you/have any of you bought a house where you only own a certain percentage and have to pay rent on the rest? But it works out cheaper than normal renting/ normal mortgage. Other 70% owned by clarion (can anyone vouch for clarion being trustworthy?).

The house is lovely, its seeming like the only viable option for a decent sized home because rent around here and house prices have got crazy expensive in the last five year and the council waiting list is about ten years long.
Any experience or advice would be greatly appreciated.

OP posts:

bradpittsbathwater · 12/04/2024 10:11

Quite common now but it may be hard to sell on.

randomchap · 12/04/2024 10:07

With shared ownership you're normally responsible for 100% of repairs.

Also Clarion are a nightmare to deal with. I would avoid them

SundayFundayz · 12/04/2024 10:07

We had our first home as shared ownership 18 years ago. Just meant when we sell we only got that % of the profit but it was enough to use as a deposit for something bigger. Worked really well for us at the time.

RippedJeansAndCashmere · 12/04/2024 10:05

I have heard some of these shared ownership homes have become something of a trap. The rent and service charges increase annually and people get stuck unable to sell and unable to afford the combined mortgage and rent.

Some also have a clause that you can never own 100% of the home.

Some shared ownership schemes work well, but do your homework.

This is Martin Lewis’s guide to shared ownership: https://www.moneysavingexpert.com/mortgages/shared-ownership-scheme/

Kijuity · 12/04/2024 10:03

Shared ownership. Very common, very normal and a great way to get on the properyy ladder. Only really ideal though If you intend to own long term as you can then realise the value and buy further shares.

Stressedoutforever · 12/04/2024 10:01

Shared ownership? It's pretty common now isn't it

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