Shared ownership experiences?

[Yellowfish2020]

Anyone have experience of taking up a shared ownership? I’m looking at it as an option as currently renting and can’t afford to buy outright but all I seem to hear is horror stories. Surely it’s better than renting? Or no?

My experience was positive. Mortgage on 60% and rent on remainder plus a small service charge despite it being a house with own garden - that covered external maintenance. Didn’t do any major works to it- decoration and new carpet.

I made money when I sold it on and had no issues.

@fiorentina

My experience was positive. Mortgage on 60% and rent on remainder plus a small service charge despite it being a house with own garden - that covered external maintenance. Didn’t do any major works to it- decoration and new carpet.

I made money when I sold it on and had no issues.

Thanks so much! I didn’t see this until now! Really good to hear because all I seem to hear are the horror stories, but I really think it could work for what I need. Thanks again!

Panorama recently did a programme on it. Think it was November or December last year. Should still be on iPlayer. Id have a good think about whether it could work or not for you. From what I remember most people want it to work for them and close their eyes to the problems with it.

All positive for me. Got me on the property ladder and I made a little money. Cheaper than renting outright and I made a little money when I sold.

I would add mine was via the local council not a property developer. So I had to apply to them and then they also helped find a buyer from their waiting list when we sold (price set at average of 3 estate agent valuations). If they hadn’t been able to find one it would have gone on the open market.

Thanks for everyone’s input, really appreciate it. I think I may well go for it - I can’t see that it’s worse than renting (which is my only other option), with the exception of paying for maintenance. I’m not worried about making money - I’m certainly not making any by renting and the major thing for me is the stability of knowing I don’t have to live 6 months at a time wondering when the landlord here will decide to sell! Thanks again

What sorts of horror stories have you heard? My experience was positive. The property itself was lovely and in a great location, just a bit too small for a family really but it was a secure home in terms of safety as well as the security of knowing I'd not be kicked out at the last minutes notice. It always felt like my home too, which was very different to my experience of renting when I had the landlord turning up whenever he felt like it, and I had the freedom to decorate as I liked. The service charge was pricey, but I think it was worth it as long as you factor it in to your budget. I made enough money from it to put down as a deposit on a house when I was ready to move on, so it worked out well overall.

We recently bought a shared ownership. We have one DC and want more and didn't want the insecurity of renting if we could avoid it - but it would have taken an age to save enough to buy outright!

We own 40% of a 3 bed house in a nice area with a garden. We pay £600pm mortgage and £400pm rent, which you'd never be able to rent this house for round here! 3 beds start at £1300pm rent unless they're absolute dumps...

DS gets to go to an amazing school, we can decorate, great local amenities... its great.

Just before DS was born exH and I lost our flat and couldn't find anywhere to rent to us, he was born with us living in a homeless shelter. When I think of renting now, when DH and I want DC, it terrifies me, though I understand that that's unreasonable of me!

Basically, I count my lucky stars that SO was an option for us and totally recommend it