Shared ownership property

[twinkleg]

My partner and I are separating and expecting to get around £200,000 each from the sale of our home after fees. I would need to buy a 3 bed house and in the area they are around £300,000.

I’m currently a SAHM but looking for a job urgently, however I don’t think I’ll have enough months of payslips to get a mortgage by the time I need it (our house hasn’t sold yet).

I believe I will have 2 options. To rent or enter a shared ownership. I’ve found a couple of shared ownership houses with 50% ownership so I could pay this outright (they’re around £150,000) and only have rent to pay on the house.

Does anyone have any advice regarding the best route to go down?

I’d say the best route is to not buy a shared ownership property. Isn’t there any way to buy something for £200k? Either outright or with a small mortgage?

A colleague had a shared ownership house, took him around 6 years to eventually sell it. It was beautiful house and everytime he put it up for sale all the viewers loved it but once they realised it was shared ownership they backed off.

I think they maybe can work if you have the option and potential to buy the remainder eventually.

My shared ownership house can just be sold on the open market not just as shared ownership so is the same as as any other house on the market. I do not pay a service charge as we do all maintenance ourselves. The only down side for us is that it has gone up 4x in value since moved in so we will never be able to buy the rest.

OK

I did it and it enabled me to build equity. I staircased from 45% to 70% ownership very quickly I.e. After about 18 months. Now been here 10 years.

I don't think I can afford to buy it all though and now getting a bit fed up paying £200 rent and now nearly £200 maintenance a month on top of £565 mortgage. I would have moved sooner but we didn't have the correct fire safety certificate after grenfell which we do now have.

Fine print is important- I can sell mine on open market after three months, if it doesn't sell as shared ownership. I'd just complete (staircase to 100%) and sell at the same time in that instance. So there is no being stuck.

Buy something with the cash outright now- you can then sort out money and move again to somewhere better when you’re ready. Good luck xxx