To ask you about your experiences of shared ownership?

[FizzyPink]

I'm currently looking to buy my first property probably within the next year and will be buying solo. I've been set on the help to buy equity loan as it means a much smaller deposit is necessary but have had negative feedback from everyone I've spoken to about it.

Someone suggested a 2nd hand shared ownership property would be a better way to go and then to staircase to 100% in a few years time. This wouldn't be an issue as I receive twice yearly fairly large bonuses so wouldn't be needing to save up as it were.

I'd be really keen to hear about how shared ownership works in practice if anyone has any experience. For reference I'd be looking at South East London.

I'm in Wales so probably different. I have a shared ownership. Absolutely no problems. I only repay them if I sell the house. Obviously the upkeep is on me. But no way I could have afforded it otherwise. I just pay the mortgage on my portion of the home.

I think a lot of the criticisms here apply to any leasehold flat. To those suggesting leasehold is a “scam” how else would you expect to manage a block of flats?

I live in a regular leasehold flat and it's not a scam. The lease is long enough to see me out, and five generations below me before it needs renewing again. It's just a form of ownership, and gains value and you become mortgage / rent free after a time just like freeholders do.

I've moved a step closer today - I've got all my paperwork in order and have sent my application form to the HA for approval. Just hoping there will be some of the cheapies still available. Think there's only 5 of them. 😏

@Dontfuckingsaycheese hope it all goes well for you!

Thanks Orchid. It's scarry but so is finding a new private rental or buying a place. I crave security. We have private rented our lovely 2 bed for 13 year but any day ll could decide to sell up

I reserved my new house yesterday - still not able to view it so buying off plan (which I believe some may not be happy doing so we were able to get in there and chose the perfect one for us - only 1 of those left - from 2!). I have been sent all measurements etc and it's definitely bigger than the one we've been living very happily in for the last 13 yrs. Also we walked round the back of the site and stalked the house over a high fence - it all looks so lovely and so excited. Maybe SO doesn't work for everyone but for us it means we (me and a very excited 16 yr ds) finally have a home of our own.

South East London is a great place to look for a property.

This area has lots of great properties available, a majority of them available through shared ownership.

There are many housing associations that offer homes through shared ownership some such as Property Booking, Southern Home Ownership and Moat Homes.

It all depends what you are after, I had a friend who bought a house through shared ownership and they are loving it now.

Hope this helps 😊

@Dontfuckingsaycheese can I ask how you've got on? I hope all has worked out for you.
We're currently looking at a shared ownership new build.

@Treaclepie19

It's all still going through - there's been a slight delay from the builders' end. And we still haven't seen it apart from our peeking at bits of it!. But as far as I know all is still well - we should be in by Christmas!

@Dontfuckingsaycheese oh that's a shame. Sorry to hear theres been a delay.
Fingers crossed you're in asap then :)
I'm getting quite excited at the thought of moving but nervous reading peoples experiences.

Its really not a huge issue - they're keeping us informed - and more time to get sorted - packing etc.