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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Shared Ownership - is there snobbery?

49 replies

Mydreamofhomeownership · 01/09/2020 16:13

Does anyone have any experience of Shared Ownership?

Basically my story is I owned my own home with ex-husband until 8 years ago when we split. We had to sell and pay off debt so I had no equity to buy again, I've rented ever since.

Through hard saving I've managed to save enough for a deposit on a shared ownership property. I live in an expensive area and this is the only way I'll realistically ever be able to own my own home again.

I can afford the repayments and the rent element, plus the service charge. It's all less than I currently pay in rent. I'm in the application process and don't want to get my hopes up too much.

Does anyone have any experience of the process and the likelihood of acceptance/rejection.

Also, and probably my AIBU. How do you feel about shared ownership? There are a small group of houses under the scheme on an otherwise quite expensive but small development of 3, 4 and 5 bed houses. Will the 'proper' home owners look down their noises at me?

OP posts:
Coldwinterahead1 · 01/09/2020 16:15

If they look down their noses then fuck them. I hate snobs

Original poster
Mydreamofhomeownership · 01/09/2020 16:17

I hate snobs too, but they do exist everywhere. I'm very anxious about people thinking bad of me, and would hate to be judged by them.

OP posts:
MsEllany · 01/09/2020 16:21

How would anyone know unless you tell them? I can’t see why anyone would give any kind of shite about it anyway.

I honestly suggest you channel ‘those that mind, don’t matter. Those that matter, don’t mind’. And STOP obsessing about what other people think!

Original poster
Mydreamofhomeownership · 01/09/2020 16:23

They'd know because it's on all of the marketing literature when they bought their new home where the social housing is.

That's a very aggressive post, I can't help what I think. I don't choose to be anxious about it.

OP posts:
CuriousaboutSamphire · 01/09/2020 16:24

I was only ever jealous of friends who managed to get one. Lovely houses!

And if it suits you who cares? Bollocks to the snobs.

Wakemeupwhenthisisover · 01/09/2020 16:25

How would anyone know? I wouldn’t look down on someone, but is it a good investment? Is it one of the ones you have to sell faster a certain amount of time? Only you will know after your research.

Wakemeupwhenthisisover · 01/09/2020 16:25

After a*

AnImperfectParent · 01/09/2020 16:27

If there is snobbery about shared ownership I've never come across it. No one would know anyway?

titchy · 01/09/2020 16:28

@Wakemeupwhenthisisover

How would anyone know? I wouldn’t look down on someone, but is it a good investment? Is it one of the ones you have to sell faster a certain amount of time? Only you will know after your research.
There's a new build estate near me - around 80 houses. All within a gated development. Except for the four shared ownership houses that the developer very reluctantly had to build which sit on the drive just outside the gates....
Original poster
Mydreamofhomeownership · 01/09/2020 16:28

Oh @Wakemeupwhenthisisover I hadn't heard of that clause, I'll check, thank you! I don't think so as the paperwork tells you that you can buy the additional shares if you want to and eventually own 100%, but you don't have to. Staircasing I think it's called.

OP posts:
Original poster
Mydreamofhomeownership · 01/09/2020 16:31

The houses are not quite that obvious, but anyone reading the site plan will know they are shared ownership. They're also slightly less fancy pants, still perfectly lovely but smaller gardens and parking at the front, no garage. None of this bothers me in the slightest. After 8 years renting, it's my little dream to have my own home that can't be taken away.

OP posts:
Thecobwebsarewinning · 01/09/2020 16:33

If you did encounter snobbery over this it would be from people so far up themselves that their opinion should be of no importance to anyone.

And how would they know anyway? If shared ownership is available is it compulsory to use it? I thought it was just an option you could select if you needed it. Some younger friends of mine recently bought their first house (also on a new development). I visited and was duly enthusiastic, it really is a very nice house. A few months later one of them mentioned that it was shared ownership but until then I hadn’t known that. It certainly didn’t make me think any less of them. And like you they are paying less for their beautiful new home than their previous rent on a fairly poky old rental in the same area. No brainer!

PinkSpring · 01/09/2020 16:34

YEAP!! We purchased our S/O house about six years ago, it backs on to some of the most expensive houses on the development and I remember us one day sitting out in the garden and hearing the new owners of one of the expensive big houses complaining about how they must move their patio so the "social housing" (us) couldn't see them from our bedroom window...... and they did actually pay to have it moved away! Utter snobs.

We own our house now as we staircased to full ownership but as you said on the development plan, any social housing and shared ownership is marked - usually by a colour coded key.

Also on our development any allocated parking spaces had numbers painted on, which none of the private houses do - so that makes it more obvious. Annoying our house has a private driveway but they still painted the house number all over it.....

I would ignore the snobs though, it's a scheme that got us on the housing ladder in an area we otherwise couldn't afford so screw them!

As for applying, we found it a nightmare - so many questions and hoops to jump through - we got declined at first then got offered the house we wanted when the people ahead of us couldn't get a mortgage apparently.

unchienandalusia · 01/09/2020 16:35

My best friend has just sold his formerly shared ownership flat in London for a fucktonne and bought a 5 bed house in the country. Bloody brilliant. Great scheme for him. He's never be in the position he is now without it.

Wynston · 01/09/2020 16:38

I haven't looked into it in enough detail but I thought it seemed like a really good way to progress.
At the end of the day the way I see it the bank owns our home until a mortgage is paid so what difference would shared ownership be.
I would definitely consider this option if it meant having the house we wanted.
Exciting times op hope all goes well.

tornadoalley · 01/09/2020 16:39

I'm sure they won't, so please stop fretting about unimportant things and enjoy your hone

Ted27 · 01/09/2020 16:39

@Mydreamofhomeownership

Well what I'm thinking is good for you, you've worked hard to get yourself into this position. Its your dream, why care about what other people you don't even know may or may not think.

Good luck

Original poster
Mydreamofhomeownership · 01/09/2020 16:40

I remember a story from a former friend of my ex husband. He was a prize dick anyway, but he used to call the shared ownership houses near his scruffy, but 100% owned house, the council house dwellers! He was vile and probably still is.

I guess there will be snobbery, but I just have to hope I'll get the house and will be so happy I won't care :). Thanks for your messages.

OP posts:
VacMan · 01/09/2020 16:43

No snobbery at all.

I would recommend you aim to buy the rest over time though. A friend of mine had a nightmare selling a shared ownership house. The house was lovely but as soon as he mentioned HO the potential buyers backed off.
Took him 3 years to sell at a loss.

MsEllany · 01/09/2020 16:50

@Mydreamofhomeownership

They'd know because it's on all of the marketing literature when they bought their new home where the social housing is.

That's a very aggressive post, I can't help what I think. I don't choose to be anxious about it.

If you think that it an aggressive post, I sincerely suggest you get some help with your anxiety levels. It is not normal and it’s not helpful. You clearly think I’m being mean, I’m not, I mean it kindly. It’s genuinely not normal to fret that other people might be snobby about your purchase being shared ownership.

Good luck in your house purchase. I would also recommend you check clauses about buying the entire share as some can be a right PITA.

Couch25k · 01/09/2020 16:55

Remember anyones anyone's situation can change in a blink of am eye. Those that are snobby should remember that.

Be proud that soon enough you'll be in a lovely new home. X

minnieok · 01/09/2020 16:55

I think you have to sell at a certain price for a set number of years, any profits are controlled sort of thing and selling isn't straightforward unless you buy it outright eventually but it's yours, and it's secure so ignore the snobs. I would suggest checking what you can get elsewhere outright because they tend to be relatively expensive

ToastyCrumpet · 01/09/2020 16:57

I’ve just sold my shared ownership flat and I agree with VacMan. There was no snobbery really but the legal ins and outs make it harder to sell If you haven’t staircased up and people are put off because it looks more complicated than it is.

ToastyCrumpet · 01/09/2020 17:00

Minnieok you don’t have to sell at a certain price, at least I didn’t but I did have got get a RICS valuation done and that was the price I had to sell for. In a fast moving market, it means your property my be worth more than you get for it - or less so it’s hard to sell.

NoIDontWatchLoveIsland · 01/09/2020 19:45

I don't think there is snobbery about shared ownership. "Social housing" in the traditional sense (council owned housing at very low rents) does attract snobbery, because these days you usually cannot access it unless you are in really quite dire straits. Its associated with people who are unemployed/very low income or in otherwise desperate (which people are snobby about).

Shared ownership requires mortgages therefore people in employment. In the south east the pricing often means theres only a narrow bracket of people who both qualify for the various schemes (household income under a certain level eg 60k or 80k) and are able to actually afford it. As a result I would usually associate it with key workers like teachers & nurses who earn reasonable salaries but are priced out of the extortionate open market.