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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To buy a bigger shared ownership than I need?

13 replies

Greenhouse12 · 07/12/2023 19:33

Im looking at buying a shared ownership house on my own but dont know if i would qualify for a 3 bed?

it would be for myself and my son 1 year old so we technically only need a 2 bed.

but I also work from home 4 days a week and the rooms are very small so would be great to have a office if possible.

I know I could afford it but I don’t know if it’s allowed plus with shared ownership being so competitive I don’t want to risk applying for it getting told no and miss out on the 2 bed too.

it would also be great to have it as a room to have another child in the future (if I ever meet someone again) I don’t see myself moving only staircasing up and as a single person I could never afford a house on the open market and when I could eventually upsize I’d only be buying a 3 bed shared ownership so it makes sense to try get one now and stay in the house 20+ years

OP posts:
Torganer · 07/12/2023 19:37

I don’t think that’s how they work? Can’t you only buy what you can afford?

Ohhelpicantthinkofaname · 07/12/2023 19:38

It’ll depend on the scheme whether or not you’re allowed to buy a bigger house than you need. They have different rules so best to check.

when we brought ours as a new build you were allowed to have one spare bedroom, so you would have been fine, but can’t say it would be the same for every scheme.

but you’re not being unreasonable to want to buy a 3 bed.

Original poster
Greenhouse12 · 07/12/2023 19:38

Yeah I think that’s correct I can afford a 50% share of a 2 bed or a 30% share of a 3 bed

OP posts:
Livelifelaughter · 07/12/2023 19:39

I don't know if that's allowed but I don't think it should be. If there's no one who genuinely needs a 3 bed who applies it would seem to be better to have the property occupied by you and your child, but otherwise no. Sorry it just sounds quite entitled to say you would like a three bed because you will eventually need one, that's an uncertainty.

ScroogeMcDuckling · 07/12/2023 19:47

We know someone who has more bedrooms than required, and the housing association are fine with it. It seems most (all) of the people in that block are in the same position because there are no children at all in the block!

one thing he does always say to people contemplating shared ownership, is the housing associations costs which he says and his girlfriend agrees, they wish they had bought the run down studio flat with a garage and a garden and share of freehold with the other flat, but went for the two bedroom cos it was more grown up than a studio, but the studio would be paid for now, and they have only staircased to 50% recently, and at their age, they will probably never own it outright

CrapBucket · 07/12/2023 19:49

I think working from home 4 days a week is a very legitimate reason to need a small room for that purpose. When I didn’t have a specific place to wfh it was very difficult.

MsJuniper · 07/12/2023 19:50

We bought on SO and were able to buy one more bedroom than we needed based on no. of DC at the time.

Delphigirl · 07/12/2023 19:51

Stay away from shared ownership. Worst of all possible worlds. You are a tenant with the insecurity of a tenancy but have the property maintenance liabilities of an owner. It’s a dreadful financial choice in almost all circumstances.

Ohhelpicantthinkofaname · 07/12/2023 19:52

Delphigirl · 07/12/2023 19:51

Stay away from shared ownership. Worst of all possible worlds. You are a tenant with the insecurity of a tenancy but have the property maintenance liabilities of an owner. It’s a dreadful financial choice in almost all circumstances.

That’s not been my experience at all, but not all schemes are made equal.

AntonFeckoff · 07/12/2023 19:54

Delphigirl · 07/12/2023 19:51

Stay away from shared ownership. Worst of all possible worlds. You are a tenant with the insecurity of a tenancy but have the property maintenance liabilities of an owner. It’s a dreadful financial choice in almost all circumstances.

If you can’t afford to buy on the open market then what’s the alternative? Renting where I live costs substantially more than SO. There are certainly downsides but some people have no other choice.

Confused38246 · 07/12/2023 19:55

It is allowed but you need to put the paperwork in and have a mortgage ready to go the day they get released without viewing a show home.

Torganer · 07/12/2023 20:24

I know four people who did shared ownership. Two staircases and sold on the open market for a profit, one hasn’t sold as there are cladding issues, and one has bought an amazing swanky pad just off Oxford Circus and is having a blast!

LaughingBallz · 07/12/2023 20:48

This year I moved into my new build shared ownership house. I am alone and qualified for a 3 bed semi-detached. I'm sure you'll be fine!

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