Shared ownership housing

[cakeymccakington]

Hi does anyone know anytyhing about shared ownership? I'm looking into it but I can't find out if you ever own 100% of the property.

Can anyone help?

You can buy more shares later on as your circumstances improve, but it is at market rate. It’s a great way to get into ownership if you can’t afford a full house. Be aware of rising rents though. Your mortgage is stable but your rent increases.

I started at 25% and then kept buying another quarter share until I had the full 100%. Rent increases were minimal as it was a charity housing association so they weren't looking to make any profit.

I recommend it.

Yeah I did it and owned 45% I only lived there a few years but made a profit on my 45%. Which then helped me buy my current home with a mortgage.

The service charge used to annoy me for the little strip of grass outside my house though. £75 a month!

Yes you can in most cases. Check the lease before signing. If it is a Homes and Communites Agency (now Homes England) model lease then only rural or elderly are protected from 100% staircasing.

Thank you!
I'm going to definitely look into doing this then