Any part ownership experts awake??

[whyamiawakestill]

Does anyone know how I can help my mum a buy a part ownership house, she has the local links etc.

Do I need to look for a guarantor mortgage? Buy to let? Or can she apply and get it herself at her age?

She has enough coming in to cover the part share rent and part of the mortgage, but we'd have to help with around £400pcm which we can do plus we can help with a deposit.

I would never get into a part exchange situation. Is your mum sure she wants to do this? In many cases, the tenant/part owner is responsible for the repairs, as well as paying the rent, and the mortgage! They are hard to sell too. Very hard.

@FreshWinterMorning part ownership not exchange is there a difference.

It wouldn't be sold, it would be for her to live in as long as she is alive, and I'd see if it's one where we could stage buy a larger percent over time.

She's a private tenant with no security atm and can't afford full price housing on her pension so the scheme seems a good option?

If she can't afford to buy/pay the rent without your help she will probably fail the affordability test. You may have to be on the mortgage with her but if you already own a property I'm not sure that would be eligible for shared ownership.

Speak to a mortgage advisor.

Has she looked at whether she can claim any housing benefit towards her rent?

Thanks all, she falls out of benefits brackets I believe as she has around 40k in savings, which is all the money she owns.

Yes we do own a main house, so that maybe the issue? So tricky she needs to move but we can't afford to buy her anything full price, rents are too high and she has her only income is pension, small private pension and she's living off savings which we estimated will last around 4 years.

I will thanks, we are viewing the place this weekend so was just gauging how feasible it could be before I get a chance to chat to my advisor - as I've not considered part ownership before.

Hi OP, have a look at this link, it's a scheme to help older people buy property

www.ownyourhome.gov.uk/scheme/opso/

Thanks I was googling that as well, but don't know if you view a shared ownership if you can then go via a different scheme?

As there don't seem to be any home available via that scheme.

Nothing on that's scheme in this area? I feel like she's a bit stuck 🤦‍♀️

Sounds like she won't pass the affordability for shared ownership. But there are lifetime lease schemes? She buys a lifetime lease for the property so it is hers for life, but when she passes on it would revert to the housing association.

https://www.homewise.co.uk/community/news-and-guides/what-is-a-lifetime-lease

SORRY. I mean part ownership, not part exchange. No, I would never get into a part ownership situation. Not in a million years. I have known it go wrong for so many people.

Could she find a retirement home/ flat to rent or buy?

£400 top up seems a lot and would be risky. I doubt she would even get the mortgage of thins are so tight.

£400 top up seems a lot and would be risky. I doubt she would even get the mortgage of thins are so tight.

Thank you all. We saw the property and it's not for her, so back to the drawing board, but it opening up conversations around moving closer to us and other options.

Unfortunately she's in a tricky situation where she's got savings but no home. And too old to borrow.

The retirement village will be one option but maybe a bit later in life as she is still super independent and not at retirement village candidate quite yet!