Shared Ownership Schemes, how do they work?

[honeysmummy1]

What happens if you want to sell the property or if your circumstances change ie you seperate with your partner or your unable to work due to ill health?

We have been thinking of going into this but need to know all the negatives as well as the postives before considering it further.
We currently have £5,000 deposit saved, it would take years for us save for the standard deposit for our own home so feel that shared ownership would be a step in the right direction. We currently rent.

I have friends who bought a shared ownership 15 years ago. THey split up 12 years ago. They are still stuck with it. Avoid.

I have bought and sold a shared ownership property. If it is the only way you can get on the ladder I would do it. It felt great knowing that I had some say in my decor etc and that I was paying my own mortgage off rather than someone else's. After years of renting it was brilliant.

When I came to sell, the housing association got my buyer for me, marketed the property etc, and I had to pay them a fair whack in fees but I still made money over the 5 years I owned it.

It was a bit of an administrative nightmare getting it sold due to incompetent members of staff but other than that, ok.

I owned it when I was single so not sure about what happens in a relationship breakdown but the housing association will have info on this, similarly re ill health etc.

pm me if I can help further.