Shared Ownership for singles

[YVONNE71]

Hi Everyone,
Forgive me for asking for advice here, as I'm not a mum, but Mumsnet seems to be the only place where you can get (good) advice on shared ownership.
I'm 48, single, have a good job, work in HE, in Kensington & Chelsea.
How can I buy a shared ownership property (1 or 2 bedroom flat, in or near London)? I've had a few viewings, but was unsuccessful, although I'm a first time buyer, because:

• I don't have a family and I'm in my late 40s
• I don't work for NHS or Armed Forces
• I apply for properties in areas I don't work in (because there are no SO flats being built in K & C)

Will I ever be considered? Or shall I forget about buying a SO flat? Please help!

Hi OP. Just thought we'd bump this for you in hopes someone who knows more will be around this morning.

Unfortunately I think a lot of the SO schemes stipulate you have to live or work in the area you are buying in as one of their priorities. Where do you live? Have you contacted your local Council as I'd be surprised if there were no SO properties at all in your area.

I live in Southwark, but properties here are expensive (close to Canary Wharf and the City, plus most of them are new or almost new = more expensive). I'd like to move closer to where I work - south west, even Mitcham. The problem is I don't have a preference in terms of a borough, so cannot even rent a room in a specific area, in case I find something suitable in a different borough. For all the flats offered in resale SO there are a lot of applications, so it seems like I will always be the last person on the list. Very frustrating.

Do you not qualify as a key worker? A friend of mine in her 50s who is single and without children bought a shared ownership flat a couple of years ago. After describing her job, they said she would qualify as a key worker, even though it didn’t occur to her that she would.

I work for a university, but I'm not an academic or a researcher, so I'm not sure whether they would see me as a key worker. Maybe it depends on a housing association? I know there are general rules for all of them: MoD personnel, live/work in the area, have children, but the rest of the scoring system is an absolute mystery to me.

I think it’s worth enquiring whether you count as a key worker. Someone who works in HE may well do. You may be surprised. My friend bought in zone 4. She had been living there or thereabouts for some time, though, but did not fit into any of the standard settings for key worker - nurse, teacher, firefighter, etc - but still qualified. She earned about the national average, not the London average.

Thank you! I've done some research now and I might qualify as a key worker :-) Hopefully this will help!

Brilliant. I hope it goes well for you. I qualify as a key worker too, much to my surprise, when I looked into it. I didn’t think I would, as I work for a private company and don’t do any of the professions or jobs on the “list”.

Is non-shared ownership not an option at all even if you were to buy further out? It is possible to get a studio flat in a nice area of zone 5 for under 200k. That would give you a greater pool of properties to consider.

www.rightmove.co.uk/property-for-sale/property-82558169.html

This one is only 150k. Zone 6, 32 mins to Victoria (+ London Bridge Trains). Nice little town centre with a Waitrose, an Aldi and a bunch of other smaller shops. Lovely views over the North Downs.

@daisypond - thank you! Glad you've found out you can qualify as a key worker too!
@JoJo - I don't drive and rely on public transport, so up to zone 4 only, studio flat is too small, have nephews for weekends sometimes.

There's this website, sharetobuy.com if you haven't looked already. Has all properties (mainly new) that are for shared ownership. Maybe have a look and see if there is anything around Chelsea or where you currently live.

Hi, I work in this field for a London Housing Association & glad you have asked this. A lot of the criteria around shared ownership no longer apply, especially things like key workers. Main eligibility is not owning another property, income below £90k (London) & passing an affordability assessment. Please visit the share to buy/ Homes for Londoners attend first time buyer shows. Help to Buy website, also great source of info and it's not just for the equity loan scheme, there is a shared ownership area on the site. Also consider Resales - new build shared ownership properties being sold on by current owners. Good luck with your search 👍🏠

I would also suggest sharetobuy.com as we are in the final stages of buying a place we found on the site. Our place was just in zone 4, and had no restrictions on it for job type or living in the Borough, just London as a whole. When we looked the restrictions on other properties they seemed to be in place on properties in Hackney and other trendy areas, so I expect this is to stop people flooding into them and preventing locals from getting one. So I'd suggest looking at areas that aren't as trendy, where they don't need to prevent lots of people applying.

Thank you everyone for your valuable advice! Yes, I check sharetobuy.com every day and look for a resale, as new flats are a lot more expensive. The problem is there are a lot more people applying for flats on resales - as there's only one available, unlike new built flats, where there are more flats available = less competition for each one. And then priority is given to people with work/life connections to the area (no chance for SO properties in Kensington and Chelsea) and couples or people with children. I guess I just have to keep looking and don't give up!
@TraceyMruns - I haven't heard of Help to Buy website - thanks! I'm gonna visit it now.

One interesting question:
I've been told that mortgage, rent and service charge cannot exceed the permitted maximum under the shared ownership scheme (45% ofnethousehold income). If this is the case, then why each Housing Association gives different salary requirements, compared to monthly costs (sometimes it 45%, but sometimes 50 or even 55%)?

Sorry, I meant the percentage is sometimes lower than 45%, meaning that for the same monthly costs higher salaries are required. Why? Can housing associations have different rules re: percentage required?

Re 45% surplus net income criteria, this is correct, HA's use government affordability calculater. There is flexibility in some cases to exceed, usually where high income earners and therefore lots of disposable income even after taking out 50% housing costs, and applicant in employment where there is known salary increases each year, but it's not generally encouraged. An independent financial adviser is your best route to getting the assessment done. When the min income is stated on some properties, it may be based on purchasing minimum share, say 25%, with 5 or 10% deposit. The level of deposit will also affect the mortgage rate you can secure. So bottom line is that figures will vary according to individual circumstances. Sorry for long post, but hope you find something soon.

@TraceyMruns - thank you for explaining! I'll keep looking and hopefully, with a bit of luck, will find something soon

Hi, a good place to look online is propertybooking.com.

They have a good selection of shared ownership homes and explain things in great detail. One good place to look for shared ownership homes in London is Homes For Londoners. They have all homes available in London that are available through the affordable homes scheme.

Hope this helps!

@indy315 - thank you! Just had a look at property booking.co.uk - very good website! Will check homes for Londoners too

I live in a shared ownership flat in central London and I'm not a key work or anything. Try the Southern Housing Association website: that's who I'm with.

@StoatofDisarray - thank you! I'll check it today