Shared ownership

[lollypops321]

Anyone here in a shared ownership property or know much about them?
Me, my OH and DD have been on the council housing list for 2 years and are no closer so looking at our other options and this seems like the only realistic and affordable option for us but find the whole thing confusing!
TIA

One of the neighbours who just sold at 50% - so a resale - sold in August and completed a week or so ago so about four months

When we staircased to full ownership it again took about three months in all - our HA improve a three month completion deadline - although both times it was them who held things up and caused delays!

Oh yes, HA were very demanding on timelines and completion dates, but it was always them who delayed everything

Daughter went to view the house New Year and despite the slightly more complicated legalities and an incident with the building society messing up her mortgage and having to apply all over again to a different one, she moved in at the beginning of May, so it took 4 months end to end.

it can take 3 months to buy a house even if you don't have a mortgage because others in chain may require one - so you can see that 4 months isn't that long in comparison! I would reiterate that you are more likely to get a better deal with getting a re-sale shared ownership

Thanks for all the advice. Quicker than I thought. We've only really looked at resales as the remaining rent in our area is so much more

I would do some serious research into the building before considering Shared Ownership in the wake of Grenfell. A lot of SO builds in London are done through L&Q and an awful lot have the same cladding. These people are trapped in a terrible situation:

www.bbc.co.uk/news/amp/business-50375522

To clarify - there’s an estimated 500,000 buildings affected throughout the UK so not just in London. The SO build style is very similar and most I’ve looked at when I was considering SO had what appeared to be cladding. This was before Grenfell and I just wasn’t ready at that time to purchase. I feel very sorry for all these people caught up in unsellable and potentially unsafe homes whilst HA’s appear to be doing very little.