SHARED OWNERSHIP HOUSES

[WinterIsHere1990]

Hi All,

I'm looking into a shared ownership house (I would own 50% and a housing association will own the other half).

Has anyone has any personal experience of buying a house this way? It looks like the best way for me to get onto the ladder with my current deposit.

Many Thanks!

Me. Absolutely brilliant. Made profit on the house and sold on. We were there for 4 years. It was a new build. It was a fantastic way to build equity.

SOME schemes can be a bit hit and miss. But our shared ownership housing association was brand new and so were the houses. It was very easy to sell on.

My top tips are

1. buy a new build that's shared ownership

2. buy in a popular location that'll be easy to sell on (mine was near a small city and lots of large employers) so it sold within 1 hour!

3. research the estate. My shared ownership was mixed with 100% privately owned homes.

4. be aware that rent is likely to increase. Ours only went up £5 every 6 months or so but I've heard that some schemes have extortionate increases.

It's like everything really - good and bad in all. And swings and roundabouts.

Good luck! Can't fault my experience at all.

Conrad79 thank you soooo much for your reply!! I was starting to have a mini melt down.

The house I'm thinking of going for isn't brand new - it's 5 years old. The guy who is in it now bought it brand new but family circumstances have changed and he needs to relocate.

It's in a really good location close to M1 links which is a bonus where we are. The house is AMAZING. I can afford it - It's 20k cheaper than a brand new build on the next estate.

I can't knock anything - it's everything I want and need - I'm just MEGA scared because it's my first house purchase (on my own).

Thanks for your help!

You're very welcome. I say go for it!

Our one is 5 years old now and was still like new when we left. It's such a good way to build up equity. Lots of banks do shared ownership mortgages and many conveyancers understand them too. We never had an issue!

I'm excited for you!

Oops... pressed the wrong button so as of Monday... hopefully... the ball will have started rolling! I'M SO EXCITED
Thanks for replying.. I needed a bit of reassurance - being an over thinker is hard word (and the hard work hasnt even began yet) x

Wow that's amazing.

Feel free to PM me anytime with questions

I did and it worked out great.
It was a 25% shared equity deal and I only paid a nominal £250 deposit. They also covered my legal fees. I eventually sold the house after 6 years having paid of a good chunk of the mortgage. I paid back the 25% plus 25% of the value increase and was left with a good deposit for my current house.

We couldn't have got on the property ladder without shared equity. We initially bought a 50% share, then 75% then 100%. Ours was a new build too and we sold it within 24hours. The Housing Authority was a bit annoying sometimes, for example giving adjoining neighbours permission to do something on our property that we wanted to refuse and they overruled us as they were their tenants too! But other than that, I would definitely recommend.