Part buy/ Part rent

[Rowley21]

Hello,

I’m looking into getting a 50/50 or 75% shared ownership house. We don’t have enough money or time (as we’re living at my mums with a 1 year old) to save for a large deposit.

I’m looking for some advice from people who have gone this route. Please be as honest as you can, pros and cons, anything you can think of because this is obviously a very big decision for us and we want it to be the right one.

Thank you! 😁

I will assume you couldn't buy in the open market.
I've done it and it is great.
my advice buy the highest share you can afford, once in and start spending and family gets bigger you will find it hard to staircase.
buy the remaining share as soon as possible.
go for a freehold it is better, so you don't have to pay for service charges.
rural shared ownership properties are limited to certain percentage you can't 100% staircase beware.
before you sell it, try to buy the remaining share, very straight forward process.

good luck

@mumsy27

I will assume you couldn't buy in the open market. I've done it and it is great. my advice buy the highest share you can afford, once in and start spending and family gets bigger you will find it hard to staircase. buy the remaining share as soon as possible. go for a freehold it is better, so you don't have to pay for service charges. rural shared ownership properties are limited to certain percentage you can't 100% staircase beware. before you sell it, try to buy the remaining share, very straight forward process.

good luck

Thank you so much for this! Every time I research it many say lots of negatives which worries me. I just can’t afford a large deposit 😩 Do you only have a certain amount of years to be able to staircase and get 100% of the property? X

I suggest you read this first:

www.bbc.co.uk/news/business-55060294

no, you can staircase when you are ready.

@mumsy27

no, you can staircase when you are ready.

Thank you so much!