Shared ownership experiences

[Tullyjune]

I’ve just put in an offer on a shared ownership property and have no clue what happens next!

I have a mortgage broker who has a few mortgages for us to choose from but I have no clue about surveys or conveyancing or how/if I’ll be dealing with the house association.

It’s a resale not a new build, is there anyone out there that’s done this and can give me their experiences/words of wisdom?

(Please don’t use this as an opportunity to bash SO. It’s our only option of having a secure home for our kids for the next 10 years)

Hey! I went down the SO resale route a few years ago and had a really positive experience overall.

Good thing about resale is that you are not paying the new house/flat premium.

All HAs are diffent but having spent 4 years in 2 SO properties (wife was in one too) they tend to be quite hands off and never asked to inspect the properties.

Conveyancing wise it is not much different from normal buying/selling but an extra party does add time to the process. Reccomend using solicitor with SO experience to smooth things along.

We bought our first home SO and it worked well for us. The property was new when we bought it and we had no issues, it all worked very similarly to the house purchases we've done since.

I remember they said that it should be completed within 6 weeks or something ridiculous which we stressed about to start but it wasn't an issue at all! I think it took around 10-12 in the end.

I believe we just did the basic survey the mortgage company needed, however it was new build and under warranties etc so didn't feel the need to spend more and was also a flat so if there were any issues we wouldn't be the only ones affected. All the stuff through the solicitor was quite straight forward, may have been a few extra contracts to sign as had the rental element on the part we didn't own.

I think it's a fab way to get on the property ladder, good luck and I hope it all goes smoothly for you!

Thank you both, it’s put my mind at rest that neither of you had a nightmare with it! I feel completely out of my depth and it doesn’t help that the bank holiday weekend has meant everywhere is closed!