Shared Ownership in ldn or Manchester?

[contentedcake]

Hello all.

Currently renting in London, 2 bed semi. Nice area, cheap for area, big garden

I have a 4 year old dd and 6 month old DS

Landlord told us, they are planning to sell so gave us 6 months notice.
Unfortunately we won't get a mortgage to be able to buy this house as too expensive

Our only options are, to find a 2 bed shared ownership apartment in London, staircase or hopefully sell in few years and gain some equity for a deposit. It would be 25 percent share.

Or shared ownership on a 3/4 bed house in Manchester where I used to live. On a 50 percent share and obviously get 100 percent a lot quicker. DH can transfer his job and I'm a stay at home for a few years anyway

Or we rent and save, something which sounds like wasting our time but I'm new to this stuff so would love to hear some advice from homeowners who know what to do and what's worth it!

Why do you have to do shared ownership? Couldn't you buy a smaller house in Manchester and own it all rather than paying part rent?

An issue with shared ownership is that you're generally responsible for 100% of repairs, not just your equity %. Plus check for any restrictions on who you can sell to.

Overall, 100% of a cheaper place is preferable if it's an option.