Shared Ownership

[ButYouGottaHaveASkillJeff]

I've read a few past threads on this, some bad experiences, some good, so I think I'm getting my head around it all and I'm coming to the conclusion that despite some downsides it could be a good option for me, as a single person with a small deposit.

My circs are I'm currently in Scotland looking to relocate to London, aiming for Easter at the latest. The amount I'd pay for a tiny studio would be the same as a shared ownership new build. I'm 39 and short of a lottery win I can't see another way to get on the property ladder. House prices are ridiculous where I am currently and I feel I'm a bit too old now to move into a 4/5 bed house share. I really like my own space and I'd probably struggle with sharing with even one or two!

My question is I gather I'd have to be resident in London and renting for a bit to qualify? I wouldn't be able to apply from here? Does anyone have any recent experience of SO as the threads I read were all quite old.

Bumpage

Both people I know who bought a shared ownership had to have been resident of the borough for two years minimum (one was in London, was was 70 miles outside). Locate an area of interest and start googling, I'm sure you will find the criteria.

We bought a shared ownership property, we are in Hertfordshire and train to Kings Cross is only 25 minutes away. We also had no option otherwise to be in the property ladder I think this is a great option. We are in a terraced house with lovely neighbours instead of money going down the drain on a rent, at least you own some of it

Thanks both. A couple of properties state preference will be given to residents of that area, others say open to all London, others say nothing. Guess I'll have to email them all individually.

Sod's law that the few I like I googled the reviews of the HA and they were mostly horrific!

I still think it's the best option for me, just hoping I find a property with a decent HA by the time it comes to hopefully buying one.

Can you rent for a bit in the area where you want yo buy shared ownership property? We were renting at first- we lived abroad for a long time and when we came back here, this seemed to be the good option to go on to properly ladder, but we rented in the area first for a few years until we got the deposit in place then we applied since we were already in the area.