Part ownership - Housing association- any experience?

[speakout]

My DD is considering buying a 25% share in a flat- 75% resides with the Housing association.
Anyone done this? Is is a good investment?

I did this lived there for 10 years and then sold and moved to a cheaper area. Shared ownership flats can be overpriced so make sure she compares to other flats on the local market. Resales are usually better value. I did well out of mine because the market went up so yes a good investment. The best thing about it was the overall monthly cost was WAY less than renting privately, and they were quite relaxed about a having a lodger to share the cost (subletting the whole flat is a criminal offence now).

starpatch thanks.

The price overall for mortgage and payment is so inexpensive.
A immaculate flat in a really good area.
2 bedrooms one with en suite, brand new fittings and kitchen, a little garden at the back - all for a total of £480 a month.
She could rent out one of the rooms to a friend.

She needs to check if she's allowed to rent a room out, and more importantly, what the service charges are and how they're calculated.

HundredMilesAnHour thanks, yes she has already checked. She is not allowed to sub let the whole property, but can rent out a room if she is still living there.
And yes she has looked at the service charges too.
Seems a good idea for her.

Some good basic advice here:

hoa.org.uk/advice/guides-for-homeowners/i-am-buying/shared-ownership-what-to-watch-out-for/

But there are disadvantages so she really needs to do her research, and especially look at the reviews of the particular housing association. Some of them have justifiably terrible reputations.

My son is looking at buying one
He has a big deposit but low wage
So 50k deposit - 30k wage
He also has enough money for the fees and for finishing it as it’s coming from a big inheritance

Flat is a 2 bed - 2 bathroom duplex in a gated 10acre site it’s lovely
Price is 260
He’s looking at 50 percent share so 130 and only needs a 80k mortgage
I think the mortgage and service charge and rent is £610 in total

To rent it would be £1200 a month easily

He’s is getting a two bed - 2 bathroom as he wants to have the option of having a lodger - flat mate if he wants to

@speakout
Check if the flat has any cladding
Lots of housing associations seemed to use it
I know someone who is struggling to sell one because of this

Make sure she does her research as shared ownership does have some pretty huge downsides;

-Should you choose to sell the HA get first priority and you can only sell the amount you have no less (say she staircases to 60%, she can't then sell back at 35% share)
-She'll be responsible for 100% of the repairs of a property she owns 25% of
-If she Does try and staircase, the staircase/mortgage value is based on the current market value of the property not the value when you buy. Might not sound like an issue at first but if you buy at £50,000 for a 50% value (total value £100,000) then the total value goes up to £150,000 you'll have to then mortgage/buy the other 50% at 100,000 if that makes sense?

but if she's okay with all of that its definitely worth her researching the different options.