Shared ownership - coming down from the high

[hopesdreamsandfaceplants]

I bought a shared ownership flat in 2016, 45% share of property worth £222k. I staircased to 70% ownership and it's now worth £285k. However the rent and service charge are £220 and £140 respectively. We're currently having remedial works to ensure it meets fire regulations and can receive the correct certification. We're not having to meet this cost but I am worried as it nears 10 years since it was built that the service charge will rocket. The property value has emained fairly stagnant in the last year or two and when I look at the open market it looks like I can get less for my money than previously. I feel stuck.

I suppose top ot the hierarchy of priorities is to reduce the rent portion. Another 5% share would be fine, but that has £1250 fees.

In regards to the service charge if it goes up a lot in a couple of years then that will make selling harder. But I suspect something is going to happen soon as it's hovered around £120-£140 since I moved in 8 years ago.

Anyone else done shared ownership?

How much do you earn you might get universal credit for the service charge and rent

Why would the service charge rocket at 10 years? Is that a known thing that happens?

Had a shared ownership flat very early on and had horrendous issues with responsibilities, maintenance, quality.... you are right to be worried about service charges and many HAs have hiked the service charges recently to cover their costs. Not about the number of years, but about the current situation, the housing White Paper and HAs having to meet standards and duties they've been neglecting for many years. It is a form of property ownership that I am not a fan of and I work in a field connected with the sector!!

Sorry, don't quite follow, the property is worth more than you paid for it, but you feel stuck because you can't get as much as it was worth last year?

Everything sells at a particular price, so you're not really stuck.

@KievLoverTwo the warranty runs out on the building from when it was built (new build).

@KievLoverTwo it has happened to others.

@YYURYYUCICYYUR4ME I'm also less of a fan.

They tried to add £150, yes £150, on top of the existing £140 a month. Everyone complained and it turned out there was an error but that was yonks ago. They've actually made people pay the extra with a promise to refund once they figure out what it's meant to be!