Landspeed Shared Ownership

[KingsEase]

We are thinking of buying a shared ownership property through a company called Landspeed in W.Sussex. Buying 75% of the property, with them retaining a 25% stake, with no rent to pay on this portion, so unlike most shared ownership schemes. They would just take their share if/when we come to sell.

Can’t find much info on the company other than on their website. Anyone got any experience with them?

Scheme seems like a good way of getting a property we wouldn’t normally be able to afford, but is it too good to be true?!

Any advice gratefully received. Thanks.

find-and-update.company-information.service.gov.uk/company/08726176/more
Have a look at the company on Company house OP
Everything looks fine to me but l am not an expert .

It isn’t “too good to be true”, but the same downsides as conventional shared ownership will apply: the requirement to allow Landspeed a set period of time to sell the property to somebody with their original ownership criteria before allowing you to sell on the open market, which can be problematic in the event you needed a quick sale; difficulty finding buyers who want to buy a 75% share in a property if you want to sell before you’ve staircased to 100% ownership; paying a premium for a new build over an equivalent older property; the new build premium meaning your property will likely fall in value in the years immediately following your purchase, which is problematic if you needed to sell and find yourself in negative equity.

Shared ownership is good for buyers who don’t see themselves being able to buy on the open market in the near or medium term future. You’ve mentioned “Scheme seems like a good way of getting a property we wouldn’t normally be able to afford”: if you can afford to buy on the open market, even if that means a doer upper or something with a lower spec then that’s usually preferable to shared ownership.