Anyone done Shared Ownership?

[Reallyneedthosepositivevibes]

Anyone done shared ownership homes or have personal experience with it?

Any of the landlords better than others?

I have, I’m with Stonewater.

pros
lovely new build house in nice area that I could never have afforded any other way.

It’s very much our home and you can put your own stamp on it.

I have security that I won’t be evicted or anything.

it’s been a good investment and ive made money on my share in the house.

Cons
I have no control over the rent side of things, it has gone up each year abs is now more than my mortgage.

All maintenance is on me, the HA don’t pay for anything, if anything goes wrong it’s all on me.

Overall the pros outweigh the cons and I’m glad I did it. My aim is to staircase up to 100% ownership soon.

Thank you, that would be my aim. The issue is i would have to move again in 5 years or aim to staircase to 100% quickly to adapt property to our needs if possible.
It is too small but our landlords are selling, private rents are far and few between and on my sole income buying outright isn't possible. My hours will increase in year or so once kids start school so it seemed a way to get on the ladder and staircase in-line with my work/wage increases.

If it was already big enough and I could live there till I retire I'd be less nervous.

For me the experience was awful as the housing association are completely dysfunctional. They would not repair out leaking home, nor give us permission to repair it. That took over a year to resolve. I would never do SO again as the potential pitfalls are so great.

My mum has one, downsides yes rent can go up and you pay them to insure it ( which I can understand they want to protect their asset). Any repairs she just gets someone out and pays, don’t think it would occur to her that anyone else would pay. It was a new build with Taylor wimpey.

Appreciate this won’t affect you but im sure it will be a faff to sell when she dies , I’d just get rid for a low price so it’s sorted quickly but they will want their 50% to be reflective of market value I assume.

Does anyone now if I can do the affordability check on two at the same time? I've started with the 2 bed, but going over the properties once built nearby it is really small and wondering if I should at least try for the 3 bed. :(

I’m shared ownership. Have been for over 20 years. Was all good up until they merged a few years ago. Now rubbish and nothing gets done. Communal roof has been leaking into our loft space since October 2023 (third leak! Two more year before and year before that) and they couldn’t care less. Now our loft is full of dry rot, wet rot, damp and mould and causes our flat to be damp and mouldy. Would never do Shared ownership again but unfortunately stuck here until we win the lottery!
it’s not just the roof- lots of other jobs don’t get done.
hope you have a better experience !