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Pulled out of shared ownership purchase at last minute

30 replies

GoingDownLikeBHS · 13/05/2025 00:03

Due to exchange today, I didn't give the solicitor permission to proceed, they just said let us know what you're doing so we can close your file. That was it. I emailed them this evening and said not going ahead (I told the housing association last week I was worried and wanted to pull out, obviously no one can make up my mind for me, I've had enough trouble with that myself!) but it's been a horrible journey and I feel very sick.

I was allocated the house in March after making a full time job of securing one. I thought shared ownership was a lifeline for me, a way to get back on the property ladder after divorce, but I calculated by year 5 the rent etc would have risen so much I couldn't afford the payments and then would be worried whether or not I'd be able to sell, and even then probably at loss or barely making back what I paid. I'm in my 60s so it was a real last chance.

Back to looking for a new rental for now. I have some equity from the divorce but it's not going to go far towards buying anything. Feels like a sliding doors moment. Not sure what else I can say (before someone asks, it was a house, not a flat). Feeling sorry for myself? Relieved? Not sure.

OP posts:
Twiglets1 · 15/05/2025 08:25

Is it too late to change your mind again about the shared ownership house @GoingDownLikeBHS ? Very likely not too late.

I know shared ownership isn't ideal, but houses are better long time buys than flats as no service charge. I wonder if it would have been the best option despite the downsides. Rent going up in future will affect you with both options you are seriously considering. And I agree it's not the answer to move to Birmingham!

Don't worry about what others think, just do what you feel is best for you and your adult child. It's a massive decision either way so no one could blame you for having a last minute wobble.

GoingDownLikeBHS · 15/05/2025 15:43

Thank you @Twiglets1, I've already withdrawn once before, a week ago today, then the very next morning (Friday 9th) I asked for everything to be reinstated and as it was only 24 hours the housing association allowed it. I withdrew again on Monday this week. Then there was some confusion on Monday with not knowing if they were going to say it had all gone too far (just me being worried) but then Tuesday it was confirmed.

I think you (and @KievLoverTwo ) might have realised that I have another thread on the go, under a different user name, which you have both commented on, complaining that I couldn't get a new rental but that seems to have been sorted now.

"I wonder if it would have been the best option despite the downsides" - yes, there were many benefits to it, the cost of my continuing to rent here is going to be bruising. But I worked out that even if I had to pay the extra for 6 months, then in 5 years, I would be better off having bought freehold.

"Rent going up in future will affect you with both options you are seriously considering" - what did you mean @Twiglets1 I got a bit lost there? If I rent now then I've got time to get a freehold property. I hope ...

OP posts:
Twiglets1 · 15/05/2025 15:52

@GoingDownLikeBHS I only meant that if you carry on renting for years then rent increases will affect you in future. If you buy a freehold property in future then they won't affect you of course.

GoingDownLikeBHS · 15/05/2025 15:58

Ah ok I see. Yes, I am camp freehold now. It was a gamble either way. All I need to do now is try to time it all so I don't end up with a house and a rental, or having to extend the rental thereby losing more cash from my equity. Simple ... eh?!!

OP posts:
Twiglets1 · 15/05/2025 16:00

GoingDownLikeBHS · 15/05/2025 15:58

Ah ok I see. Yes, I am camp freehold now. It was a gamble either way. All I need to do now is try to time it all so I don't end up with a house and a rental, or having to extend the rental thereby losing more cash from my equity. Simple ... eh?!!

Sounds hard but I wish you Good Luck with it😀

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