Is shared ownership still appealing, and how can we achieve a quick sale?

[Ellipellimulli]

Are people still interested in shared ownership? Or is a dead path?

We're wanting to relocate and would live a quick sale, any advice?

We are selling our shared ownership property. A 3 bed end of terrace in Aylesbury. Very close to amenities, train station into marylebone, great schools, cafe, drs, a little Sainsbury's etc. Surrounded by fields.
£200k which is 50% share.
Rent and service charge £571.71.

We've lived here for 10 years and really love the community, we will be sad to leave.

Just because it’s never been done before doesn’t mean to say it’s not a good plan.

Hopefully you will at least consult a financial advisor! But doesn’t look like an imminent decision anyway

Just been reading about the ten year maintenance plan and surprise surprise it’s a long way from generous. You can only claim £500 a year towards internal repairs and replacements, although it does rollover:

https://www.midlandheart.org.uk/my-home/home-ownership/shared-ownership/initial-repair-period/

£500 a year???

I know, isn’t it paltry? A decent washing machine would be about £400 - £500, maybe more. A new boiler about £3K.

The landlords and developers of these properties must be coining it in.

My Miele was £1600 13 years ago!

My experience of Financial Advisor has been positive. The Guy has made me money. I can’t deny that but fundamentally they advised to seem to be ;
Use funds that I recommend and get commission on.

Yes but I was talking about this decision given the time at which you’re considering doing it.

In any event £500 maintenance a year and you’d be doing that to save that? Nope.

and have you not only just moved in and doing up? As you alluded to upthread

There is lots and lots to consider.
I do have form for making houses look beautiful and then selling them a year later such is life

Definitely appealing in certain circumstances…. Namely low to middle income / only managed to get together a relatively small deposit that would mean the properties available to you were very very limited.

However the idea of someone buying shared ownership as a way to avoid the stress of maintaining their property??? No chance. Unless you think £500 a year is realistic

I’m in a little row of 5 shared ownerships, 3 of them have moved and they all seemed to go v v quickly.

That’s the first I’ve heard of the £500 cap. Another thing to clarify before signing on the dotted line. It’s £5000 worth of maintenance. You don’t have to find.
I think the main thing for me is having the liquidity of the assets. I’ve seen too many people think that the house will go to them and it ends up not going to them.

It’s officially capped for everyone at £500. The money grabbing housing associations won’t be giving away up to £5k a year per tenant:

https://www.gov.uk/shared-ownership-scheme/repairs-home-improvements

Two seconds of googling indicates that the reason why you wanted a shared ownership property @Apprentice26 is unfortunately not the case at all

the link the pp posted should well and truly confirm that to you

They definitely do serve a useful purpose for a certain group. And perhaps you fall in to that financially @Apprentice26 but not for the reason you identify on this thread as being taking the pressure of maintenance off you

Okay well having seen other documentation and I can confirm that they are not all the same arrangements and that you are able to secure some shared ownerships that cover a lot more than £500. It’s on an individual basis with an individual Builder and an individual provider, from the link above
“Some costs might be covered by the building warranty, or by the landlord if your home has an ‘initial repair period’. Check the ‘key information document’ for the home to see if it has an initial repair period. The landlord will give you a copy of this document before you reserve your home”

Try to be less sanctimonious in your posts it’s not very becoming

£500×10 years is £5000

How much internal maintenance would you likely have to pay for over a ten year period? £5k would barely touch the sides.

And you can’t rollover more than £500 to the following year.

On a new build house, aside of Decor won’t be expecting to do very much Internal maintenance at all would you? That’s the point.
But with some of the providers the ones that I have physically seen the documentation for they will cover Maintainence for a 10 year period obviously that’s fine. Print that one would need to go into a great deal of detail.
But we really aren’t at that stage. It’s just a consideration.

Heavens that poster was just trying to help!

I think if you’re buying from a housing association (rather than a private developer), then it still makes a lot of sense. When I first bought, I wanted a nice house in a nice area but with my budget, it could only be one of the two (nice house - bad area or bad house, nice area) so it was logical. I made £40k profit in 3 years and that was a healthy deposit for the next house.

Sounds to me that you’re right in the middle of a stressful Reno @Apprentice26 and maybe just thinking how a turn key would be wonderful

But maintenance could be anything from a boiler repair to replacing and installing a washing machine. Sure - it's less likely that stuff like floorboards, wiring and plumbing in a new build are going to be reliable for a while, but as time goes on that won't be the case. The HA's and developers know all this, that's why there's a £500 per year cap on the stuff that at some point WILL go wrong for anyone who owns a property. Except you don't really own a SO property, unless you're in the tiny percentage that staircase to 100%.

The latest link I posted was from the government website and unambiguous about the £500 cap for internal repairs and maintenance - are you sure that the providers you've found will cover all that regardless of cost?

If the value of your property is very low @Apprentice26 and you have limited pension / no savings - then yes, this might be appropriate.

But to move to ease maintenance burden? No, unrealistic.
To move to free up capital? What do you need the capital? Might just be better to downsize

I’m also curious about this. I bought a shared ownership new build in a small rural development in the SE when I got divorced. I purchased 30 percent of a £300k property. My rent and mortgage combined is around £1k a month, I could never have bought or rented a similar property for this little. I’m now thinking of selling to buy with my partner and hoping my house will sell easily as it’s a great deal as far as I can see. The HA have already dealt with snagging issues like some incorrect plumbing and faulty windows but the bones are good and not likely to need significant repairs for a long time.