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.

If by your assumption that my property value was very low, what would one downside to, a shop doorway?

My mum has done this and got a better house than she would have otherwise , well a better area I suppose. I do think it will be a pain for me to sort when she dies as the shared ownership people I assume will want 50% of market rate whereas I’d have just sold it cheap to get rid. can assure you though she won’t have given it any thought so you are lovely to think of it.

My understanding is you can sell it for whatever you like as long as the Mortgage is covered. Please do doublecheck because I was asking a lot of questions at the time and I didn’t write anything down. But that does stick in my mind.

We are allowed to sell ours on the open market as well. There are 4 houses in our row and the other 3 are privately owned now. I don't think they even tried to sell as part ownership which is a shame as the housing association is losing its housing stock.

Not my mums. They own 50% so they want that 50% to be as much as possible. Understandable to be honest.

there is no mortgage, she just pays the rent on the part they own.

Ah i see.
Well if they can find a buyer for it I guess its no bad thing but thats another reason to keep the skin in the game to a minimum

No way would I touch it! Same as leasing cars! All sounds lovely then you realise you actually own the square root of FA. Rent and mortgage? A madcap way to buy a house, if ever there was one.

Sorry? If you own 100% of a low value property but want to free up capital and lessen maintenance…. Then downsizing makes sense. Or are you saying so low value that there is literally no where to downsize? In which case…. Yes share ownership works if you need a bigger property.

During your discussion they didn’t tell you about the £500 a year cap on maintenance?

Not if there is no other way you could afford to buy a house.

There isnt one for every builder/provider
But i probably didnt ask it wasnt exactly a deep dive

👏🏻

If you can afford to buy without having to go this route then do so. Each time you try to buy more it is at the then current market value and triggers more legal fees. There are restrictions on what you can do with the property and they are hard to resell (despite what others may say). Many are leasehold with the associated issues they are now facing.

Basically avoid at all costs if you don't want to end up trapped and tied to a property. They will be the next big "scandal".

seriously you would then just be better off renting and sticking your money in an ISA.

Because even the housing associations realise this is the next big property scandal in waiting

What is the difference between paying rent and a mortgage in your dotage? I don't think that I understand!

No, because then you wouldn’t have the stability
And there’s a severe lack of rentals locally.
If somebody wanted to sell it up, we’ve got Removal costs too

I sold one some years ago in London - had no problem at all in fact I had queued as it was very desirable area, and I don’t think you will either - as houses are often harder to find on shared ownership -

Actually the Renters Rights Act is restoring that stability so I am happy to stand by my original statements on this subject and when the shared ownership goes pear shaped you may think back and say "oh I see now!"

You got out at the right time.

i think one issue being honest is that I’m actually quite pro it but definitely within reason — and im
more pro it on houses than I am flats as they rarely have any significant service charges- but that applies to flats in general not just shared ownership -the thing is and particularly in expensive areas in the south people often haven’t got much choice as they can’t get mortgages high enough and they want stability - I also wouldn’t buy where it’s ‘big’ developments, London in particular now has masses of it, overpriced often pokey flats and not in areas I would pick to live.

The RRA is going to reduce availability and anything nice wont be rented out at all.
The weekly threads of shall i rent out my family home whilst abroad are met with horror stories

But you never buy the house, well some people do staircase to 100% but not many. They’re all crazily overpriced e.g in an average part of my city two bed terraced SO sell for £240k. On the open market in the same area , (much older) two bed terraced houses sell for £170k. With maintenance, mortgage, service charges, rent and ground rent to pay for they represent a terrible deal.

My friend did this when she divorced but she had almost 200k from the divorce so she spent 120k on a 30 percent shared ownership then spunked the rest. She’s very proud of being ‘mortgage free’ but she’ll pay rent for the rest of her life.

I seriously don’t get why she didn’t buy her own place with a mortgage.

Agreed

but some on this thread see it as a way to avoid the burden of maintenance which makes no sense. Just buy a new build from a quality developer