Anybody know about shared ownership?

[bebespain]

Am about to make an application but it all seems quite vague. For example does anybody know what the criteria is? If there are 10 properties and 20 applicants how do they decide who is offered one?

Have spoken to the H.A in charge but they were reluctant to shed much light on their selection process

Any ideas anyone?

TIA

Bumping for you.

Hi Bebe

I've just bought a shared ownership property in London. I wouldn't do it unless you absolutely have no other options as there are many disadvantages. The Moneysavingexpert website is a good place to get more info (from the housing/mortgage forums).

Back to your question you probably know that you have to have a household income of less than £60,000, not be able to afford to buy a property outright and not already own a property. Each borough have certain groups who are prioritised such as key workers or council tenants for example. They will also prioritise families with children although lots of new build shared ownership properties are 1 or 2 bedroomed flats.
Its good to put yourself down on the councils housing list as this may also be on the criteria.
Google 'Housing Options' and this site will give you lots of general info although I think they are primarily focussed on London.

Best of luck

Sorry forgot to mention that you often have to either live or work in the area the developments are in

Please do not buy half a house where you are responsible for 100% of the maintence, it's financial susicide.
Just wait another year you'll be able to buy a whole house, just keep saving your deposit.

Thanks girls!

Special thanks to staggerlee for all that very useful info - cheers!

We did this many years ago. I certainly wouldn't recommend it, the only thing that made it worthwhile for us was that we bought the rest of the property and at the time they valued it at about 20,000 less than the market value, no idea why. We have moved on now as this was a good while ago, but like I say, I wouldn't recommend it - paying rent on a property that you are maintaining, plus a mortgage on top.