Shared ownership experiences - good and bad

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Hello Kitty

Hello Kitty

Charl28 said:
Is there a chance they will give me permission though?
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If you email them with everything you want to do, along with plans from the builder ect then ask them

Someone in my sisters flats had permission to knock a wall down
 
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Eltonjohnsflorist

Wesleysniper said:
From my experience it's a complete con, I've been on shared ownership since 2005 I have 50% ownership flat on a 125 year lease in the London area, maintenance costs are going through the roof they don't have to show quotations they got for the work they don't tell you what work they have done until you get your end of year bill to say they under estimated the bill by £550 per resident in the block dont itemise the bill to the penny, so instead of them working out that £550 set over the next 12 months they demand you pay it straight away and I'm not say all housing associations are like that but my one is, the one thing i recommend people to do is read your lease if you break your lease agreement and they take you to a county court over it and the judgement falls on their side they can take away the property and you lose every little penny you put into it and there have been cases already happened with this scenario, if you have a lease on a house and it's less than 80 years on it you are going to pay an arm and a leg to renew it you could be looking at around £15000 upwards if it totally runs out you forfeit the property at some point you won't get a mortgage for it so you can only sell or buy with cash some housing associations ask for a permission fee if you want to do alterations i have a friend his housing want £250 everytime you ask to alter something, when you come to sell the property you better get use to dancing to their tune you have to pay them a percentage if they sell it you have to pay all their legal fees you pay the valuation fee and it goes on and on and on if you want to stay on shared ownership and buy out of area goodluck you might and I mean might be lucky and get a property out of area but you'll have better odds in winning the lottery jackpot I could spend hours rambling on and on about the pitfalls on shared ownership and it definitely ain't shared ownership when it comes to paying the bill. If my housing associations had to pay 50% of their share of the maintenance bill they send they would definitely find the cheapest quotes to get the jobs done their definitely no shared in ownership it's all down to you to carry the can, if you want to staircase maybe get a valuation done when the housing market crashes but I bet they have a loophole to stop you staircasing, i would try finding a very good mortgage broker to see what you can get on the open market and if all fails try going shared ownership
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Just to say these (very real!) problems aren’t related to shared ownership but are the risks taken by any leaseholder (someone who buys a flat in a block)

Don’t buy a flat in a block unless you understand what being a leaseholder means in reality.

Shared ownership is good but it’s for people who can’t buy a property any other way- it’s not an alternative to full ownership.
 
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G

Gggshh

Charl28 said:
Is there a chance they will give me permission though?
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I queried about changing our front gardenwall and the lady I spoke to at my housing association said they mainly want to check they approve of the contractors you are hiring, not sure if that’s the sameWith them all
 
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Charl28

If we were allowed to knock the wall down it would be getting rid of the disabled toilet (all new builds have these in now larger doors and space etc) that’s what I’m worried about if they say no to that.
 
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Thatswhattatsaid

I’m in the process of buying my first home and have had to do SO after my relationship broke down.

3 bed new build on at £173,000 (North West) I’ve gone straight in at 75% ownership so only pay £99 rent and £15 service charge per month, as well as my £513 mortgage after a £9000 deposit. There’s no way I’d have been able to buy a home without SO and anything I did manage would have needed a lot of work which I simply didn’t have the money for.
 
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ADBABE

ADBABE

Thatswhattatsaid said:
I’m in the process of buying my first home and have had to do SO after my relationship broke down.

3 bed new build on at £173,000 (North West) I’ve gone straight in at 75% ownership so only pay £99 rent and £15 service charge per month, as well as my £513 mortgage after a £9000 deposit. There’s no way I’d have been able to buy a home without SO and anything I did manage would have needed a lot of work which I simply didn’t have the money for.
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I thought shared ownership was a lot smaller deposit then that?
 
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Thatswhattatsaid

ADBABE said:
I thought shared ownership was a lot smaller deposit then that?
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I’ve literally gone in with everything I have. In hindsight I could have kept some of it back to furnish the property etc. but I’ll get around £2500 back from the help to buy ISA bonus anyway. I was really surprised to go in with such a high percentage and feel quite lucky although all my outgoings will be as a single person so will have to budget pretty well!
 
Hello Kitty

Hello Kitty

Thatswhattatsaid said:
I’ve literally gone in with everything I have. In hindsight I could have kept some of it back to furnish the property etc. but I’ll get around £2500 back from the help to buy ISA bonus anyway. I was really surprised to go in with such a high percentage and feel quite lucky although all my outgoings will be as a single person so will have to budget pretty well!
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The help to buy ISA goes towards the deposit. How have you managed to get it back? Or do you mean you have saved money because you've used the ISA?

You've done a good thing going with the high percentage, well done!
 
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ADBABE

ADBABE

Thatswhattatsaid said:
I’ve literally gone in with everything I have. In hindsight I could have kept some of it back to furnish the property etc. but I’ll get around £2500 back from the help to buy ISA bonus anyway. I was really surprised to go in with such a high percentage and feel quite lucky although all my outgoings will be as a single person so will have to budget pretty well!
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Well good for you for doing it on your own! Me and my husband are hoping to purchase a SO in about a year, will probably only be able to afford a smaller percentage to start off with but it's the only way we wont be stuck in the private renting game for the rest of our lives!
 
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Thatswhattatsaid

Wantacuppa said:
The help to buy ISA goes towards the deposit. How have you managed to get it back? Or do you mean you have saved money because you've used the ISA?

You've done a good thing going with the high percentage, well done!
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I was told the Help to Buy ISA bonus can’t be used towards the deposit. They only pay the bonus after the deposit has been paid, a few people I know were sent it in a cheque and didn’t even have to use it towards the mortgage. I’m not sure how I’ll get it yet
 
Hello Kitty

Hello Kitty

Thatswhattatsaid said:
I was told the Help to Buy ISA bonus can’t be used towards the deposit. They only pay the bonus after the deposit has been paid, a few people I know were sent it in a cheque and didn’t even have to use it towards the mortgage. I’m not sure how I’ll get it yet
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WOW they are lucky. My sister was told the opposite as it's to help you purchase your home.
 
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Allthevest20

Allthevest20

ADBABE said:
I thought shared ownership was a lot smaller deposit then that?
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My deposit for SO was £24,000. 50% share.

I was evicted after my Mum died from our Housing Association house (gave me 4 weeks but I longed it out to 8) so I didn't have time to save more (her diagnosis to passing time was quick aswell and I'd just finished uni and started my current job). Average salary and single. Help to buy wanted £42,000 deposit for a flat whereas with SO I have a 2 bed house and garden (for my cat). Rent round here for similar is £1000+. Studios are around £500 a month plus. I hope to staircase one day to 100% and I'm saving what I can.

SO stopped me being homeless effectively or spending my entire paycheck on rent and bills alone.
 
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