Shared ownership property

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Hey so I’m currently looking at buying a shared ownership property and I’m just looking for peoples thoughts/experiences of shared ownership and if it’s worth doing? Or would we be better off waiting another couple of years when our joint income and deposit will be higher so could just look to buy instead of shared ownership
 
My In laws did this 10 years ago, so things may have changed, they had no issues until they wanted to sell up. There was so much criteria that the new buyer had to meet the sale took ages as the Housing Assosication didn't want to buy it back.
Some of the things were the buyers had to already living/ have family in the area, earn less than a certain amount but more than their set minimum. But as I said they may have made things easier now but back then not much was out there about selling shared ownership houses.
 
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I'd also be interested in knowing people's experiences.
I fit all the fairly strict criteria they've listed, but I don't know if I might not be quite what they're looking for. I'm looking at 2/3 beds (as thats what I rent now - and the mortgage + part rental would be the same as what I pay now for rent) as a single person as I WFH and have guests a lot, but dunno if they'd want families for those size properties. I've applied but waiting to hear back...
 
My In laws did this 10 years ago, so things may have changed, they had no issues until they wanted to sell up. There was so much criteria that the new buyer had to meet the sale took ages as the Housing Assosication didn't want to buy it back.
Some of the things were the buyers had to already living/ have family in the area, earn less than a certain amount but more than their set minimum. But as I said they may have made things easier now but back then not much was out there about selling shared ownership houses.
Yeah this is what concerns me with the housing association still owning a percentage, what red tape, hidden clauses etc lurk underneath! Hopefully we wouldn’t be looking to sell until we’d managed to buy 100% of it anyway but you never know what will crop up
 
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I'd also be interested in knowing people's experiences.
I fit all the fairly strict criteria they've listed, but I don't know if I might not be quite what they're looking for. I'm looking at 2/3 beds (as thats what I rent now - and the mortgage + part rental would be the same as what I pay now for rent) as a single person as I WFH and have guests a lot, but dunno if they'd want families for those size properties. I've applied but waiting to hear back...
I would guess if you fit the criteria they would be happy to have you, as a business they want the cash.
 
My short answer is - don't do it (sorry). I've a couple of friends who have experienced issues when it comes to selling.
 
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I’ve done it and a few friends have and we’ve never had any issues. Never had any issues selling either.
 
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Other than it taking many, many months to complete, I’ve had no issues so far. I’ve got another year on my mortgage at the current rate and then I may well be looking to move, so I may (if the above posts are anything to go by) have some issues then! But so far, nothing. The HA don’t get in touch apart from every year when they put the costs up!
 
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Personally I would avoid. Firstly, unless your circumstances change significantly, it's pretty difficult to ever end up actually buying the house fully. It's not in their interest for that to happen so it's generally made as difficult as possible.

Secondly a lot of them are wrapped up in all sorts of legislation that becomes an absolute headache if you go to sell. Often they are leasehold or there's some sort of complicating factor.

If you do manage to end up buying the whole thing you'll have likely lost more money in the long run than if you would have bought a smaller property and worked your way up.
 
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I’d recommend it. I was single and I wouldn’t have been able to get on the property ladder any other way. I’m in a house (so the freehold will be available at 100%) on a popular new build estate, resales happen fairly frequently without issues here.

I have pets and I’ve decorated how I want, I’m never bothered by the HA. I came into it thinking I’d meet someone and staircase up to 100% but I think it’s more likely now that I will sell to move areas and will hopefully come away with enough for a deposit on the open market.

The more research you can do into your specific HA the better, any red tape issues will be in the paperwork when you buy.