Groups

    50% buy 50% rent properties

    Hi all,

    Has anyone ever bought one those shared ownership properties before?

    I am looking to get my foot on the property ladder now that the Mrs has finished her studies. I dont have any deposit saved yet, but has a secure job and good income. I was looking online at properties and came across the shared ownership properties. But not sure on how it works exactly and how easy/difficult it is to get a mortgage for those properties!

    Any help or advice would be great!

    4 Comments

    Banned

    My name has been on the list for about 2 years now. They take all yours and your partners details, do all the necesaary checks etc but then they are supposed to send you the details of the houses that are within your budget. I never received one thing. I checked the website every week and rang up if i saw anything i liked the look of (thats what they should be doing really) and everytime it was 'oh thats ones gone but weve not updated the website' or 'no sorry they have gone to other people'

    When i asked why i never got anything through the post or over the phone they couldnt give me an answer. Rubbish seen as me and my feller both had a good full time jobs and a bit saved already to put towrds it.

    But my friend got a house after a year of being on the list, really nice place too. Bear in mind you have to pay half or a percentage of the mortgage plus a monthly rent on top. It can be very confusing when going through all the rubbish you get! Also if you want to make any improvements at all you have to write to them to get permission first, so something as simple as painting a room could take a while to get the go ahead.

    Hope you have better luck than me x

    Original Poster

    oh ok...hmm...this has kind of confused me even more. So when im looking online and see one of these new builds, then i have to go on a waiting list for it? oh man. Best get saving then and just go for a 100% property.

    I was always under the impression that with these 50% one you can do what ever you want it. as technically it is suppose to be your own property. I knew some1 a few years back who had bought one and he didnt need any deposit or anything just moved straight in!

    Banned

    Abz;4406366

    oh ok...hmm...this has kind of confused me even more. So when im looking … oh ok...hmm...this has kind of confused me even more. So when im looking online and see one of these new builds, then i have to go on a waiting list for it? oh man. Best get saving then and just go for a 100% property.I was always under the impression that with these 50% one you can do what ever you want it. as technically it is suppose to be your own property. I knew some1 a few years back who had bought one and he didnt need any deposit or anything just moved straight in!



    Maybe they changed it. Im not sure....like i said this was 2 years ago when i did the application. Yes everyone goes on a list (obviosuly people with children and what not are higher priority)

    And then say the house or flat is advertised at 50,000 (for your share, so it costs 100,000 alltogether) you and the mrs take out a mortgage for the 50,000, and then on top of that pay rent to them every month for staying in their part of the property, think my mate paid 200 per month or something. Its good like you say if you cant afford to get a place of your own, but dont want to waste your money renting, as it will kinda be like your own place. You can buy a higher percentage as the years go on as well. Check it out further, no harm in going on the list and getting all the booklets to have a read of.

    Abz;4406366

    oh ok...hmm...this has kind of confused me even more. So when im looking … oh ok...hmm...this has kind of confused me even more. So when im looking online and see one of these new builds, then i have to go on a waiting list for it? oh man. Best get saving then and just go for a 100% property.I was always under the impression that with these 50% one you can do what ever you want it. as technically it is suppose to be your own property. I knew some1 a few years back who had bought one and he didnt need any deposit or anything just moved straight in!



    we lived in one for a year and half a few years back, we did have to pay deposit and stamp duty etc and we werent allowed to decoarate in the 1st year but after that we could do as we liked, we werent waiting that long at all to get one either! When we did sell up we made a slight profit on it
    Post a comment
    Avatar
    @
      Text
      Top Discussions
      1. Can't delete friends on Xbox 360 or accept any friend requests, anyone know…33
      2. Sad Gazza anecdote August 8th 2017 - Beyond help?1118
      3. Sad news about Barcelona26113
      4. Just heard this...2 ★★★★★★★★★★★★★★ congrats to all on 392k ★★★★★★★★★★★★★★7764188

      See more discussions