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    Has anyone got a shared ownership property?

    Morning all,

    Me and the Mrs are looking to get our first home soon. And we've seen a shared ownership property we like. But i was just wondering how good is this scheme? And when we want to buy the property outright is it an easy process etc??

    anyone information would be useful

    18 Comments

    i have a shared ownership house :thumbsup:

    best thing ever if u want to purchase more of a % of the house u just ask the other vendor usally a housing asscastion

    Original Poster

    ViperKeith;5938912

    i have a shared ownership house :thumbsup:best thing ever if u want to … i have a shared ownership house :thumbsup:best thing ever if u want to purchase more of a % of the house u just ask the other vendor usally a housing asscastion



    ok cool,

    did you have to pay deposit?? if so how much? and are there any constraints if you want to do any modifications inside the house?

    i dont know whether its the same in your area but some associations will let u choose ur own house of the open market and they own a percentage that u do not have to pay rent on
    they are also building alot of low cost homes over here to help people get onto the property ladder

    Our first house was a shared ownership house. Best thing we did as it got us onto the ladder. We bought a third at first and then later on we bought the other two thirds. The only -point was that the rent ffor the two thirds gradually increased substantially from when we moved in that we figured we may as well buy them and have mortgage for the whole house. Things may have changed since - good luck.

    Original Poster

    edjaned;5938958

    i dont know whether its the same in your area but some associations will … i dont know whether its the same in your area but some associations will let u choose ur own house of the open market and they own a percentage that u do not have to pay rent onthey are also building alot of low cost homes over here to help people get onto the property ladder




    thats interesting, I've not heard of that in my area. There are just properties being advertised for shared ownership (new builds). Will have to try look into that! If only i knew where to start

    Original Poster

    LJM;5938995

    Our first house was a shared ownership house. Best thing we did as it … Our first house was a shared ownership house. Best thing we did as it got us onto the ladder. We bought a third at first and then later on we bought the other two thirds. The only -point was that the rent ffor the two thirds gradually increased substantially from when we moved in that we figured we may as well buy them and have mortgage for the whole house. Things may have changed since - good luck.



    Oh ok so the rent increased? can i ask why? I thought the rent would be fixed? Did you have any issues buying the property outright?

    Abz;5939001

    thats interesting, I've not heard of that in my area. There are just … thats interesting, I've not heard of that in my area. There are just properties being advertised for shared ownership (new builds). Will have to try look into that! If only i knew where to start



    i hadnt heard of it until i looked into buying somewhere after i was told we couldnt buy the housing association house we were renting
    i know here in wales the association is called tai clwyd will have a look and see if i can find out what the scheme is called
    its called homebuy,maybe u could phone around your local associations to see if they do a similar sceme
    taiclwyd.com/eng…htm

    Abz;5938924

    ok cool,did you have to pay deposit?? if so how much? and are there any … ok cool,did you have to pay deposit?? if so how much? and are there any constraints if you want to do any modifications inside the house?



    i can do what i like to the house i can reffereb it if i wanted to to u have to remember u are resonasable to maintain the house if anything breaks u have to fix it if the boiler goes its ur resonabile the rent u pay to the house assc only covers there side of the mortague

    the deposit and everythingh depends on who u get your mortagaue with im with nationwide and they wanted a 15% deposit other places will take 10% deposit but they wanted highier intrest rates


    ** sorry about my spelling **

    Original Poster

    edjaned;5939018

    i hadnt heard of it until i looked into buying somewhere after i was told … i hadnt heard of it until i looked into buying somewhere after i was told we couldnt buy the housing association house we were rentingi know here in wales the association is called tai clwyd will have a look and see if i can find out what the scheme is called



    thanks mate, let me know, need to get on the property ladder soon, its now a decision between a nice 2 bed apartment or go for a house on the shared ownership scheme

    I had a shared equity house, back in the 90's. 70%/30% split between us and the Nationwide Housing trust. We lived in a house we couldn't normally afford with a long term aim to buying the balance.

    We either bought 30% of the value of the house or 30% of the oriiginal price if we wanted the balance, whichever was the larger! HA need to pretect their original investment. However, we then went through the downturn in the housing market in the late 90's and I had at one point negative equity of nearly £35k.

    I eventually made the HA an offer to purchase the 30% balance for 30% of the current market value even though it was lower, they accpeted this offer as they preferred to have the cash now rather than in 15 years time say. Saved around £7,500 on this deal.

    As it was shared equity we paid no "rent" on their share, the HA were very good all the way through and personally I would recommend this or similar schemes to any new home buyers. Hope this helps.

    Abz;5939029

    thanks mate, let me know, need to get on the property ladder soon, its … thanks mate, let me know, need to get on the property ladder soon, its now a decision between a nice 2 bed apartment or go for a house on the shared ownership scheme



    have added link in my post :thumbsup:

    I live in Hertforsdhire and have looked at the shared ownership as an alternative to buying the property outright. Having chatted to a few friends that had previously bought via shared onwership, they also said the rent had increased quite substantially over the years.

    TBH this is the only thing that is putting me off doing it now. I see it as being a little more risky then buying outright as you dont know in say 3 years that you could afford to pay what they have increased the rent to.

    Our sheme was by the local council. For some reason they built an estate for the purpose of selling off as shared ownership. So the rents went up every time council rents were increased generally. We had no problems at all buying outright. Also at the time councils used to give a discount if you had lived in a property for a certain number of years and we were lucky enough to benefit from the full discount on the remaining two Im not sure if they still do this..

    theone;5939061

    I live in Hertforsdhire and have looked at the shared ownership as an … I live in Hertforsdhire and have looked at the shared ownership as an alternative to buying the property outright. Having chatted to a few friends that had previously bought via shared onwership, they also said the rent had increased quite substantially over the years. TBH this is the only thing that is putting me off doing it now. I see it as being a little more risky then buying outright as you dont know in say 3 years that you could afford to pay what they have increased the rent to.



    rent increases due to inflation my went went up £9 a month

    I have a shared equity house which has worked out very well. I'd probably be more wary of shared ownership as it often involves you paying rent on the remaining share.

    We own our house 100% now, paid no deposit with a share of 75%/25%. We can either buy the developer's share in 10 years (or less) or sell up and pay them back.

    LJM;5939074

    Our sheme was by the local council. For some reason they built an estate … Our sheme was by the local council. For some reason they built an estate for the purpose of selling off as shared ownership. So the rents went up every time council rents were increased generally. We had no problems at all buying outright. Also at the time councils used to give a discount if you had lived in a property for a certain number of years and we were lucky enough to benefit from the full discount on the remaining two Im not sure if they still do this..



    with my association they cap the discount at £16000
    u can also only buy houses that were bought or built after march 97 or something like that
    i know that when i applied to buy this house it was 3 weeks out of the date so we were refused
    the thing was when we took this house on they said it looked like we could buy it and i left a house that we had been offered for £64000 and it was a new build
    never mind we like the area we live in now so we will continue to rent unless we win the lottery

    Original Poster

    spider1986;5939084

    I have a shared equity house which has worked out very well. I'd probably … I have a shared equity house which has worked out very well. I'd probably be more wary of shared ownership as it often involves you paying rent on the remaining share.We own our house 100% now, paid no deposit with a share of 75%/25%. We can either buy the developer's share in 10 years (or less) or sell up and pay them back.



    Yeah in an ideal world i would have gone for a shared equity property, but beacuse i have an issue with my credit file (2 defaults from uni), i couldnt get the mortgage i need (as only limited providers do shared equity mortgages)!

    so we can only get a mortgage on my wifes name and on her income shared ownership would be the best option!
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