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Thread: Shared Ownership

  1. #1
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    Default Shared Ownership

    Im looking to pick anyones brains who knows anything about Shared Ownership

    Due to my job I'm able to apply for help in getting onto the property ladder , or getting a bigger place due to a growing family..

    Well its the latter for us, as we have a large 2 bed flat (mortgaged) and need to find a 3 bed in the next few years for our kids sake. (1 Boy 1 Girl)

    I'm being offered the oppurtunity to apply for a few 3 bed houses for around the £75k Mark for a 50/50 Ownership.

    I would have my mortgage and then have to pay around the £150 - £250 a month for 'rent'

    Does anyone have any tips or pointers when it comes to all of this..???

  2. #2
    Full Member paul.sessions's Avatar
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    this is what im doing but in a flat 50/50 put 12500g down n got mortgage on 62500.. the other 50% is owned by guiness trust and we pay about 250 a month in rent and for the services for the flat lawn cutting hoovering ect... think the rent on its own is about 180..
    in my opinion its the only way me and my gf could get on the ladder without a stupid outlay each month. they also give you the oppurtunity to buy more at a later date, which is good im pleased we done it been 2 years now..

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    Quote Originally Posted by paul.sessions View Post
    this is what im doing but in a flat 50/50 put 12500g down n got mortgage on 62500.. the other 50% is owned by guiness trust and we pay about 250 a month in rent and for the services for the flat lawn cutting hoovering ect... think the rent on its own is about 180..
    in my opinion its the only way me and my gf could get on the ladder without a stupid outlay each month. they also give you the oppurtunity to buy more at a later date, which is good im pleased we done it been 2 years now..
    when you come to sell your share though, do u just get your money back or more depending on the porperty market.

    Also ive noticed that these places are considerably more than other places that arenot under this scheme..

    For example they want £74k for this one place for 50/50 ... So it should be £148k for the place. ..... Yet from looking around it should be priced around £120-£130k MAX ...

  4. #4
    Regular Member jonesy_ni's Avatar
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    If its like Northern Irelands co ownership, if you decide to sell, you will get the market value of the 50%, same goes for the companys 50%, they will get half.

    There value will be based on the house when you bought it, any value that you add with improvements should be yours.

    Best getting them bought out as soon as you can, depending on the market.

  5. #5
    Full Member paul.sessions's Avatar
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    think it gets valued before you sell so it should be based on the property market, our flat was priced at 145k before we bought and was the same around our area.. not sure on this some companies might work differently. and being affordable housing they should'nt be trying to rip people off, maybe you should ask for an independent valuation before you sign on the dotted line.....

  6. #6
    Regular Member Bigdavesafro's Avatar
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    Don't think that the prices are necessarily higher than equivalent 100% private houses. Most of the housing associations build to a much higher specification and the rooms generally accord with higher space standards.

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