Shared Ownership Housing

[Budlet]

Has anyone here had any experience of shared ownership housing - good or bad?

[sivam]

Good If you can later buy the property. Have done that. Depends on the Company involved.

[Buenchico]

Worth reading:
https://www.bbc.co.uk/news/business-45573751

and
https://www.theguardian.com/housing-network/2013/sep/03/hidden-dangers-shared-ownership

From the Home Owners Alliance:
https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/shared-ownership-what-to-watch-out-for/

[Peter Pedant]

Might be OK in London as otherwise the deposits reqd are astronomical
BUT
yeah did it - and bought the whole property around 10 y ago
but if you wish to sell - you have to step up ( by all portions ) before you sell which most people cant do
and so .....
you are locked into shared ownership
which was NOT the intention

so ... be careful

I havent read Chris' refs - wh are always very good
but presumably it comes up

[Peter Pedant]

o had a look at Chris;
usual warnings - if you go into arrears for whatever reason you stand to lose everything
and come out with nothing OR a debt to a mortgage company

but that is sort of a given innit?
if you are forced to sell in a 'fire sale' in a recession you get absolutely screwed

[Budlet]

Interesting articles. My two sons are currently sharing a flat. They bought it together so have a joint mortgage. They are in a position now to sell and go their desperate ways. They both want to stay in London but they only way they can afford to do this is to consider shared ownership. I think they need to do a bit more research into this. Thanks everyone for your answers.

[Peter Pedant]

yes right
now is a pretty terrible time to sell
( having just BOUGHT as there are bargains to be had )

[Budlet]

'desperate ways' haha I meant separate ways!