News0 min ago
Shard Home Ownership.
Is there anyone out there who could explain the advantages/disadvantages of shared home ownership for new housing. My son is struggling to get a mortgage (he already has one - but needs to buy a slightly larger property) and shared ownership seems the only prospect at the moment. (Please answer in one syllable words - I'm a simple girl!!!) TIA
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For more on marking an answer as the "Best Answer", please visit our FAQ.You own 50% they own 50% and you get an opportunity to buy more shares but that is at the market value so say you 10% next year at £10000 and the year after you want to buy a further 10% it could cost you £20000!
The biggest problem is when you come to sell, you have to give them first choice to buy at a price they agree, and they have so long to find a buyer.
The biggest problem is when you come to sell, you have to give them first choice to buy at a price they agree, and they have so long to find a buyer.
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