You can understand more and change your cookies preferences here. Broadcaster Reggie Yates is fronting a shared ownership initiative for first-time buyers. But are properties available under these schemes affordable for people with small deposits?
Shared ownership schemes are popular with buyers, with data published earlier this year from the English Housing Survey showing there are , shared ownership households in England. This has resulted in some homeowners finding themselves stuck in their shared ownership properties — unable to afford the costs of staircasing to full ownership and lacking the required equity to buy a home outside of the scheme. Has anyone else experienced this or suggest why they gave us the run around?
I would willingly join if any-one could help me, at eighty one overcome the problems of my shared ownership flat being unsaleable. I am currently in touch with the Ombudsman but it seems to me a major problem that no-one is really with. I am worried about finding myself in the same position since, as I understand it, the children will have to continue to pay the community charge along with half-empty conditions.
I could send you the correspondence if you wished. Even if they knew anything about over fifty-five problems. Which they seem not to. We are struggling finically due to my work cutting on call payments amongst other things.
If the worst came to the worst, how would we stand with bankruptcy with a shared ownership house? I cannot benefit from any of the increase in equity in my share until i sell all my share.
At present i am wondering if there is any association safeguarding the interest of the shhared owner? Hello Flora, thanks for getting in touch. It sounds as though you would benefit from having a chat with our partners at London and Country to see if there are any other lenders that might offer you a better borrowing rate.
I currently own a shared ownership property, I am supposed to have sold or have an offer for my current property before I start looking at other properties? Hello Alex and thanks for your question.
We are looking to sell our Shared Ownership home. Different providers offer different ways of selling your shared ownership property — for example, some offer a Share Sale option only whilst others will offer this and a Back to Back Staircasing and Sale option.
Hello Alex, is your property leasehold? Check the details of your lease. Since owning for 5 years the value of my property has significantly increased. Contact your Housing Provider for information on how it will work in detail on your particular property before you make any decision. If I lived in a flat I can fully understand the clause, but I lived a house.
Hello Dean, thanks for your question. My daughter is looking to purchase a shared ownership property. Please can you explain what happens if the value of the property goes down, does it make stair casing cheaper? Hello Roger, do ask your daughter to check with the Housing Provider what the process is for staircasing to be sure as different Housing Providers may well have different procedures.
But in general terms, Housing Providers ask that the shared owner pays for a RICS valuation to independently determine the value of the property at the time of staircasing. It is possible that the value of the property has fallen and the valuation should reflect this. However, the landlord. Not the original landlord. They are dragging their heals. I have had to pay for a 2nd valuation because the 1st expired.
The 2nd will expire in less than a month. I am still be charged rent and my conveyancing firm just seem to toddle along with it. I have only just received the TP1 as i am requesting the freehold. However, i have asked if they will still expect service charges after the purchase?
Sorry to bore you…. If I want to move to a bigger flat, can I purchase the flat earlier than managing to sell the shared ownership?
Is it the same with shared ownership? Hello Quincy and thanks for your question. My question is my housing association says that i can only sell with a RICS valuation. Is there any way that I can resolve such a situation.
I dont want to pay another valuer and find the same thing again. The valuer says they are protecting the housing association. It was bought as a private property under a DIYSO scheme so was never a housing association property. So stuck this has been going on for months. Similarly with the Service Charges costs. They strongly recommend solicitors which also work jointly with them and are favoured by the Developer, as it reduces the turnaround and they know exactly which critical information NOT to disclose to secure a deal.
Despite Residents reporting this ongoing abuse and initially engaging in dialogue with all parties involved to: Firstly find out the why? They are being held hostages in their properties, which are now an unsellable and unsafe product, additionally in danger of negative equity, while still having to survive on unsavoury salaries and feed themselves basically survive.
Thanks Miss Martinez. We do have very varied experience of shared ownership from members but a lot of your points are common, particularly around opaque service charges. Please get in touch with us at hello hoa. Shared ownership now is much better I bought an older house own half and sadly retired and all repairs are down to me.
They sell their older houses or did then to sit on money while the leaseholder keeps the house up to date rather unfair. We are currently trying to get out if this scheme but our housing assosiation have wanted 3months before we are able to go to estate agent.
Also we didnt hear anything from our housing assosiation which were clarion. I wouldnt recommend this to any of my friends its very expensive to get out and weve had to do all the work. I was concerned with the rent on the other half of the property. Does the housing association have the right to sell their share of the property to a third party, then increasing the rent? I have a concern. We are worried that if my husband comes out of work, will the government pay our rent as we have no savings.
This has become a bit scary because of rumours at work. Knowledge of inheritance tax would be also very useful. Can you recommend anyone? What happens at this point especially as around this vulnerable age to end of life it is difficult to manage maintenance costs and council tax which are excluded from service charges. Pensions have depreciated. That would also usually include any booking fee if applicable.
It is sometimes the case that you can get a better deal from a lender going through a broker then going to the lender direct. I have just been to view a share to buy resale with Notting hill housing association in London. This particular seller was due payout for the commission! I have maintained the property the best I can. The crux being is that the house was not on a HA street. What exactly am I paying a service charge for? Quite apart from the service charge I am also charged a small monthly sum for buildings insurance!
My shared ownership property was destroyed inva fire on the 30th April Currently still not fixed. Can I afford to buy a home? Should I sell my home before buying a new one?
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Hi, I wondered if you could help. This unit was installed to supply refrigeration to the shop below me. The vibrations literally resonate through the living room and into my bedroom! Or is it just a case of put up, shut up and consume enough alcohol so that I can actually sleep? Any advice you could offer would be greatly appreciated. Many thanks Jamie. Any help would be good I want to know if im doing the right thing. I feel this basically stops me from selling after 13 years.
I call this foul play. Hello, I bought a shared ownership flat as it was all I could afford. Thanks Elliot for the information and for sharing your experience so that it may help others.
Permission fees are required for any alterations. I feel that i have been defrauded by my mortgage lender. Any guidance on this? Hello, I am hoping to purchase a larger property through the shared ownership scheme. Hi, We are looking to sell our Shared Ownership home. Thanks, regards.
No Tania, it will remain a leasehold property. Dear My shared ownership property was destroyed inva fire on the 30th April They are offered by a range of lenders, including Halifax, Barclays, and Nationwide and Leeds building societies. It involves buying part of a home from a landlord, which is usually a council local housing association, and paying rent on the remainder.
For example, you may have broken up with a partner or previously exited the property ladder and are finding it difficult to get back on. Shared ownership schemes are run by councils, local housing associations and some property developers.
Always use an approved scheme , read the terms and conditions carefully and seek independent advice. Shared ownership schemes can be applied to new-build and existing properties — but they are always leasehold. To buy a shared ownership home, you need to register with the Help to Buy agent in the area where you want to live. The agent will then check you meet the eligibility criteria, and help you with the application process.
The cost of your new share will depend on how much your home is worth at the time you buy the share. The best option for you will depend on your budget and circumstances.
You may need to seek independent advice. If the landlord does not find a buyer and does not want to buy it themselves, you can sell your share yourself — more on this below. In Northern Ireland, the scheme is called Co-ownership. Entering into a shared ownership scheme has long-term implications which you should be fully aware of before signing up.
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