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House and home

Shared Ownership schemes..Would you ?..Have you ?

(80 Posts)
Witzend Mon 14-Aug-23 12:10:43

The long term partner of a dd bought a shared ownership house years ago - it seems to have worked well for him. How much more of it he’s bought since the initial purchase I don’t know - maybe 100%. But AFAIK he’s lived in it for at least 15 years.

To me it would seem (if it’s at all possible) a considerably better prospect than renting. At least no landlord can suddenly decide he wants to sell and give you notice, and you can decorate and so on as you wish.
Of course maintenance will presumably be down to you, but then landlords are not exactly renowned for efficient and speedy fixing of any issues, are they?

eddiecat78 Mon 14-Aug-23 12:05:53

I know several people whose children have done it. It's quite common on some new estates.
The main problem was that it caused difficulties when they wanted to move as there were restrictions on who could buy it and on sale price

LovelyCuppa Mon 14-Aug-23 12:05:03

I don’t think it’s a very good idea, unless there are no other options. We looked at it recently and my main concern was potential problems when time came to sell.

crazyH Mon 14-Aug-23 12:00:31

I haven’t heard of that - wouldn’t that be a bit complicated? Isn’t it better to own the whole of a small house, rather than a part of a big house. It all sounds so complicated and can end in tears. Think well and take legal advice before you embark on this .

rocketstop Mon 14-Aug-23 11:53:59

Has anyone 'Owned' a home using a 'Shared ownership' scheme where you own a percentage of a house and pay a rent on the rest of the value ? Is it a good or bad idea ?