I have seen some bungalows which are shared ownership. One is up for sale now at 50% of full price. They were built in 2004 I am acquainted with a couple of the tenants/owners but they all tell me different stories of how they came to move in. They all seem to have owned homes previously.
Since they were originally sold, the Company has changed who part owns them. They no longer have to be sold by a specific agent. The descendants of the owners can use any agent. The one I am interested in is £57.500 plus a rent. This would be fine for me as I have no close family. One of the present tenants bought a full share except for 1%. another bought 75% and paid no rent. Another paid 50% and pays rent of £160 per month. As I say they all sold houses to move there but people keep telling me you can only have so much money in the bank.
My house is worth anything around £100 to £130,000 but I cannot buy a bungalow for that price in my area, I need a downstairs toilet.
Th Estate agent is just showing it for sale at £57.500 half share but I know the other residents upped their shares. I do not want them to tell me that I have too much money as I know this bungalow needs quite a lot of money spending on it.
The shared ownership company is someone called Symphany, I have never heard of them. I am desperate to move from this house but I have nowhere to go if I sell and none of these properties are available. I would be very nervous re moving somewhere temporary as I have a dog.
If I could work out how it worked, re limit of money allowed I could then calculate if it was worth me taking the risk of selling. My house is up for sale now. I have also heard that a man has offered the price cash, I do have the name of the Solicitor dealing with it but he is on holiday until the 29th. Does anyone think it would be worth me contacting him directly?
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