shared ownership costs?

[mandco]

Dd is looking at a shared ownership property but while it sounds good she doesn't have any information over what the actual fees/charges are.
she's really keen to go ahead as they were told they just pay the deposit of £3000 ish and then they'll own a share of the property and rent the rest but surely there must be more to it then that?
I'm worried they will sign up to something not realising how much its really going to cost them

[gemma-lou]

We are just going through shared ownership ourselves. Mortgage has been submitted now just got to wait 8 to 12 weeks for move in date. Solicitor letters went in this morning.

We paid deposit to secure the house which will be deducted from the rent when we move in. A shared ownership usually means, part rent put buy. You pay ground rent to the landlord and we are paying the building insurance that the landlord has provided and comes in with the total rent cost. The repairs are at your own cost. And you will need to ask permission for home improvements i.e conservatory or putting in a outside tap etc. What i will say is, get a mortgage advisor and check with who they find for the mortgage, what solicitor they use. We paid our deposit on the house. Gave our mortgage advisor the go ahead to submit the application. Had to fill out the forms with landlord/housing association and add who iur solicitor and mortgage is with. I phoned around for quotes and went with the best one. Then 2 weeks later having paid them the search fees, the advisor phoned me saying the lender will only accept one particular solicitor so had to go with them instead.

[Princesses 3]

My first house many, many years ago was shared ownership and it was a great way of getting onto the housing ladder.
The only downside for me is that if you do any improvements you pay 100% of the cost but only get your proportion back when you sell. Mine was a new house so I didn’t really spend anything.
Also if house prices rose, again you get a proportion of the increase but my view was it was better than none

[Love*my*hols]

Originally Posted by mandco

Dd is looking at a shared ownership property but while it sounds good she doesn't have any information over what the actual fees/charges are.
she's really keen to go ahead as they were told they just pay the deposit of £3000 ish and then they'll own a share of the property and rent the rest but surely there must be more to it then that?
I'm worried they will sign up to something not realising how much its really going to cost them

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Has she got a mortgage arranged?

[mandco]

Originally Posted by Love*my*hols

Has she got a mortgage arranged?

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Not yet

[Blue nose]

In my area these are hard to sell. Personally if possible I'd buy something else

[wdw1991]

I am in a shared ownership flat. If you or your daughter have any questions feel free to PM me. The only issue we have had is with the housing association! Other than that it’s a great way to get onto the property ladder!

[Fraggle35]

Daughter also looking at these, if you buy 75% can you actually buy the other 25% so that you would own all the property or does it stop at 99%?

[mskitty]

Originally Posted by Blue nose

In my area these are hard to sell. Personally if possible I'd buy something else

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In our area they sell before they are on the market as a friend is desperate for one as it is the only way she can afford to get the sort of house she needs and she's really struggling so it must depend on area.

[LostPrincess]

As above, I've also heard that these are very hard to sell when it's time to move on. We were first time buyers last year and after a bit of research I felt that the help to buy schemes were very persuasive but not necessarily as great as they make them out to be. It definitely depends on your area though! I'd recommend research research research. It felt like everyone was out to fleece us as first time buyers, but then my husband and I look like teenagers so definitely came across as easy targets!