• Replies 27 replies
  • Subscribers 87 subscribers
  • Views 3339 views
  • Users 0 members are here
Options
Related
Hints and tips
  • To quote someone's message, first select/highlight the relevant text, and then use the Quote button that appears
  • To "mention" someone, type @ followed by the start of the forum name, and choose from the list; that person will get a notification of being mentioned

Renting? Shared Ownership?

andi

Hey I know I keep going on about moving I’m just finding it hard and I don’t think my folks get it so I can’t really talk to them much. 
looking at renting isn’t really going great I’m just struggling with the whole concept. However it struck me today that rather then saving for a home and renting why don’t I do shared ownership. But then I don’t really know what that is where it would lead me and what happens so could someone please explain to me what shared ownership is? In simple terms because Google is confusing me and what the pros and cons are 

Parents

  • Shared ownership is where you own a percentage of the house which is paid by mortgage and also pay rent on the other part that you don’t own. You will still need to save a deposit and pay legal fees but the deposit will be smaller than buying the whole house. You will also have the option to buy a larger share of the house in the future and pay less rent. I have heard that they can be very difficult to sell though and a flat will also be subject to extra maintenance fees. My brother is using an inheritance to buy a large share of a property outright then pay cheap rent, that’s probably the best way to do it

Reply

  • Shared ownership is where you own a percentage of the house which is paid by mortgage and also pay rent on the other part that you don’t own. You will still need to save a deposit and pay legal fees but the deposit will be smaller than buying the whole house. You will also have the option to buy a larger share of the house in the future and pay less rent. I have heard that they can be very difficult to sell though and a flat will also be subject to extra maintenance fees. My brother is using an inheritance to buy a large share of a property outright then pay cheap rent, that’s probably the best way to do it

Children