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Renting? Shared Ownership?

andi
13 days ago

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
  • 13 days ago

    nope.... im dead against renting... but i think shared ownership is worse, i think its a scam.

    you still pay rent.... but also pay mortgage... and service charge... and ground rent.... and if you fail any payments the company kicks you out and reclaims your half and then does the same thing to others and you lose everything... they can do this too by unfairly raising any of the rent, service charge, ground rent, as much as they want to force you to not be able to pay... thing is you then get stuck with the mortgage still even after it.

    id be very wary about this as i think its a scam.

    also the promise you can buy the other share percent over time but it goes up based on property price... they will just say the property is valued higher than it is and lie and make it so its way too expensive to buy the next incremements.

Reply
  • 13 days ago

    nope.... im dead against renting... but i think shared ownership is worse, i think its a scam.

    you still pay rent.... but also pay mortgage... and service charge... and ground rent.... and if you fail any payments the company kicks you out and reclaims your half and then does the same thing to others and you lose everything... they can do this too by unfairly raising any of the rent, service charge, ground rent, as much as they want to force you to not be able to pay... thing is you then get stuck with the mortgage still even after it.

    id be very wary about this as i think its a scam.

    also the promise you can buy the other share percent over time but it goes up based on property price... they will just say the property is valued higher than it is and lie and make it so its way too expensive to buy the next incremements.

Children
  • 10 days ago in reply to Caelus

    I'mintending to not buy back the increments and, should I not wake up dead before I retire, then the mortgage part will be paid off and the rent left as an affordable dripfeed... I hope!

  • 10 days ago in reply to Caelus

    I don't pay ground rent. The co-ownership people cover that... oh, wait - is it somehow hidden inside the overall cost of things? Um, not sure. But I wouldn't make that a deal-breaker... it's a relative drop in the ocean and I think the pros outweigh the cons in the right conditions. 

  • 12 days ago in reply to Caelus

    I agree with this and I had been offered the chance to enter into a buy-to-let scheme for my council flat where I’d lived for 22 years, but I think that renting is the lesser of two evils