Published on 12, July, 2020
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
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.
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.
Gosh, I'm so glad to be in NI then as the general vibe from them has not been scammy at all!. There's just one standard monthly charge here.
yeah alot of shared ownership they make you pay ground rent aswell. ontop of service charge... which is madness but they explain it as the service charge is for them to maintain the building and ground rent is to maintain the gardens and grounds... but yet they also say if the building needs to be fixed or maintained you have to do it yourself and pay for it yourself... so yeah theres twisting layers of scammery in shared ownership where they just want you to pay for nothing.