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Does anyone have a part share in a property - Shared Ownership

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happyfella
happyfella Community member Posts: 499 Pioneering
in Housing and independent living
I am wondering if any has shared ownership and been through the process. I am trying to understand the process from start to finish and what is required.
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  • Tori_Scope
    Tori_Scope Scope Posts: 12,503 Disability Gamechanger
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    I haven't @happyfella, but I hope that someone else who's tried shared ownership will see and respond to your post soon :) 

    I imagine you've already done some Googling, but I did find this Zoopla page that outlines what it is. There were quite a few articles and pages about the process, and pros and cons. 

    Is it something you're considering? 
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  • poppy123456
    poppy123456 Community member Posts: 55,098 Disability Gamechanger
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    I haven’t personally but my daughter moved into a shared ownership new build house in March 2022. The whole process took about a year from viewing to moving in. 
    There’s lots of information on the internet if you do a Google search. 
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
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  • happyfella
    happyfella Community member Posts: 499 Pioneering
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    Tori_Scope said:
    I haven't @happyfella, but I hope that someone else who's tried shared ownership will see and respond to your post soon :) 

    I imagine you've already done some Googling, but I did find this Zoopla page that outlines what it is. There were quite a few articles and pages about the process, and pros and cons. 
    ch b
    Is it something you're considering? 

    thank you. yes done a lot of research but finding it hard to find information. it is something we are considering
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  • happyfella
    happyfella Community member Posts: 499 Pioneering
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    poppy123456 said:
    I haven’t personally but my daughter moved into a shared ownership new build house in March 2022. The whole process took about a year from viewing to moving in. 
    There’s lots of information on the internet if you do a Google search. 

    hi, i have tried searching for information but it is not clear. when you have time can you ask your daughter the process please

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  • poppy123456
    poppy123456 Community member Posts: 55,098 Disability Gamechanger
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    For my daughter because it was a new build she had to first register her interest in property or the “plot” as it was known as at the time because the house hadn’t yet been built. They viewed the show home. 
    They had to fill out forms with all their details, income, savings etc etc. Then the housing association had to make a decision on who would be successful because they weren’t the only ones that were interested. It took several weeks to get to this point.
    When they found out they were successful they applied for the mortgage which was for 50% ownership. As they were first time buyers they were able to pay a 5% deposit. 
    They moved in, March. They pay mortgage payments each month to the mortgage company and rent each month to the housing association. They are also responsible for all repairs and maintenance but there is a 10 year warranty for certain things in the house but I have no idea what comes under the warranty exactly. 
    Not sure what other information you want. If you want more information can you be more specific on exactly what information you want please. 
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
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  • happyfella
    happyfella Community member Posts: 499 Pioneering
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    poppy123456 said:
    For my daughter because it was a new build she had to first register her interest in property or the “plot” as it was known as at the time because the house hadn’t yet been built. They viewed the show home. 
    They had to fill out forms with all their details, income, savings etc etc. Then the housing association had to make a decision on who would be successful because they weren’t the only ones that were interested. It took several weeks to get to this point.
    When they found out they were successful they applied for the mortgage which was for 50% ownership. As they were first time buyers they were able to pay a 5% deposit. 
    They moved in, March. They pay mortgage payments each month to the mortgage company and rent each month to the housing association. They are also responsible for all repairs and maintenance but there is a 10 year warranty for certain things in the house but I have no idea what comes under the warranty exactly. 
    Not sure what other information you want. If you want more information can you be more specific on exactly what information you want please. 

    thank you that is great.
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  • L_Volunteer
    L_Volunteer Community Volunteer Adviser, Scope Member Posts: 7,983 Disability Gamechanger
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    You are welcome @happyfella. It is the very least you deserve. Please don't hesitate to let us know if we can do anything else to help you. We are all here for you  :)
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