shared ownership?

[stevon111]

hello all,

i dont know if anyone has heared of this before but its something me and my parents are very keen on...shared ownership of a house and i would get 25% share for 37,500 and the property is worth 150,000 pounds its a new property actually a 3 bedroom house

so i would own 25% and the housing association would own 75% but it would be my own place


anyone farmiliar with this by any chance??

i am really concerned about bills and everything atm to be honest and im not sure if i could apply for benifits wth the house not being a council property etc...

its such a good thing me and my parents really dont want to turn it down but im only on 14,000 per year and my girlfriend is at college

 

[clogsy90]

hey, i personally wouldn't do it as it's still majorly theres and i dnt know how well they are with treating people etc, how much can you get a house for where your from as i know where i am you can actually get a flat for £60,000 i know its more but its 100% yours if i was you i'd look into different options. (its just my dad reccommended not doing it)

 

[Kimboowee]

I would post in the home section or maybe finance, more ppl are more likely to respond then xx

 

[Mariaa]

i think its areally good idea...ther are ones specifically aimed at young people getting their first homes, look into them, and then you can pay however much off a month or half year or year that you want and the more you pay the more you own, so in the end, youve got your own place completely.
you can pay off a morgage type thing with the council where you pay and get owndership, but these places are probably nicer.

Look into it, cant do any harm x

 

[jenny_wren]

:wave:

when we were looking into buying a house
we got a financial adviser to help us out
but i lost my job and we couldn't afford it
blah blah blah ... i'd advise getting one if
you can they're a great help

xxx​

 

[Hannah's Mom]

As long as its on a tiered system - which basically means that each year you get the option to buy a little bit more from the housing association i think they can be a good idea - that way as you start to earn more money and your girlfriend gets a job you will be able to up your percentage, also make sure you find out how much rent you will have to pay housing association for thier 75% stake and what this covers hope that helps! Good luck x x x x

 

[Midnight_Fairy]

Yep make sure its on the tiered system but it should all work out ok x

 

[05wilkesm]

housing association is fine really, my auntie has a place under housing association and its fine, shes been there a few years now and she decorates it how she likes and they said no animals but shes got a parrot and 2 dogs and shes never even had any problems about it its sorta like a guideline and they dont check up on you like in some rented properties either like popping in to see how the place is and that, so im sure everything would be fine, good luck! xx

 

[lauren-kate]

We have one on 25% and it's been fine. We have the option to 'up it' when we're earning more. It is pretty much like owning it outright. The only thing we're not allowed to do is change the structure of the house i.e. add a conservatory, move walls, etc but we wouldn't want to anyway tbh. They don't check up on you at all. With ours though, there was a lot of criteria to meet to buy it. I'm not sure if this applies on all shared ownerships, but we only met it because we were relocating for work.

 

[stevon111]

ahhh spoken to my bro who is a mortgage advisor and he says its a bad idea since im on such a low income to be honest and wouldnt have any money left to spend!! grr so that is now out of the question booooo it was such a nice place too

 

[Midnight_Fairy]

I have housing assc and they have no right to pop over un announced! They never come around to check. I decorate how I like and so long as I am not knocking down walls or bombing the place then they dont care

 

[Katieeeee]

My flat is housing association too and it's an assured tenancy which means it's pretty much mine for life if I want it to be