You aren't obliged to use the ones they recommend, but if you do seek out your own conveyancer, make sure they have experience and expertise in dealing with shared ownership properties. Financial Services Limited. Financial Services Limited is a wholly-owned subsidiary of Which? Limited and part of the Which? Money Compare is a trading name of Which? Money Compare content is hosted by Which? Limited on behalf of Which? Mortgage calculators. Compare Mortgages. In this article. How is rent calculated on a shared ownership scheme?
Who is eligible for the shared ownership scheme? How do I apply for the shared ownership scheme? Shared ownership mortgages. What is 'staircasing' with shared ownership?
Pros and cons: are shared ownership properties a good idea? Which properties are available for shared ownership? Stamp duty on shared ownership properties How do I sell a shared ownership property?
Shared ownership: FAQs. Coronavirus COVID home-buying update Different parts of the UK have been placed under varying restrictions in recent months, and in some cases this has affected the property market.
Visit the following articles to find out more: Can you move home during the coronavirus lockdown? How has the coronavirus affected house prices? How to apply for a mortgage payment holiday For the latest updates and advice, visit the Which? Is a shared ownership property leasehold or freehold?
Who pays for repairs to my shared ownership property? Can I sublet a shared ownership property? Can I make changes to a shared ownership property? Do I need to use a special shared ownership solicitor?
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How does shared ownership work when you sell your home? Can you build an extension on a shared ownership house? Can you buy a shared ownership house outright? You can buy a bigger percentage of your home at any time. Calculators and tools We have a range of mortgage calculators to help you: Find out how much you could borrow from Halifax See how much you could save if you make overpayments on your mortgage Get an idea how a change to the Bank of England Base Rate could affect your monthly payments.
Speak to someone You can talk to us over the phone or use our mortgage video service from the comfort of your own home. I had a burglury at my Ground Floor Flat and we have informed the Housing association and they are decline to repair my front door as they saying its your responsibility to repair your front property door. I have only content insurance. Hi Bav, so sorry to hear your flat was burgled. Check through your lease document to see if it mentions who will arrange and pay for buildings insurance.
Best of luck. Hello, I hope you can point me in the right direction. I first purchased my property in and have an old lease. My housing association marketed the property and found a buyer who lives outside the area, but sought permission from the council to allow the buyer to purchase my share.
Permission was granted, but the clause was not removed from the lease. My buyer applied to Barclays for a mortgage, initially they agreed to loan on principle until they read the clause and withdrew their offer.
My buyers solicitor has advised my buyer to pull out of the sale unless the clause can be removed. I have approached my housing association to request removal, but they say it is unlikely the borough council will remove it.
As I see it, unless the clause is removed, I will not be able to sell my share as it is unlikely any mortgage lender will lend if the clause is left in. I was conned into shared ownership of a flat. I would sell it at a considerable loss to anybody who would buy it but nobody want is. After they make me pay for all that I end up bankrupt, where is the justice in that? I always thought Housing Associations were there to help people not to render them homeless and bankrupt when they are pensioners.
They just seem to get away with everything ans we can do absolutely nothing about it. Dear Lynn — Really sorry to read about your issue. I would suggest though you put in a formal complaint to the Housing Association first. When I started selling my property I endured 4 weeks resale with the housing association then we was free to sell ourselves. And if the selling price was more than the independent valuation we was to pay the independent valuation for their half and keep the rest.
However, my housing association has now stated that they changed their policy not informing me and I have to split the final sale price with them. My argument is that I signed on the previous policy they had in place not the one they have now, which Only changed as they merged with another housing association. Any advise? Shared ownership has been fine for myself until u ask to clarify charges that are being charged with regards maintaining areas.
No one keeping them to word a sale taking over 6 months due to housing association not responding to solicitors apparently people always on holiday. Having high standards and now allowed things such as burners in garden in first few years of new builds but then not interested when another house been sub let. First and foremost, shared ownership is NOT ownership.
Under the terms of the Housing Act , all you are buying is an assured tenancy for the duration of the lease. If you get into arrears on either rent or service charge, the housing association will repossess the property without giving you back the money you paid for it, and certainly not the value of your share at the time it is repossessed. Buyer beware. Hi, my housing association have been in contact with all 8 properties in the complex to advise we will likely need to contribute to major fire protection works as this year it has been determined that there are exposed electrical cables in the loft, I specifically have a leak with a bucket in the corner of the loft collecting water which I had no idea about until this year and I have lived here 3 years and there is no loft separation between the adjoining flats meaning rapid spread of any fire.
I am sure there must be legislation regarding this and the clear compromise of each tenants safety and security. Should this have been realised sooner? The flats are only 13 years old. Any guidance you can give or legislation I should be looking at would be helpful. Many thanks. I bought a shared ownership flat as it was all I could afford. Having discovered the pitfalls in the scheme, is there an easy way of exiting the scheme?
I know the housing association would not buy my half back as they have told me so. Any suggestions you can make would be greatly appreciated, and thank you in advance for your assistance. Regarding stamp duty payment date- is it the date of the completion or the date when solicitors transferred money to HRMC or the date of the lease signing and where do I take UTRN from? Hello Anna, you can use whichever is the later date. The solicitors who filed the stamp duty return should be able to give you the UTRN reference.
Over the last 5 years l have been through hell, the area is high in crime, my car has been keyed, tyres slashed and the property, Damp, had to have the basement tanked, rising damp, replace kitchen and floor, replace boiler and guttering back and front, have 3 rooms re-plastered , new skirting and flooring and new internal doors and fencing around the back as well as house alarm.
Oh and new bathroom suit.. This has but no value on the property at all and l will have to sell for less just to sell it. Equity Housing have been terrible with me and all the reply back with is it is a lease and maintenance is my responsibility..
Trapped financially, mentally drained and emotionally exhausted.. This article is very useful but as mentioned in one of the other comments there is a huge sticking point around the interaction between the Housing Association and the Tenant when it comes to repairs and selling.
I have had a call open with my House Association for nearly 6 months about a leak which developed in one of the bedrooms in my flat, It took them 4 months to get back to me after I raised 3 complaints and tried to speak to them every week for an update. I was told the Head Office did not deal with Shared Ownership tenants. In short, I had no easy contact for issues with my flat.
Every repair I have raised has taken at least 4 months to get resolved. The second point for me is around selling a shared ownership sale, the housing associations do not make it easy! This report only lasts 3 months from the date they come round to the property and if the Housing Association do not sell the property within this time frame another surveyor will have to come round and generate a report, this will cost you again…. I have been massively hit by costs but the need to sell the property having found out all of the cons of Shared Ownership is now greater than ever.
I hope this is looked at in the future to give Housing Associations less power over tenants to avoid these spiralling costs. Money was a lot less after hitting the recession.. The house was over priced when l invested something l now know l should of checked before buying and also surveyor how this was sold to me was, investment buy full property over years.
Trapped, physically and emotionally drained, l can only describe the last 7 years as hell.. I now know l live in the worst part of Barnsley for drugs, addiction and crime. I have no life l do not see my friends anymore and l cry a lot. And finish house to correct standards l would not sell this house with the problems , l could not lie to buyers like l was. Stay away from shared ownership from hell.
Your article does not mention the extent of the difficulty in selling a shared ownership leasehold. You do not mention a very important point regarding length of lease and not being able to sell if below 80 years. Here are my problems concerning SO. I am a shared ownership leaseholder with Orbit housing association. I have this to say about a shared ownership lease. You are responsible for all building repairs and maintenance. Boiler, plumbing, electrics, brickwork, roof, everything.
After this, you can sell through an estate agent but only to someone that falls into the desired wage bracket. Management companies are notoriously very difficult to deal with and more often than not will delay everything in which case the sale could fall through and your back to square one. There are many fees that have a time scale on them so if you cannot sell withing 6 months you have to pay for a surveyors valuation and management pack again.
Once the lease gets to 80 years remaining you are unable to sell as no mortgage company will loan on less than 80 year leases.
Is there any way around this? Any help would be appreciated, thanks! Hello Sam, have a chat with our partners at London and Country mortgage brokers on They may be able to help or may be able to find you an alternative lender.
As a shared owner unable to sell with my housing association and now with an estate agent, can I accept an offer on property or does it have to be the full value from the RICS surveyor valuation? Hello Geraldine, do speak with your housing association about this in case they have specific rules.
In general, you can accept a lower offer, but you would have to pay the difference to the housing association so that the housing association receives the full value of their share. About 1. Shortly after they told us they could not issue the MOU because the property would not be built until the following year.
We agreed to put down a reservation fee and and wait the year. When the year was up they told us wait another 3 months, when that passed wait another 3 months. We have now queried why its taking so long and there has been no reason given only that if we think its taking too long we should look elsewhere. We are now looking elsewhere and its a shame we had to give up the place after waiting so long.
I will always wonder what the reason was for the hold up. Early repayment charges - There are no early repayment charges. Contact us Find a branch S. Savings What kind of savings is right for me? What kind of savings is right for me? All you need to know about savings Notice Children's savings All you need to know about savings.
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