Guest
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Hi
I am desperately trying to get a foot on the property ladder but just can't afford to do it on my own. Ideally I'd like a 2 bed flat so that I can have somewhere for friends to stay but at the moment all I can afford is a small studio flat in an area that isn't very nice.
I've read about shared ownership schemes but don't really understand how it works. At the moment I live with my parents in Reading.
Can you explain how these systems work and do you have any hints and tips to help me?
Is there anything I need to look out for?
Many Thanks
Kat
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| Posted: 18 Nov 2008 12:28 Back to top |
Kate
Posts:70
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Sure, social housing is changing dramatically and shared ownership is part of that process.
Basically the local Housing Association has money to build new homes. Some of these are let to tenants on benefits, others are partly sold to people on low incomes. They typically sell either 25%, 50% or sometimes 75% of the home to you, then you pay rent on the rest. As you earn more money you can buy a higher share of the property and one day even own it outright.
Visit our Social Housing page and contact your local housing association as they each have different rules and regulations on who is eligible. If you are, you will then go on a list and can view/make offers on properties.
You will need specialist mortgage and legal help though as it's more complicated than just buying outright, but when you are ready, we can help with this.
Let us know when you've found a property -we can even value it for you!
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| Posted: 20 Nov 2008 11:51 Back to top |
Guest
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Kate you say you bought a social housing flat in Reading. How did you do this when you already own a property somewhere else which suggests that you are not in a position where access to social housing is necessary for you to live?
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| Posted: 29 Mar 2009 10:46 Back to top |
Kate Faulkner
Posts:70
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Hi, sorry, that may have been a bit confusing. Housing Assocations can sell off properties to the private sector if they wish as it helps fund their new builds and refurbishment of their current properties.
We bought a property that was sold privately to us. It was originally bought by someone from the housing association that was a first time buyer and eligible to purchase from the housing association. Once they owned the property privately, they then could sell it on the open market.
So we haven't got a 'social housing flat' and paid a fair price for it. However, the freeholder of the flat/block is a housing association, and many of our neighbours are social tenants as only a few of the properties are in private hands.
The reason we bought it is my husband works in Reading all week, so we don't leave it empty and do much to contribute the local community!
Please rest assured I would never try to circumvent any system at all and haven't benefited from any social housing discounts etc. It just happens that the property we have was originally within the social housing sector and it has been privately owned now for some years.
Do feel free to ask if you have any other queries, or contact us on 0845 838 1763 and I'd be happy to chat in more detail.
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| Posted: 31 Mar 2009 12:57 Back to top |