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Your view on shared ownership?

Hello I'm looking at some shared ownership as thats what i can reasonably afford, What is your opinion on shared ownership?Am i the leaseholder of the percentage i own or a freeholder on new build houses? also they seem to be overpriced? Thanks any advice please....

Asked on Sep 5 2015, New Homes in Somerset | Report content

Answers (2)

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  • Best way to answer this would be to find a consultation with a solicitor who would be your conveyancer. Would you be buying with a mortgage? If so, that may complicate things, as often mortgage companies will hold all people responsibile, so if your 'co owner' doesn't pay up, you may be held liable. I do not know what would happen if your mortgage defaulted but you had been keeping current with your % of the payments due, another question for a lawyer! Also bear in mind, it may be tricky to release your equity later if you want to cash-in or move elsewhere. I think it can work out if you get all these questions answered in advance, and your options in writing such as exit options, responsibilities, etc. Be very thorough! As a general rule

    Answered on Sep 17 2015, Report content
  • Dont do it!!!!! trust me, its literally for people with no other options that have to move. Its not a quick sale and once you in your stuck with large rent increases and service charges with still a possibility of your mortagage rising. Staircasing is only possible if you can still save potfuls of cash but to most people as there paying for all this already they wont. Best advice WAIT UNTIL YOU HAVE ENOUGH TO BUY 100% VALUE. or you will be lining some housing associations pockets

    Answered on Oct 3 2015, Report content

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