There needs to be a bind for the shared owner builder forced to buy your share if you want to sell.
Shared ownership IS good it just has this selling flaw
upthetruth1 on
We need to build more homes, abolish leaseholds and ensure people who buy their homes actually own their homes entirely
NuPNua on
Just as a counterpoint, I brought a shared ownership flat in a scheme run by the local authority a decade ago, for similar reasons to the people in this story in that I would never have been able to get the deposit together to buy a whole flat as one man, and I’ve never had these issues. The council are pretty quick at dealing with repairs in the communal areas when we’ve had issues with the lift or the like, our service charges all come with a full breakdown of costs and a proper appeal process if you disagree, and several of my neighbours who moved in when the building went up have managed to sell up and move on.
ArtRevolutionary3929 on
Shared ownership is for people who love renting so much, they want to pay twice. For everyone else, it’s best avoided.
the_englishman on
Whilst I would absolutely not want to be in these shoes as the situation sounds shit, does no one read the Shared ownership contracts before signing? Did they not seek advise from a solicitor before signing? This seems like a pretty basic step before entering into an agreement like this.
senecaa25 on
How the fuck are these agents allowed to raise service charges like that?
The government should step in. Just like landlord’s can’t double your rent, these agents should not be able to quadruple your service charge. Jesus!
rolotonight on
Sounds like it becomes an issue when you buy within a block of flats and there is a middle man managing agent involved making up the service charges as they go along.
I’m in a Shared Ownership home on a Council estate and it is well managed, albeit they haven’t changed the leases to CPI rent increase rather than RPI so just more reason to get the other half off them.
£900 for a three bedroom house. Can’t knock it.
Sarabando on
ban companies owning residential property and overnight the price of houses would nose dive. As long as investment firms can hoard homes like Smaug the price will always climb and supply will dwindle.
RoohsMama on
Couldn’t find a shared ownership property in my part of Wales and now I’m kind of glad
jamesanthc on
I worked for a local home builder/social landlord business up here in the NE, in IT Support
Every year we’d have a meeting about business performance and wins etc. This always got mentioned as a really good thing.
We all thought it was a scam and said this several times.
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There needs to be a bind for the shared owner builder forced to buy your share if you want to sell.
Shared ownership IS good it just has this selling flaw
We need to build more homes, abolish leaseholds and ensure people who buy their homes actually own their homes entirely
Just as a counterpoint, I brought a shared ownership flat in a scheme run by the local authority a decade ago, for similar reasons to the people in this story in that I would never have been able to get the deposit together to buy a whole flat as one man, and I’ve never had these issues. The council are pretty quick at dealing with repairs in the communal areas when we’ve had issues with the lift or the like, our service charges all come with a full breakdown of costs and a proper appeal process if you disagree, and several of my neighbours who moved in when the building went up have managed to sell up and move on.
Shared ownership is for people who love renting so much, they want to pay twice. For everyone else, it’s best avoided.
Whilst I would absolutely not want to be in these shoes as the situation sounds shit, does no one read the Shared ownership contracts before signing? Did they not seek advise from a solicitor before signing? This seems like a pretty basic step before entering into an agreement like this.
How the fuck are these agents allowed to raise service charges like that?
The government should step in. Just like landlord’s can’t double your rent, these agents should not be able to quadruple your service charge. Jesus!
Sounds like it becomes an issue when you buy within a block of flats and there is a middle man managing agent involved making up the service charges as they go along.
I’m in a Shared Ownership home on a Council estate and it is well managed, albeit they haven’t changed the leases to CPI rent increase rather than RPI so just more reason to get the other half off them.
£900 for a three bedroom house. Can’t knock it.
ban companies owning residential property and overnight the price of houses would nose dive. As long as investment firms can hoard homes like Smaug the price will always climb and supply will dwindle.
Couldn’t find a shared ownership property in my part of Wales and now I’m kind of glad
I worked for a local home builder/social landlord business up here in the NE, in IT Support
Every year we’d have a meeting about business performance and wins etc. This always got mentioned as a really good thing.
We all thought it was a scam and said this several times.