Hi Natasha,

I have had a shared ownership house for 4 years and while it got me on the property ladder I would say to anyone considering this step be very careful. Everything I know about shared ownership I learnt through trial and error much to my disadvantage. I was a first time buyer and although I do not believe that the housing association decieved me I feel that relevant information was not given to me in order for me to make more informed decisions. Basically if I did not ask they did not tell.  After a year you have the chance to purchase a further share of the property if you wish, however what they do not tell you is that it will be sold at MARKET VALUE. My first 50% cost me £24,000 I was under the impression that the remaining share would be the same price.  Not the case at all when I finally had sufficient earnings 3 years later to purchase the remainder the market value was £90,000 (nearly double) so in order to purchase I o had to find an additional £45,000.  I decided to go ahead and the whole buying 100% dragged on for a record 10 months because it was unfamiliar territory to my mortgage lender who were used to straight forward remortgages.  Housing association dragging their feet and slow solicitors.  The slow process cost me the price of 2 evaluations and a price rise of £5,000.  I would not wish this 10 month nightmare on anybody.  It is hard to save money to buy the remaining share because you are paying a mortgage and rent.  If you have no desire to buy the other half go for it, the best advice I can give you is to ASK, ASK, ASK otherwise you may find out things the hard way like I did.  My other advice to you is if you want to buy the other half do it as quickly as possible or you might be priced out of the market with rocketing house prices and interest rates.

icc.chef