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SHared ownership

Discussion in 'Personal' started by gorgybaby, Nov 5, 2011.

  1. Do you have to be below a certain wage threshold to be eligible? Are there actually criteria, in the way that there are for retirement properties? I don't know anything about these...
     
  2. Do you have to be below a certain wage threshold to be eligible? Are there actually criteria, in the way that there are for retirement properties? I don't know anything about these...
     
  3. doomzebra

    doomzebra Occasional commenter

    Surely it depends on who you are looking to share with?
     
  4. lilykitty

    lilykitty New commenter

    My understanding (and this is based on a few years ago) is that you apply to the housing association (they have a pack) and they then look at the different applications. Whether you are chosen or not would depend on who else applies and what their circumstances are.
    I think the first step is to find a property that you like, go and view it with the estate agents as usual, and they will then give you all the information.
    Happy hunting!
     
  5. Georgia99

    Georgia99 New commenter

    Hiya I purchased a shared ownership property 2 years ago. In my county the rules were that you could not have a sole or joint income over 60k, you must not have owned or own a property. You couldn't have CCjs etc.
    Key workers e.g. police, teachers were prioritised. In my county you applied with details of your family, income, debt committments etc and they did an initial assessment, told you if you were eligible and then told you the maximum house price and bedrooms you could apply for.
    I was told 2 bedrooms (we have no children). If we saw any new or resale shared ownership properties we had to apply and the applicant with the highest priority would get the house.
    I was quite lucky because there was the credit crunch and you needed about 15% deposit of your share so we ended up getting a lovely 3 bedroom house as noone else had applied and it had been advertised for a year!
    I can really recommend it, we pay £300 less a month than we would if we owned outright and live in a lovely house in a lovely area which would have been impossible without the scheme.
     

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