Shared ownership on a new build property.

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Blue Streak

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16 Jun 2008
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Hi Blues looking for some advice please. I'm considering this on a new build soon to be underway in the Warrington area. Getting on the property ladder in South Manchester seems to be nigh on impossible (unless I have a lottery win) so I am looking at other options.

I have absolutely no idea really about how shared ownership works? The only part that's clarified is the percentage of ownership and the payments and deposit.

This might sound odd but who do I share the ownership of the house with? Is it the mortgage provider? When I've paid what I owe what happens then?

All advice gratefully received.
 
Be careful cos I looked into it.
Whilst you only own a percentage of the property you will normally however be 100% responsible for any repairs.
Also if the house increases in value which most people would want you'll find your 'rental payment' increasing too.
 
As someone who works in the housing industry I would not touch a new build property with a 10 foot pole. They are rushed, using poor quality materials and once it has been signed over the developers don't give a toss so good luck getting them back to sort any of the snagging issues. All they care about is throwing up as many properties as possible at the cheapest possible cost not providing good quality homes for people to live in.

Make sure you do your research and have the property thoroughly inspected before you commit to anything.
 
RandomJ said:
As someone who works in the housing industry I would not touch a new build property with a 10 foot pole. They are rushed, using poor quality materials and once it has been signed over the developers don't give a toss so good luck getting them back to sort any of the snagging issues. All they care about is throwing up as many properties as possible at the cheapest possible cost not providing good quality homes for people to live in.

Make sure you do your research and have the property thoroughly inspected before you commit to anything.
Click to expand...
Definitely this. The prices they charge for some of these "executive" homes are nothing short of scandalous. I'd use a local house builder if I HAD to buy a new build rather than a national one.

https://www.bbc.co.uk/news/business-47826166
 
RandomJ said:
As someone who works in the housing industry I would not touch a new build property with a 10 foot pole. They are rushed, using poor quality materials and once it has been signed over the developers don't give a toss so good luck getting them back to sort any of the snagging issues. All they care about is throwing up as many properties as possible at the cheapest possible cost not providing good quality homes for people to live in.

Make sure you do your research and have the property thoroughly inspected before you commit to anything.
Click to expand...
Very good advice this, I've been in and seen a few of these new builds, and superficially they look great,
underneath they're anything but. Properties built in the 30's or before, once they're rewired and some other updating
done, they're far superior, build quality was much better then, but then again, I understand the OP's view,
you can't get these properties on a 50/50 purchase.
 
New builds are expensive and shit. Wouldn’t touch one with a pole. Can’t beat an old property, well made and built to last

Why not look into something older that has potential to extend ? You can get some great bargains if you look.
 
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