Thank you for sharing your positive experience of shared ownership. I'm so sick of the negative Nancys 🙄 I too purchased a property in 2006 then in 2019 I staircased to 100% and extended the lease by 90 years at the same time. The lease extension alone added at least 20k to the value overnight and once I refurbish the kitchen and bathroom that should add another 15k in value. My property is a second hand 1 bed flat. I agree with only buying second hand properties and no less than a 50% share, and on doing your research regarding costs and the housing association who will be managing the property. With shared ownership you need to have a plan and an exit strategy. A lot of people just buy a 25% share with no plan then cry about being trapped (I'm not referring to the cladding crisis, that's the govt fault) when they want to move on, all because they didn't have a plan in the first place. Strategy people! Anyway, rant over. Congratulations on buying your second property 🙂
Thanks for sharing your perspective. And totally agree about having an exit strategy. But I think the way it’s sold does lure people into a false sense of home ownership. Glad it worked out for both of us. Thanks for watching 😀
@@carolineonline1 Would it be a wise decision to sell your share after a few years, make some income from this ( if the property has increased in value) and then move on? How easy do you think it would be to sell your share? I've heard it can be difficult.
Thank you, very informative and educational. You are so right that you have to know what you are doing in the scheme for it to pay off. I am about to go into a shared ownership and I will pay more on my mortgage every month to build up my equity.
Thanks so much for taking the time to make this video! Some really great tips there - and you're right there are hardly any positive experiences of shared ownership on TH-cam (I've searched high and low)! I'm looking at a resale shared ownership flat to buy at the moment and it definitely would be a short term option for me. The monthly costs work out cheaper than renting too! Can I ask, how do I work out how much to overpay on the mortgage without triggering any sort of penalty?
Most mortgages will let you over pay by about 10% annually. And that’s 10% on the whole amount owed. You’ll find details in your mortgage offer and also ask your broker. Good luck and thanks for watching 😀
Hi, I'm a shared ownership holder and thinking about staircasing to 100% or selling. I wanted to ask a few questions that you may know. I saw your video on Self Invested. 1. If I staircase to 100%, own the property and rent it out, am I right in thinking that I still pay service charges each month, that can obviolsy go up annually, as there is no cap on it. And I still have to pay for any major works that need to be done to the building? 2. If the above is right, what advantages, if any, is there for me to staircase to 100% because it would be hard to me to sell on if I want to at some point? 3. If I staircase to 100% to keep living there or rent it out, if people in the building move out and I'm the only leaseholder when major works happen, will I be responsible for the entire charge. For example, they do £100,000 worth of upgrades and I'm the only leaseholder in the block - do I have to pay the £100,000 by myself? Thank you. Maybe it's worth to do a video on this or please feel free to reply to this directly.
I have been watching alot of shared ownership videos and I am so glad to have seen this. I have been looking at older shared ownership properties , and to use the scheme to earn some equity and get out. But thank you for sharing your story, it's helped alot
Thanks for sharing your positive thoughts and experience in this video. You said second hand property but you had to pay a lot of money for the leaking issues in your own flat . I think buying a new property would be more safe in that sense . Thanks again
New builds definitely come with fewer maintenance issues but you need to work out if the potential cost of repairs on a second hand property outweigh the premium you pay for a new build. That said there are newer build properties that have been pre owned that I’d recommend buying. Good luck and thanks for watching
22,000 salary when you first got it and your monthly was 1400 a month! how did you manage? and what salary do you need to be on roughly when staircasing
Really helpful video I’m on shared ownership got 25% paying rent for 75% but in my lease I’m not allowed to rent nor have lodger was that same situation for you too?
I don’t think there was anything preventing me from sub-letting . To be honest if you ask I’m sure they’d let you. The leases are written to stop people buying and then letting out the whole property with no intention of living there
This was over 10 years ago so I don’t remember the exact amount. But on further digging in my memory, I was earning over 30k by the time I moved in. So maybe I was on 22k when I started looking but I changed jobs by the time I secured the flat. Hope that helps and thanks for watching
I would say so if you follow the same principles. Eg buy second hand property, over pay on the mortgage. It will take you longer to own outright since house prices are a lot higher in London anyway. But if you buy outside London then definitely the principles will see you right.
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Thanks for this. People who have had bad experiences will tend to be most vocal about it (understandably). It's refreshing to hear the opposite.
Thank you for sharing your positive experience of shared ownership. I'm so sick of the negative Nancys 🙄 I too purchased a property in 2006 then in 2019 I staircased to 100% and extended the lease by 90 years at the same time. The lease extension alone added at least 20k to the value overnight and once I refurbish the kitchen and bathroom that should add another 15k in value. My property is a second hand 1 bed flat. I agree with only buying second hand properties and no less than a 50% share, and on doing your research regarding costs and the housing association who will be managing the property. With shared ownership you need to have a plan and an exit strategy. A lot of people just buy a 25% share with no plan then cry about being trapped (I'm not referring to the cladding crisis, that's the govt fault) when they want to move on, all because they didn't have a plan in the first place. Strategy people! Anyway, rant over. Congratulations on buying your second property 🙂
Thanks for sharing your perspective. And totally agree about having an exit strategy. But I think the way it’s sold does lure people into a false sense of home ownership. Glad it worked out for both of us. Thanks for watching 😀
@@carolineonline1 Would it be a wise decision to sell your share after a few years, make some income from this ( if the property has increased in value) and then move on? How easy do you think it would be to sell your share? I've heard it can be difficult.
Coming from Self Invested channel, thanks for sharing
Thanks for watching
Thank you, very informative and educational. You are so right that you have to know what you are doing in the scheme for it to pay off. I am about to go into a shared ownership and I will pay more on my mortgage every month to build up my equity.
Thanks for sharing your experience and good to see another positive experience with the scheme 🙌🏾
My pleasure!!
It's great hearing your experience. Thank you for sharing.
Thanks so much for taking the time to make this video! Some really great tips there - and you're right there are hardly any positive experiences of shared ownership on TH-cam (I've searched high and low)! I'm looking at a resale shared ownership flat to buy at the moment and it definitely would be a short term option for me. The monthly costs work out cheaper than renting too! Can I ask, how do I work out how much to overpay on the mortgage without triggering any sort of penalty?
Most mortgages will let you over pay by about 10% annually. And that’s 10% on the whole amount owed. You’ll find details in your mortgage offer and also ask your broker. Good luck and thanks for watching 😀
@@carolineonline1 thank you very much 🙏🏾
Hi, I'm a shared ownership holder and thinking about staircasing to 100% or selling. I wanted to ask a few questions that you may know. I saw your video on Self Invested.
1. If I staircase to 100%, own the property and rent it out, am I right in thinking that I still pay service charges each month, that can obviolsy go up annually, as there is no cap on it. And I still have to pay for any major works that need to be done to the building?
2. If the above is right, what advantages, if any, is there for me to staircase to 100% because it would be hard to me to sell on if I want to at some point?
3. If I staircase to 100% to keep living there or rent it out, if people in the building move out and I'm the only leaseholder when major works happen, will I be responsible for the entire charge. For example, they do £100,000 worth of upgrades and I'm the only leaseholder in the block - do I have to pay the £100,000 by myself?
Thank you. Maybe it's worth to do a video on this or please feel free to reply to this directly.
I have been watching alot of shared ownership videos and I am so glad to have seen this.
I have been looking at older shared ownership properties , and to use the scheme to earn some equity and get out. But thank you for sharing your story, it's helped alot
You’re welcome and thanks for watching 😊
This was very very insightful, thank you!
Thanks for sharing your positive thoughts and experience in this video.
You said second hand property but you had to pay a lot of money for the leaking issues in your own flat . I think buying a new property would be more safe in that sense . Thanks again
New builds definitely come with fewer maintenance issues but you need to work out if the potential cost of repairs on a second hand property outweigh the premium you pay for a new build. That said there are newer build properties that have been pre owned that I’d recommend buying. Good luck and thanks for watching
Brilliant video! very well explained thank you for sharing your experience :)
Glad you found it helpful 😄
22,000 salary when you first got it and your monthly was 1400 a month! how did you manage? and what salary do you need to be on roughly when staircasing
I remember now that I got a pay increase from 22-25 to 30k. Then when I staircase to 100% I was on £45k.
Really helpful video I’m on shared ownership got 25% paying rent for 75% but in my lease I’m not allowed to rent nor have lodger was that same situation for you too?
I don’t think there was anything preventing me from sub-letting . To be honest if you ask I’m sure they’d let you. The leases are written to stop people buying and then letting out the whole property with no intention of living there
Brilliant video , please did you sell after stair casing to 100% or you still live in this property?
I carried on living in the flat for 2 years then rented it out. I haven’t sold it. Thanks for watching
Hi, Thanks for the video. Just I wonder how can one afford to pay £1,400 a month when earning £22,000 - 25,000. I must be doing something wrong, hm.
This was over 10 years ago so I don’t remember the exact amount. But on further digging in my memory, I was earning over 30k by the time I moved in. So maybe I was on 22k when I started looking but I changed jobs by the time I secured the flat. Hope that helps and thanks for watching
Enjoyed your videos was wondering as your experience was mostly positive, do you reckon the scheme is viable for the current times?
I would say so if you follow the same principles. Eg buy second hand property, over pay on the mortgage. It will take you longer to own outright since house prices are a lot higher in London anyway. But if you buy outside London then definitely the principles will see you right.