Shared Ownership

We're looking to downsize as soon as we are able to but properties in our area vary quite widely, some being well over-the-top in terms of the price currently being asked.
My wife and I have spent the last 40 years or so in this area and our family are mostly in this area but we are under no illusions and do realise that we may have to move out to a cheaper area to get what we want at the price that we can afford but we don't want to be isolated and have to rely almost totally on having a car.
We've noticed the increase in shared ownership and I was wondering if anyone has any experiences or advice. Our income at the moment is quite low and shortly to get even lower if I can't get a job fairly soon after this one goes so we'd have to consider finances very closely, especially for when I do retire, even though that's still at least six years away.
I often read about pensioners struggling and it does make me angry that pensioners appear to take a back seat to immigrants and their families when they are usually the most vulnerable group in our society and most have paid into the system for 40 years or more so you would have thought that they'd get more respect and understanding at the very least but as we all know, that doesn't necessarily happen at all.

If nobody here does have any experiences or advice then I'll have to spread my net a little but I'd appreciate any advice anyone's prepared to offer. We know very little about shared ownership but we think that we may have no choice so we need info. Cheers. stevmk2

Re: Shared Ownership

We are trying to sell our home at present and downsize as we have a large property, but since my husband's serious illness it is getting a bit too much for us to cope with. Nothing much is selling around here, but we would consider part exchange if a suitable property in a good area was offered.

I am not sure what you mean by shared ownership Steve?

We are considering putting our next home in the names of our children. They will get it all when we pop our clogs anyway.

Re: Shared Ownership

I don't know much about shared ownership Steve, but I believe it is something that builders of new houses sometimes do and also some housing associations offer this. As far as I am aware a percentage of the property is bought either outright or on mortgage and the other portion is owned by the seller. The only thing is that you pay rent on the part you don't own. I think there is always the option to buy the whole property eventually, but whether shared ownership would work out as an economical option I don't know. Northern Counties Housing Association used to do it I think, but not sure about these days.
There are also equity release schemes available from various companies, but you do have to be very careful and sure about what you are doing - some are not very good deals and I don't think I would venture down that route myself.
Local Councils may know of housing associations which offer shared ownership schemes - worth a try Good luck.

Re: Shared Ownership

I dont know about 'Shared Ownership' but anything you share with others has its draw backs.

Have you thought about 'Residential Parks?

Re: Shared Ownership

There are quite a few Shared Ownership schemes in this area all run by Housing Associations,

They are mainly aimed at young people trying to get on the housing ladder, You buy a percentage of the property and the rest you pay rent on.

Re: Shared Ownership

Yes but they have serious drawback as the property loses value very quickly, just like a residential caravan, which is basically what it is. There's also the problem of where they are - they tend to be a bit off the beaten track, away from all the facilities that you need or even quite remote - not good if you are not fit or ill at some time. There's also problems with the actual site contracts too in some cases as they insist that you home should not be over a certain age. I came across this many years ago with a residential caravan site. Lovely site but you couldn't have a van over ten years old and they reminded you one year ahead. You had to either move or buy a new caravan!!
The one that I nearly bought was nine years old and that's what the site agent told me - NOT the vendor!!! stevmk2