Looking for Shared Ownership Property

[jaylin]

Hi,

We are looking to buy a shared ownership property for ?85,000 (50%) in Oxfordshire. The mortgage will be solely in my partners name, as you can see from my sig I'm in no position to obtain a mortgage, however we have a little girl and we need to find somewhere to live.
Anyway the information I'm after is what the costs are involved in buying one of these types of properties, I'm aware that the stamp duty could either be one of 2 situations, meaning we pay 1% on all the property or on just the percentage were buying, but that's about as far as I've got. I'm know there are lots of other costs but what I would like to know is what they are and roughly how much are they?
Thanks
Jaylin

[subaquatic]

Hi I have a 3-bedroom property next to a lake with garage only 2 years old in Daventry the 50% share is under your 85k budget.
Daventry is on the out skirts of Oxfordshire it has just gone on the market!
If you or anyone else is interested

please email: subaquatic at mac com

Tim

Originally Posted by jaylin

Hi,



We are looking to buy a shared ownership property for ?85,000 (50%) in Oxfordshire. The mortgage will be solely in my partners name, as you can see from my sig I'm in no position to obtain a mortgage, however we have a little girl and we need to find somewhere to live.
Anyway the information I'm after is what the costs are involved in buying one of these types of properties, I'm aware that the stamp duty could either be one of 2 situations, meaning we pay 1% on all the property or on just the percentage were buying, but that's about as far as I've got. I'm know there are lots of other costs but what I would like to know is what they are and roughly how much are they?
Thanks
Jaylin

[mitico67]

Hi, it's now possible to postpone the stamp duty until you own 80% of the property. As per the costs you'll have to pay the solicitor(try to get one with experience in shared ownership), service charge, rent for the part you do not own, building insurance(sometimes is included in the service charge), ground rent etc.. You should get all the info from the housing association selling the property. good luck

[dave99]

.
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Good idea to share the risk But !!!! - is that still a good risk even then.
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[Real25]

Hi people, there is a question that I have and would like it to be answered. I have been thinking of real estate investing and I know that this is one of the better ways to indulge your money. But, there are still a few things related to real estate that need to be sorted out like how do the profits build up, what are the ways to go about this….and some more. Would you please help me to know more about real estate?????

[italylaw5]

its is very good decision, but you have a legal paper because nowadays all aspect is very important for without Legal advisor not a good decision...

[Lysos]

Real & Italy,

Your posts have no relevance to Jaylin's query (read his name out loud). Neither does yours, Dave. The guy is trying to provide a home for his family, he isn't looking for investment advice.

Jaylin, Citizens Advice Bureau would be a good (free) place to start.

[jessicatam]

Lysos makes a good point - you should be able to get a lot of advice - and hopefully some help, from the Citizen's Advice Bureau. Your partner may be able to get Child Tax Credits, etc that could help with affording a property, and the CAB will be able to offer you advice on your situation.

I hope things work out.

[sha-sl]

I can advise you one thing. Don't go for shared ownership. With the amount you are looking for buy an small house also it's enough . You can have your own ownership for an house.Anyways you are going to have mortguage by your parents. As this will be useful for your little girl in future for her in some other way , it's even useful for you in future in the form of rent.