MattW Posted July 4, 2014 Share Posted July 4, 2014 http://www.rightmove.co.uk/property-for-sale/property-46940573.html This house was once a council house and at some stage a tenant exercised his or her RTB and in turn modernised it. Fair enough. However, at what stage did this home become a 'shared ownership' house? And only purchase 25% of it at that (£34,625). No mention of what the rent is on the other 75%, so little bit 'smoke and mirrors'. The £35k share for this seems rather steep. In 1996 my sister bought the freehold of a similar sized ex council house for £39k! Quote Link to comment Share on other sites More sharing options...
Snugglybear Posted July 4, 2014 Share Posted July 4, 2014 This site https://www.sharetobuy.com/sharedownershippropertydetails?id=16732 advertising a (the same?) house in Fenn Crescent says "Three Bedroom Mid Terraced House in Norwich Affordable housing scheme: resales ('part buy part rent' on 2nd hand homes)" So it may be that it was built as part of a shared ownership housing scheme. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted July 4, 2014 Share Posted July 4, 2014 One day all houses will be shared ownershi[p with the tennant having to undertake all of the maintenance. I guess it gives the tenant a little more security. Quote Link to comment Share on other sites More sharing options...
MattW Posted July 4, 2014 Author Share Posted July 4, 2014 So it may be that it was built as part of a shared ownership housing scheme. It was a council house when it was built prior to the 1950s (by the look of it). Shared Ownership has only been around since the 1980s. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted July 5, 2014 Share Posted July 5, 2014 (edited) I vaguely remember one of the governments crazy bail out schemes a few years ago was enabling HA's to buy people's houses who were in mortgage arrears and let them stay in their house under a new HA shared ownership arrangements. Could this be one of them? Edit. Found it. Google Mortgage Rescue Scheme. Edited July 5, 2014 by bomberbrown Quote Link to comment Share on other sites More sharing options...
MattW Posted July 5, 2014 Author Share Posted July 5, 2014 I vaguely remember one of the governments crazy bail out schemes a few years ago was enabling HA's to buy people's houses who were in mortgage arrears and let them stay in their house under a new HA shared ownership arrangements. Could this be one of them? Thanks bomberbrown, sounds about right to me. Probably what's happened with this house. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted July 5, 2014 Share Posted July 5, 2014 Thanks bomberbrown, sounds about right to me. Probably what's happened with this house. Found it. Google Mortgage Rescue Scheme. Quote Link to comment Share on other sites More sharing options...
Monkey Posted July 5, 2014 Share Posted July 5, 2014 In the 90's some HA's would allow do a shared equity scheme on any home, not just purpose built, especially if was living in a council house. So you could rock up to an EA, pick your house and the HA would go halves with you.....a member of my family did just this Quote Link to comment Share on other sites More sharing options...
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