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I recently purchased a shared ownership property and I wouldn't consider that anybody doing so is getting a "bargain" as mentioned above.  You buy the share that you can afford and pay rent on the rest.  Assuming 160k is a 25% share then the property is valued at £640k.  Rent will be paid on the remaining £480,000 value to the Housing Association that actually own the rest of the property.  Rent is generally capped at around 2.5 - 3% so for the property in question could be £1200 per month plus the cost of your mortgage on the £160,000 share that you actually bought.  To actually buy the £160k share you will probably need a minimum of 5% deposit (£8000) plus money for all the other fees associated with moving & setting up a mortgage.  The idea is that you can eventually staircase up and buy more shares until you own the whole property.  Bear in mind that every time you want to buy more shares you have to pay the HA a fee to have a valuation done.  Also when you come to sell, if the HA still own some of your property you have to pay them another fee (in the thousands) to arrange the sale.Oh yes, also if your shared ownership property is a flat you will have to pay a monthly service charge (can range from £80 to £200ish depending on the block).  Also despite only owning a portion, you are considered the homeowner and are responsible for the usual homeowner repairs, maintenance etc unlike if you rent privately.  Shared ownership mortgages are only available from a few providers so they can be less competitive.  It took us 7 months from when we started looking until we were able to actually move in.  There are a LOT of hoops to jump through and the criteria is fairly strict - a single person will only be able to purchase a studio or 1 bed even if they can afford more.

Lydia Fowles ● 3740d

Interesting Iain, that you have information that has been refused disclosure since the first planning notice. I have the leaflets from Hounslow Homes which were circulated in our street when the planning application was lodged. It makes no mention of shared ownership just a partnership with a building company. What is mentioned is affordable social housing. Nothing else.Nor was this discussed or mentioned at the planning meeting in which no-one was allowed to ask a question and details (like the electricity sub station ) were ommited from the ordnance survey map presented to councillors and the audience.I suggest you come to Brook Road and Lateward Road and see for yourself the spec of these houses. They are nothing short of excellent. Then go to the corner ofEaling Road and New road and look at the comparable houses just built for the private market.  Take a look at the bespoke kitchens, landscaped gardens, luxury carpets and flooring. No contract standards in any of these houses. Make a comparison. The ground works involved re routing high voltage power cables over 150m as well as relocating water ducts to prevent flooding in Lateward,Grosvenor and Brook roads and it may already be causing problems in basements and underfloors and the back of the site is also flooding in rain, so there may well be an insurance claim forthcoming if it turns out to no be a glitch.These groundworks were very costly and why the site has not been built on.The sub station is now unaccessible to emergency service vehicles and indeed specialist service vehicles.So the cost is way short of the gain.  With the right to buy, someone is going to get an absolute bargain. A new high spec house, off street parking at a fraction of what a 100 year old house with an endless list of rectifications and not even a side entrance to keep a push bike costs.Given that comparable houses of this size and spec are in excess of  £800,000 They even have off street parking.That's a massive subsidy of ratepayers money for a few homes which won't be going to those of lesser means.

Raymond Havelock ● 3741d

A lot of ignorance and prejudice on this thread. The 3 houses were always to be sold on shared ownership. They are not luxurious but built to current govt standards which include a requirement for some sort of renewable energy. They will have a standard of fitting to appeal to purchasers but nowhere near say the Kew Bridge development. The values come from the market, have you seen the price of new build houses nearby? So a 25% share for £16250 for the 3 beds and £183 odd for the 4 bed detached. All 3 are being marketed by a specialist SO agency, Redloft. (Redloftsales.co.uk). They have all been marked 'reserved' for some time. The sales period might seem long but generally 6 months is built into the costings. There will be a queue of potential purchasers but its a fairly narrow market. You have to qualify as a LBH resident, earn enough but not too much. Quite a lot of eligible purchasers are accepted but then fall out as they cannot get a mortgage for some reason..... Hence the agency have to move to the next on the list. Despite Raymond's comments the ground and preparation works would not have been excessive. In any event the land was already LBH owned so costs vs value was always positive for LBH. I would not advise SO on large flatted developments, especially if a head landlord like Barratts are involved as you never know what will happen with service charges. These houses I think will be a good buy with minimal s/c and a rent which will be limited to small increases by the lease. Hopefully they will occupied soon.......

Iain Muir ● 3743d