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What are the disadvantages of shared ownership?
Firstly, you might not qualify for a shared ownership scheme. But if you do, and you later sell up, you could find your hands are tied when it comes to who can buy your home, making it more difficult to get a quick sale. You’ll have to buy where the shared ownership properties are, which may not be your preferred location. You can’t buy just any property you want under the shared ownership scheme. Only properties that have been specifically built for shared ownership can be bought this way.
As you don’t own the property outright, you may have to seek permission from the housing association should you want to make improvements to it. As well as your mortgage and rent to the housing association, you might also have to pay service charges for the maintenance of the communal areas of your building (i.e. if you buy a flat in a block).
You might also find there are certain things you are not allowed to do in your shared ownership home such as let it to a tenant or get a pet. If you have a Bad Credit Profile you will find that we are limited to the lenders we can approach who would accept an application.