Thoughts on government shared ownership scheme
General Discussion

Jen & wayne
Jen & wayne
33 Thanks
181 Posts
2 days ago
0
Hi, I've had my niece living in one of my rentals on and off for many years, mostly rent free in 1 way or another. She would like to buy her own house and keeps saving for a deposit, but then something comes up and she spends the money. She mentioned about the shared ownership scheme and after looking into it I think it's a really bad idea. Looks like the government are giving the house builders an open cheque to rip off the poor and she will probably never own the house and just have to pay leasehold, maintenance costs and rent increases as to what ever the landlord sees fit. And she will have problems if she ever wants to sell, so they may lock her in for life. I think that I'm going to have to find a way to gift her the full deposit to buy a house if she is ever going to get on the property ladder. Would love to hear other peoples thought on the Shared ownership scheme. Is it really a good idea or another rip off for people that cant afford the deposit to buy a freehold house and the government and their house builder buddies to make more money from them? Sorry for being so skeptical and negative, but just want to do the best fora family member. Any advice greatly appreciated

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