Key Post How "shared ownership" works

Discussion in 'Affordable housing and shared ownership' started by Brendan Burgess, Jul 31, 2012.

  1. Brendan Burgess

    Brendan Burgess Founder

    You have a better chance of getting a response if you lay out your question in sentences and paragraphs.

  2. Alan Doyle

    Alan Doyle New Member

    Apologies,my computer skills are zero.
  3. Skier

    Skier Frequent Poster


    not really,.... Brendan mentioned that there are two different shared ownership schemes prior 2003 and post 2003, and I think the article may be related to the prior-2003 case only but I am not too sure as they don't mention that in the article at all.

    Also, the Clawback relates to a different scheme ... Affordable houses (houses owned or built for council and sold at affordable price ...lower than the market the market price at the time of sell). Shared Ownership relates to houses bought from the open market (at the market price .... without any discount) and the Clawback doesn't apply in this case ... unless you bought the Affordable house through the Shared Ownership Scheme .... that I think complicates the situation a lot.

  4. zen

    zen Frequent Poster

    Thanks Skier

    1-The scheme is called Affordable Housing, not shared ownership. That's the first thing you need to understand. You can pay for your affordable housing in one of two methods; shared ownership or Full Annuity.

    2-I'm aware of how the clawback works (now) but not the scheme in its entirety, neither back then or now, allow me to explain.

    The horrendous manner in which this entire scheme was orchestrated swindled people like me out of everything they worked for. As said Brendan struggled to interpret it using terms like "misnomer" and he an avid financial guru, I even gave him my contract to peruse. Look at all the lost souls on this forum still trying to come to grips with it! No one knows how it works despite the thread name.

    They tried one other time to swindle me when they issued repo orders. They "offered" me "voluntary surrender", which I discovered was Orwellian doublespeak for "voluntary repossession" I was ABSOLUTELY FURIOUS at a meeting in Civic offices when they tried to pull that stunt. How I contained myself I'll never know. They tried to gauge my level of intelligence to see if I would fall for what was simply, hand back the bloody keys and accepting a Bill of 40k arrears! WHO ARE THESE PEOPLE! I told them no, you can take me to court and I'll take the stand and tell the judge what you put me and my family through for absolutely no reason whatsoever,...

    After dropping my file for bankruptcy on the table DCC eventually consent to allowing me to lease out my unit! It was an arbitrary decision all along, after sending me on a 7 year wild goose chase with TD's and Ministers to get permission because they said it was in legislation! Shame on them.

    Now that I'm allowed lease and despite months of asking, I'm not even being told how they are accruing the interest on the arrears! they wont give me a full mortgage account print out. I had to use the Freedom of Information Act to get my mortgage account details from them. They opened up a SECOND account to deal with the INTEREST on the arrears, it showed that the money I'm paying from the rent received is going off nothing! I pay them 800 p/m and THE NEXT DAY, they were putting 800+ in added interest!!!!! I should have just went bankrupt.

    In a nutshell, no one knows how this scheme works and that aint no coincidence. There was no comprehensive Affordable Housing Information package given to anyone to review. The policy on arrears are a closely guarded secret too, it seems they can do what they want, they stuck the hydraulics under that second account and once more I'm on mortgage protest (my tenant abandoned the property anyway).

    So the long and short of it

    No one knows how shared ownership works, because for a start, that's not even what the scheme is even called and that's saying something.
  5. Skier

    Skier Frequent Poster

    Last edited by a moderator: Apr 19, 2017
    Zen - I disagree, there are two schemes (but I don't know if they still exist in the same form as in the past):

    1. Shared ownership - you were allowed to buy the house from the open market for the normal market price (I am on that scheme and I there is no mention about any affordable housing there)

    2. Affordable Housing - you were allowed to buy house provided by council for the affordable price (below the market price)

    one another version of the above two schemes that existed in the past was a combination of both (you were allowed to buy an affordable house through the shared ownership scheme)

    Last edited by a moderator: Apr 19, 2017
  6. mmclo

    mmclo Frequent Poster

    Did clients have full involvement of solicitors at conveyancing? I see Local Authorities are seeking SO clients to sign waivers in relation to legal advice in restructuring processes. Unconstitutional I would have thought?