Over priced constantly increasing rental charge.Take, take, take.I wish I had never been persuaded by the lies. At least in a rental,the landlord is obligated to address problem, definitely doesn't apply for c-ownership. I should have stuck with rental,. By the way you pay rent and a mortgage,if you can afford to buy forty percent, the mortgage is still cheaper than co.ownership. very dangerous choice.
My only regret in this review is I cannot leave a zero star.
Tell you there is a review process but fail to give any information about it when asked, completely unresponsive, I have had better service and understanding from an answering machine.
Firstly you pay rent on the part you dont own, sometimes the rent and mortgage repayments per month can work out a hell of a lot more than what you would pay in mortgage repayment alone for a similar priced property. That said, you don't get to sell the property without co-ownership agreeing to the sale price. However, if you proceed with your dream, for every occasion that you invest money into the property, new bathroom, new kitchen, windows,.co-ownership lend no financial assistance. Putting aside the additional costs, you may still wish to buy shares and then you can meet rules. If you did want to buy shares, then there can be restrictions on how much you buy and when. The shared ownership company sets the value of the shares and you can be in their hands as to how much you have to pay. Ambition to own a home is for everyone, however co-ownership is a very risky avenue to take. Co-ownership is a scam run by an organisation that cares nothing about the tenant, this could be the worst investment you sign and one that will haunt you if it goes wrong. Rent for the security not reputation. And just for point, some maintenance works need co-ownership approval, even when you are solely paying for it all.
PS. A regurgitation of a birth of a business, does not reassure. Based upon your Co-ownership statement, the population of N. I. has increased by approx. 300,000 persons and the information you again provide, suggests 700 persons a year are "fortunate" to benefit from this scheme. Unless those individuals, excluding political problems, continue to receive a wage increase and co-ownership freezes monthly rental charges, nobody can escape from the contract and have positive equity. Only co-ownership gains. Perfect start for a single individual or maybe a couple but for a possible owner wanting to expand the household, it will be a struggle. And don't dare consider sub-letting. Self praise from co-ownership rests not on the past, reflecting upon the volume, margin, return on capital or even industry awards, but from a more direct opinion of information. All parties involved seek a financial return from Shared Ownership. And yet, every new lender, builder or housing provider choosing to participate in this market is a small step forward in addressing the wider macro issues in our housing market. For Shared Ownership, perhaps more than any other scheme or initiative, it best targets those requiring support by providing a much needed bridge between the private rented sector and the security of mortgaged home ownership. Any progress made. supporting the next generation of clients , however small, is something to be celebrated and encouraged. Maybe co-ownership should acknowledge that Fairshare was created to take the pressure off the housing crisis AND maybe more importantly, co-ownership should have its name below Fairshare, Choice, Clanmil, etc. and other housing associations. With the greatest respect, taking your own numbers of 29000 people assisted, taking account of a 1,800,000 population, you have only helped 1.6% people since 1978 OR to bring it up to date, you currently help 9000 tenants, which is ONLY 0.5% of a 1,800,000 population;not sure what the plus is? And just as a point, approximately 55,000 are categorised as homeless, I assume that they failed to meet the requirements. Additionally to use the term of charity;Definition of charity : 1.an organization set up to provide help and raise money for those in need. 2. the voluntary giving of help, typically in the form of money, to those in need. So I assume a homeless person can call to Murray House and be homed?? As for phoning to discuss the review, I have no need, people will still buy into co-ownership, this is the consequence of poor leadership. By the way, a doorman is not a suitable review. And who am I? I am the man who hands out the tissues to the individual whom bought into the magic beans story. Thank you for your historical input but it is of no relevance to the families seeking real charity..
We would still be stuck renting without them. In an ideal world services like Co-Own wouldn't be needed, but when your rent is so high that you can't afford to save a deposit - Co-Own play a valuable role
NI Co-Ownership Housing Association: Making Homeownership a Reality
Welcome to the home page of the Department for Communities (Communities). Communities is part of the Northern Ireland Executive. One of its key initiatives is NI Co-Ownership Housing Association, which aims to make homeownership a reality for people who cannot afford to buy their own homes outright.
NI Co-Ownership Housing Association was established in 1978 as a non-profit organization that helps people in Northern Ireland get on the property ladder. The association works by allowing individuals or families to purchase a share of their home and pay rent on the remaining share. This means that they can own their own home without having to save up for a large deposit or take out an expensive mortgage.
The process starts with an application form, which can be completed online or by post. Once your application has been approved, you will be invited to attend an information session where you will learn more about how co-ownership works and what properties are available.
One of the benefits of co-ownership is that it allows you to choose from a wide range of properties across Northern Ireland. Whether you want to live in Belfast, Derry/Londonderry, or somewhere more rural, there are plenty of options available.
Once you have found a property that you like, NI Co-Ownership Housing Association will arrange for it to be valued and negotiate with the seller on your behalf. You will then need to arrange your mortgage and legal fees before completing the purchase.
After completion, you will become both owner and tenant – owning your share outright while paying rent on the remaining share owned by NI Co-Ownership Housing Association. The amount of rent paid depends on how much equity NI Co-Ownership holds in your property at any given time.
One advantage is that if house prices rise over time so does your equity stake; this means when selling up later down-the-line there may be some profit made from any increase in value since purchasing through co ownership scheme - although this isn't guaranteed as house prices can go down too!
Another benefit is that if circumstances change such as job loss or illness making payments difficult then arrangements can often be made with NI-Co Ownership team members who work closely alongside clients throughout their journey towards homeownership ensuring support every step along way including financial advice where needed so everyone has best chance possible at success!
In addition, there are no restrictions on how long you can stay in your co-owned property – meaning it could potentially become a long-term family home rather than just stepping stone onto housing ladder!
Overall NI-Co Ownership scheme offers affordable route into homeownership without needing large deposits upfront whilst also providing flexibility around location choice plus potential future profits should market conditions improve over time!
If this sounds like something that could help make owning your own home possible then why not apply today? With expert guidance from our team members every step along way we're here ensure success!
communities-ni.gov.uk
