Shared ownership

[mikfran]

we wonder if anyone has thought of setting up shared(fractional) ownership of a lake and chalet? If anyone has any info on this subject we would be glad to hear from you
Michael

 

[alyna]

Sounds interesting, but this issue is a bit not so good.

The shared ownership scheme has many advantages for those trying to get onto the property ladder, however before deciding on going down that route , you should be aware of the disadvantages of these shared ownership scheme.The first main disadvantage is the limitation of choice,there is only a very limited choice in terms of available properties which you can get under the shared ownership scheme There is a limited availability for properties too, it is very high demand for these and not enough homes to meet this demand.

Thus you may not find a shared ownership scheme home in your preferred area. It is not available to all, there are strict criteria and it is quite difficult to to qualify for the shared ownership scheme, thus you may not be eligible if you do not meet these requirements. You will not own the full property, thus you will need the housing associations permissions to make alterations. Also the shares you dont own you will be paying rent for.etc. You may have restrictions when it comes to selling your shared ownership scheme home, as you can only sell the share you own, you will therefore have to find purchasers who will purchase your share.Each time you want to buy another share of the home you will incur valuation fees and additional legal costs, this can be quite expensive.

 

[Carrébleu-Immobilier]

we wonder if anyone has thought of setting up shared(fractional) ownership of a lake and chalet? If anyone has any info on this subject we would be glad to hear from you
Michael

The best person to speak to is Andy at Sirkin Fractional Lawyers (easily found on the internet). He specializes in this field and may know a few possible projects for you. However a small piece of advice I could give you is when buying something on a fractional basis you tend to pay over the odds for it but also the resellability of the fraction will prove to be more difficult then a normal property.

Anyway good luck

 

[ladybird2011]

I looked at various options a little while ago. As I already have houses in a couple of counties and split my time between the two, it seemed a good option for me to cut down on hassle of second home ownership. There was a site called something like shares4u that helped people with similar interests in fractional ownership get together. However, as we have dogs and travel with our dogs we couldn't find any matches.