Many people harbour dreams of getting on or moving up the housing ladder. However, the process does not always go smoothly, leaving some with buyer’s remorse. i talks to three buyers about what they wish they’d known before purchasing property.
My shared ownership flat took over two years to sell In her mid-thirties, Samantha Henry, 41, was living in shared housing in London. She told i : “I wanted my own place. I’d gone freelance in PR and it would have taken me for ever to save for a decent deposit”.
In 2018, Samantha purchased a 25 per cent share of a £465,000 one-bedroom shared ownership flat in Hornsey. Her deposit was £11,625. Samantha said: “I looked into how much the monthly costs, including the mortgage, rent and service charge, would be.
I’d spoken to a friend who had seen their shared ownership property rise in value”. By 2021, Samantha wanted to move. Certain family members were unwell and she’d started her business, Pup Chic Boutique, and needed more space.
Read Next The environmentally-conscious cars to buy if you're not ready to go electric Her monthly costs had also risen from £1,351.59 to £1,767.93.
Samantha got an independent valuation completed by a surveyor. Her housing association used this valuation to set the flat’s price, something she thought was too low. However, it was eventually increased to £440,000.
Samantha’s housing association had eight weeks to find a buyer but during this period she had no viewings. She then enlist.
