Opinions on part-buy, part-rent deals?

My partner and I are considering buying a two bedroom flat on a part-buy, part-rent basis. It would work out to approximately 拢400 per month mortgage and 拢150 per month service charge/rent, so 拢550 per month altogether, to purchase 40% of the flat over ten years. We are currently paying 拢600 per month rent for a similar flat, so in financial terms it looks good. However, are there generally catches to these things? Would we be able to decorate it? Would we still have a landlord-tenant relationship with the developers, i.e. no pets without permission, regular inspections etc etc? What would happen when we decided to sell? It's very unlikely that we would want to remain there for the whole ten year mortgage term, as it is only two bedrooms and no garden (not much good when we have a family). I'm not sure how easy it would be to sell a 40% share in a flat in the future, and would hate to just end up stuck there with no way out if we couldn't find a buyer....



Our current situation is that my partner is working, but I'm at university and will be studying for the next three years, so we can't afford to buy in the normal way. The alternative is to keep renting, then buy when I finish uni and start work. This option would allow us to buy a home that we would be more likely to be happy to stay in for a longer period, as if all goes well I will be earning good money and we could buy a larger house. So it would be less hassle in that way. But at the same time, it just seems like too good a deal to miss, to be paying the same amount as we are now, but to be buying instead of renting!



Obviously I would take a good look at the small print beforehand, but just interested to know what people's opinions are of these deals, or if anyone has any experience of them. Many thanks!Opinions on part-buy, part-rent deals?
I'm not an expert or dealt with it, because I would rather pay 100%



Anyway if know you know staying there for 10 years, then I don't see any point in going for it. But if you are going ahead with it, read the small print about leaving early, potential buyers may be put off is well.