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Help Please!! Shared Ownership

PostPosted: Sat Aug 06, 2011 7:47 pm
by MissR
Hi there, can anyone please advise on shared ownership?
I own 50% share on a flat and pay rent to a housing association for the other 50% that I do not have any ownership rights on. I can no longer afford both payments my 50% has decreased in value so it is not a very viable option to try to sell it. I feel that I am totally trapped in this shared ownership a scheme, it feels like I am paying double the cost with rent and mortgage. Even if I can only release myself from either payment (rent or mortgage) that may ease the financial burden slightly.
I want to move out of the property but I am informed that I cannot lawfully rent the property without the housing associations prior agreement and changing my mortgage to buy to let? Any advice on this would be great.
Thanks

Re: Help Please!! Shared Ownership

PostPosted: Sat Aug 06, 2011 9:10 pm
by Freeman Stephen
the housing association likely has no say over what type of mortgage you need. its like the half you own ouright but youve pledged it to the mortgage vendor should you fail to make ends meet. in saying that there could be some covenant on the mortgage contract or property deed saying your not allowed to rent your own property out. it sounds like your being scammed here if they only sell you half but burden your property to the extent your still a tennant. what exactly have you paid for if you get no advantage. you definitely need something better than public advice here as whoever helps you will need a squint at your mortgage docs and a copy of the deeds.

can you afford to buy out the ha share and will the ha sell it? will the ha buy your half? this seems like a very unfair deal youve got.the housing association likely has no say over what type of mortgage you need. its like the half you own ouright but youve pledged it to the mortgage vendor should you fail to make ends meet. in saying that there could be some covenant on the mortgage contract or property deed saying your not allowed to rent your own property out. it sounds like your being scammed here if they only sell you half but burden your property to the extent your still a tennant. what exactly have you paid for if you get no advantage. you definitely need something better than public advice here as whoever helps you will need a squint at your mortgage docs and a copy of the deeds.

can you afford to buy out the ha share and will the ha sell it? will the ha buy your half? this seems like a very unfair deal youve got.