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  • FIRST POST
    • Chilliwilly
    • By Chilliwilly 11th Jul 17, 11:18 PM
    • 1Posts
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    Chilliwilly
    Marry into Shared ownership property and second home
    • #1
    • 11th Jul 17, 11:18 PM
    Marry into Shared ownership property and second home 11th Jul 17 at 11:18 PM
    Hi

    My wife to be owns her own home. I have a shared ownership property.
    Does anyone have any idea what happens in this situation?
    Would she/I be forced to sell Durban to shared ownership properties not allowing ownership of a second home?
Page 1
    • Lilla D
    • By Lilla D 12th Jul 17, 2:29 PM
    • 308 Posts
    • 154 Thanks
    Lilla D
    • #2
    • 12th Jul 17, 2:29 PM
    • #2
    • 12th Jul 17, 2:29 PM
    Nothing happens just because you get married. You don't gain ownership of a property through marriage, so your other half will remain the sole owner of her home and you will remain the sole owner of your shared ownership home. You won't have a second home to your name.

    If you wanted to move into your wife's home and rent out your current home, that's when you'll encounter difficulties, because shared ownership is not for renting these homes out, so you are unlikely to get a consent to let from your lender or from the housing association. They can't force you to sell, but if they don't give you consent to let and you still go ahead and rent out the property, then you'll be in breach of the contract with both of them. If they find out about it, then the lender can take steps to recover their money and the housing association to recover the property.

    We all know that there are people illegally renting properties out and get away with it as long as no one knows about it, but it doesn't make it right or something that you should consider as well.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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