BR and property with "shared ownership mortgage"

s1lvercloud

Does anyone know if going bankrupt puts home at risk, if the property is owned with housing association.

To be more specific, 75% of the property is owned by housing association, and 25% is by BR person, however with a mortgage, so the BR person's equity is very small around £3k

Any experience or knowledge would be much appreciated.

fiveyearplan

They should be able to buy their beneficial interest from the OR. however, I don't know what implications it wll have wth the housing association. Is there any bankruptcy clause in your contract?

peb

There are various types of lease but usually there is a claw back provision whereby the Housing Association will rescind (bring to an end) the lease paying out the lender on a specific formula contained within the lease.

Whether the clause is always implemented I do not know but I do know that the leases contain provision so do have a look at your copy.