Worried now I've bought a Shared Ownership Property

zzzLazyDaisy

GDB2222 wrote: »

That is simply astonishing! Anybody contemplating shared ownership should be aware of that case. It's so unfair.

In summary:
Richardson paid for 50% of the property and rented the other 50%. This went ok for 10 years, when she couldn't pay the rent and got repossessed. She lost the 50% she had already paid for.

Actually she didn't lose the lot as the company voluntarily refunded the price she originally paid for her 50%, although in law she could have lost the lot. But as Debt-Free-Chick says, it depends on the terms of the shared ownership - she bought in 1995 when these schemes were not as popular as today. My friend recently bought on shared ownership and her name is registered on the title deeds at the land registry as part owner with the housing association, so in her case there is no doubt that she owns her share.

I suspect that the type of 'shared ownership' in the case quoted above was more akin to hire purchase where you don't actually acquire title until the last installment has been paid.