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Shared Ownership
amyw_3
Posts: 4 Newbie
My husband and I own a shared ownership property and were selling it until today when the sale fell through just before exchange. As a result, we've discovered that we may actually own a millstone rather than a house - can anyone help?!
The house is one of the 'old style' shared ownerships with half being owned (mortgaged) by us and half by the council. The person buying ours had a mortgage sorted with the Halifax only to be told the day before we were due to move that there was something that the council had to agree to in the mortgage - and the council refused to agree. Their solicitor then found a clause later on in the mortgage offer which covered this were it not signed, but the Halifax refused to accept it.
So basically, we're left with a house that, without a 20% - 25% deposit from a potential buyer, cannot be sold! So much for social housing! How are 1st time buyers supposed to get on the ladder if banks and councils are refusing to let them buy (and us sell!)?! Any light on the matter would be much appreciated!
The house is one of the 'old style' shared ownerships with half being owned (mortgaged) by us and half by the council. The person buying ours had a mortgage sorted with the Halifax only to be told the day before we were due to move that there was something that the council had to agree to in the mortgage - and the council refused to agree. Their solicitor then found a clause later on in the mortgage offer which covered this were it not signed, but the Halifax refused to accept it.
So basically, we're left with a house that, without a 20% - 25% deposit from a potential buyer, cannot be sold! So much for social housing! How are 1st time buyers supposed to get on the ladder if banks and councils are refusing to let them buy (and us sell!)?! Any light on the matter would be much appreciated!
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Comments
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What was the clause the council had to agree to?poppy100
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Basically, if the new owner gets into arrears with rent and the council want to evict, the Halifax wanted the council to give 28 days notice to them. The council actually told my husband that they verbally agree the clause, but won't sign. Goodness only knows why!0
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Get on to your local councillor - they may use their influence on your behalf.0
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Whats the clause. There are two that are specific to shared ownership."Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00 -
Thanks, have contacted Councillor - hope they can put pressure on!0
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All I know about the clause is that the Halifax want 28 days notice if the council want to evict (and it's only an if!) but the council won't sign.
What are the two specific clauses? Maybe things'll make more sense if we know what the problem is!0 -
Halifax are experienced at this, so I cant see the issue. Wither the scheme is different or the Halifax dont want to do the deal.
I am sorry to say I dont think the councillor will help. But I bet you some wires may be crossed in there!"Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00
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