Subletting my Shared Ownership property?

FixingIt

Hi all.

My situation is that I made a stupid mistake 3 years ago when I bought a Shared Ownership property (50%).

My life has changed dramatically since then and I moved in with my OH who owns her own house. My flat is currently on the market in CC Manchester but not selling. I've had 3 viewings so far one as recent as early Feb but none of them have materialised which is not surprising given the current climate. Now the flat is just empty and it feels like I'm setting fire to £600+ a month.

When I signed the lease I was aware that you couldn't sublet is due to the BTL brigade which is obviously right but now the market has plummeted does anyone know what rights I have (if any) in terms of getting the HA to allow me to sublet it?
It's the only way out I can think of at the moment. I would subsidise the rent by 50% if I had to just to make clear that profiting from it is the LAST thing on my mind.

I overstretched myself on a 95% mortgage buying into the 'You can't go wrong with property' BS that was circulating at the time and I'm just about breaking even and surviving. I really don't know where I stand in the market at the moment. No-one is buying we know that, but no-one in Manchester CC is dropping their prices at the moment bar one or 2 and they still aren't selling. I really don't feel it's worth me dropping the price yet because no-one can get a mortgage without a large deposit anyway. If, when mortgage approvals start to increase, it's not selling then I'll drop the price if that's what the market dictates.

That’s my situation anyway...

Thanks in advance for any replies.

PThomas_2

I would have thought speaking to the HA was the first port of call, they must be aware you have the property up for sale?

Best bet may be to find a friend or relative who can 'house-sit' for you and pay less than the going rent rate........ then you may get away with doing it under the radar as lons as you are still paying the HA and mortgage personally.

poppysarah

600+ a month? That's an awful lot.

You need to speak to the HA. Sadly they're the ones who hold all the cards - write down all the questions you need to ask them before you ring.

Do they have a list of people looking to buy? Might be worth asking.

FixingIt

poppysarah wrote: »

600+ a month? That's an awful lot.

You need to speak to the HA. Sadly they're the ones who hold all the cards - write down all the questions you need to ask them before you ring.

Do they have a list of people looking to buy? Might be worth asking.

Thanks for the replies.

Yep £600 a month. If I could go back in time I'd shoot myself for this decision. The service charge is the killer and it's gone up way above inflation for the last 3 years.

When I informed them of my intention to sell they didn't have anyone on the list of potential buyers to told me to instruct an EA.

I know I need to speak to the HA, I've got a feeling they'll HA HA at me as well. What do they care as long as they get the money every month?

Emmzi

can you and OK move into flat and rent the house out until the market picks up? not ideal but financially more viable?

FixingIt

She's against moving from a 3 bedroom house with gardens to a 1 bedroom flat with no parking...women :rolleyes:

llh189

I nearly bought a shared equity place a year ago, it fell through on the eve of exchange because the vendor has taken a secured loan on the property without anyone's consent , and was therefore in negative equity, she also had a lodger so in effect sub letting.

After paying a hideous amount of money - survey etc I was understandably hacked off with the vendor as she pushed on with the sale and hid the fact that she was in negative equity. I phoned the Housing Association and quite frankly they were pants - even though they knew that she was subletting and had taken a second charge on the property (probably illegally) they said they couldn't do anything until she contacted them.

To be honest they did seem at all bothered about her actions - can't you rent out your place without telling them - they would probably never find out and if they did what is the worst that can happen, when I went to them they didn't give a toss!

I rent privately and my landlady hasn't told her mortgage company about me - I know this because her mortgage statement comes her. I have been here for nearly three years and they have no idea.

I am not advocating dishonesty but sometimes you have to do what you have to do and you are not hurting anyone!

poppysarah

Not hurting anyone until his subletter turns into the neighbour from hell and the HA is alerted, then take action as he invalidates mortgage, lease, insurance etc as well as causing neighbours problems.
Or they might find a nice person desperate to rent.