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Shared ownership
Debz22
Posts: 21 Forumite
O.k I currently own 50% of a flat and want to sell. My problem is it is now worth less than the outstanding mortgage :-(
My question is - is it possible to sell for say 50k leaving 15k on your mortgage then get your mortgage company to transfer that 15k to a new property??
My question is - is it possible to sell for say 50k leaving 15k on your mortgage then get your mortgage company to transfer that 15k to a new property??
0
Comments
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O.K. Your flat is in negative equity.
it is not O.K. to sell it and leave £15,000 owing.
You have to pay the outstanding balance in full before you complete the transaction of selling.
O.K. ?...............................I have put my clock back....... Kcolc ym0 -
was only asking for some advice not someone to highlight the way I ask the question! thanks for your answer0
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Debz22 Robert is right.....your flat is in negative equity, you will not be able to transfer the £15k.:jIm going to be frugal:j:DIm going to be frugal:D;)Im going to be frugal;)Beetlejuice Beetlejuice...................:rotfl:0
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