Can't sell a shared ownership, not allowed to rent it.. have to move.. suggestions?

Bexm

Hello!

We have own 80% of a shared ownership home and 20% belongs to a first time buyer association.

We need to sell, but haven't put it on the market yet as we're expecting problems. To be allowed to buy the house you have to fit certain criteria, which when we bought 3 years ago we didn't quite match but were allowed anyway.

Our entire close is under the same scheme and there are 3 other houses up for sale and all have been for over a year.
We have spoken to the estate agent dealing with them and they say that there are lots of people interested but the association keeps turning them down when they apply as the association have gone very strict.

Part of our contract with this association say's we are not allowed to rent out the house.

So we are going to have a problem I am looking for suggestions from people who have maybe been in this situation? Before I have an almighty row with the association, or just go ahead and rent the house regardless!

Thanks

Bex

getmore4less

Does the rentng restrictions still apply if you buy the other 20%?

BexInLondon

Friends of mine in SO have been able to rent out their houses temporarily (up to a year) despite their lease saying they can't. Otherwise, some HA's have a clause whereby if it's on the market unsold for a certain period it can be put on the open market.

Is there any way at all you can buy the remaining 20%?

Another Bex

poppysarah

Speak to the associaton making/changing the rules.

Perhaps arrange a meeting en masse with everyone affected.

Bexm

We can't buy the extra 20%, it's got to stay part of the 80% scheme..!
I will check my contract again to see what happens about renting, but I expect our mortgage would be in the same boat and not allow us to rent..!