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Shared Ownership
DEEMADS_2
Posts: 1 Newbie
Hi
I have a shared owenership property and own 50% of it. I no longer live in the country and have put the porperty on the market (the housing association allowed me to sell at 100% lease, as it wasnt getting any offers).
I recently had an offer and the person wanted to buy to sub let, but the housing association said that the buyer could not sub let even if he bought 100% lease and that they were unable to offer a deed variation clause.
I am paying for an empty property (I still have a mortage on it), and I am unable to rent it out as the lease says that I can't. But I also cant sell it to someone who wants to buy it to rent it out.
What are my options? This is a financial burden and is unfair and unreasonable that the housing association impose this.
Help.
I have a shared owenership property and own 50% of it. I no longer live in the country and have put the porperty on the market (the housing association allowed me to sell at 100% lease, as it wasnt getting any offers).
I recently had an offer and the person wanted to buy to sub let, but the housing association said that the buyer could not sub let even if he bought 100% lease and that they were unable to offer a deed variation clause.
I am paying for an empty property (I still have a mortage on it), and I am unable to rent it out as the lease says that I can't. But I also cant sell it to someone who wants to buy it to rent it out.
What are my options? This is a financial burden and is unfair and unreasonable that the housing association impose this.
Help.
0
Comments
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Sell it to someone who doesn't want to let it out. Sometimes leasehold places do have conditions like this (e.g. banning subletting) in the lease.
If the price is right and it's presented sensibly, it will sell (not sure whether it'll be easier to sell a 50% share or 100%).0 -
"Unfair and unreasonable" ?
Who stood over you with a gun, and made you sign the lease?
When will this nannied nation start to accept responsibility for its own actions?
Sell normally. If priced correctly, it will sell.
Next time you buy, read what you are signing.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
The house was built to be lived in by owner occupiers, not to be gobbled up by investors. Is this in your house details? I think it's a selling point that the area won't be over-run with investors and random short-term passers by with no vested interest in the community.0
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Also make very sure you can buy and sell the 100% in back to back transaction. Some recent schemes I've seen have wording in the lease that effectively imposes penalties on a buyer if his seller sells the 100% within 3 months of buying it.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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