Mortgage advice

westclok

Hey peops,

Looking for some advice/options.

Some background first...
My girlfriend has a shared equity property (through Scotlands LIFT/homestake scheme) 60/40 split. She bought the property at £130,000. There are two properties for sale in the same block of flats both selling at £105,000 and have been on the market for over 6mnths _pale_

It has came to the time of year when she can either decide to put the property up for sale, purchase the remaining shared equity or carry on with the 60/40 arrangement for another year. If nothing is done we will need to wait another year before she has this option again.

From what I can see our options are

1) Sell and lose £12k ish (assuming sale at £105k)
2) Ask the housing company if I can buy the remaining 40% (Anyone have any experience of this? Can it be done?)
3) Continue on for another year and see if house prices go back up. (Not ideal as the current property is too small for two people)
4) Any other options???

Thanks for any advice,
Cheers

chiki1

is she selling because you 2 want to live together? is there a rush to sell? if not, i'd hold on to it.

i don't think you would be allowed to purchase 40%, with her keeping 60%. what you could do is investigate if you're able to remortgage together and buy 100% of the whole flat as a couple. also, some properties have a 'golden share' element where you can never purchase 100%, this way the gov can continue the shared equity scheme down the road (i think this has been recently removed from properties now purchased on the scheme, but not a few years ago).

you'll need to speak to a lawyer, i think.,