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Help.. stuck with a 80% of a house but have to move.. & renting difficult...
Comments
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Can you buy the remaining 20% so that you can sell without any of these rules?0
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Can you buy the remaining 20% so that you can sell without any of these rules?
Can you buy the remaining 20% using your buyer's money so you can sell the whole 100% in a "back to back" transaction.
Some modern HA SO schemes prevent full "starcasing" and subsequent sale within 3 months so this might not work, but if it will then it is certainly something to look at.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 -
missile, WhiteHorse
No not seen a solicitor.. but think we will have to soon.. going to have another word with the agency first to see what they say!
PasturesNew
Yes I know hindsight is a wonderful thing..
The rules haven't changed but the agency has.. and the new one is alot less lenient and helpful than the previous.. where as when we bought the house even though we had to earn a certain amount, we were slightly under, but they still let us have it as we could prove could could get a mortgage. The new agency just say flat out no.. but so far no-ones even gone through to that stage.. as the deposits needed are high..
We will consider the cashback option as we know one of the other houses did this to get it sold! but ideally not as we want to be able to get a new house too.. and we're barely going breaking even as it is!
N79
Richard Webster
Unfortunately we are not allowed to buy any more of the property, else we already would have
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Can you only ever sell to people who meet the agency's criteria or do they have a fixed time in which to find people to buy and if they haven't within that period then can you offer it on the open market?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 -
Richard_Webster wrote: »Can you only ever sell to people who meet the agency's criteria or do they have a fixed time in which to find people to buy and if they haven't within that period then can you offer it on the open market?
The agency had two weeks in which to try sell it to people on their list, and now its on the open market.. but people still have to fill in the questionnaire and fit the criteria!0 -
What is the criteria then?0
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Ok..
You must be "in need of housing"
ie a first time buyer
and a few things they have just added in the last few weeks..
need a bigger house due to a baby but can't afford one.
Can't afford your mortgage so need to sell your house and buy a smaller one.
Also you must earn at least a certain amount, which is different if you are a couple or single.. and must not earn more than a certain amount..
I can't remmeber what the figures are as as I said I've already moved awayand figures at the house.. but I can get hold of them later..
It's somewhere around the £30,000 mark tho! (and thats between them if a couple)
You also must be able to priove you have a deposit and means of paying for the solicitor
(when you apply you have to send all your pay slips for the last 2 yrs, your bank statements, and savings stuff if you have the money there..!!)
The earning a certain amount is the problem, because even if you can get a mortgage on what you earn but its less than they say the agency says no
and if it's slightly more (which in our area it generally is, but people can't afford houses with it..) they still say no0 -
Your housing association isnt FHP by any chance is it?!£2 Savers Club #156!
Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j0 -
LisaLou1982 wrote: »Your housing association isnt FHP by any chance is it?!
Not unless the "H" Stands for "Home".
Our agency is Home and used to be "warden housing"0 -
Would they not buy it back? It seems odd, somehow.
Cheers HG0
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