Shared Ownership Hell

FixingIt

bitsandpieces wrote: »

That sounds rough. A good place to start is speaking to CAB, Consumer Credit Counselling Service or National Debtline. You need to work out how much leeway you have with your mortgage, in terms of a sale (I don't want to depress you, but you'll need a bit more than £12.5k when you sell - to cover fees etc - although your bank may be happy to convert some or all of the negative equity to a loan).

Ok will do, I realise it may be more than 12.5k but you know once you get up to these stupid figures then what's another 1-2k. Depressing I know but the situation is just ridiculous!

You could post a rightmove listing up here and people will give you advice. However, you should also consider whether you can drop the price any further (if it's costing you £800/month, you would save almost £10k - although a small part of that is repayments on mortgage capital - by selling it now as opposed to in a year's time).

I don't really want to give away my ID even I may have already, no-one knows we're expecting yet lol.

I could drop the price I agree with what you say. I just don't know where I'm going to find, what? 15-20k by the time it sells, we're getting close to almost a years salary for me there.

FixingIt

By the way thanks for the replies so far.

bitsandpieces

FixingIt wrote: »

I don't really want to give away my ID even I may have already, no-one knows we're expecting yet lol.

Sensible enough. Congrats on the baby

I could drop the price I agree with what you say. I just don't know where I'm going to find, what? 15-20k by the time it sells, we're getting close to almost a years salary for me there.

That's why it's worth getting advice. Your bank and/or housing association may be happier to come to agree a solution (e.g. converting some negative equity into an unsecured loan) if they are persuaded of the seriousness of your situation. Nothing's certain - but you stand a better chance if you get advice.

balmk

If the property is empty are you still required to pay council tax?

welshy_2002

FixingIt wrote: »

I'm all out of friends looking for a temporary place to stay at the moment..

Then why not offer it longer term? Keep the rent low and offer it for a year\2 year let. People are probably turning it down as your looking at it as a short term thing.

If it's attractive enough, friends may leave where they are now and move in permanently.

FixingIt

balmk wrote: »

If the property is empty are you still required to pay council tax?

50% but only for 6 months.

welshy_2002

balmk wrote: »

If the property is empty are you still required to pay council tax?

That's a very good point

Below taken from citizens advice bureau - link

[Some property is exempt from council tax altogether. It may be exempt for only a short period, for example, six months, or indefinitely]

property which is empty. This means it has to be unoccupied. The property also has to be substantially unfurnished. The exemption applies for a maximum of six months and the property has to be vacant for the whole of this period (although up to six weeks of occupation during the period is allowed)

FixingIt

welshy_2002 wrote: »

Then why not offer it longer term? Keep the rent low and offer it for a year\2 year let. People are probably turning it down as your looking at it as a short term thing.

If it's attractive enough, friends may leave where they are now and move in permanently.

If I was in my early 20s I would probably have more chance of finding someone I can trust but at 30, where all my friends are starting to settle down, it's a lot harder. I'll definitely consider your advice if the situation arises though and I agree with what you say.

mynameisdave

FixingIt wrote: »

£650 ish for mortgage, rent and service charge, the other £150 is things like council tax and other bits of bills.

I've already dropped it to IO.

You can get rid of the furniture from it and let the council know it is unoccupied. This will give you 6 months of zero rate council tax. Have you already tried this for the first 6 of the 18 months?

twirlypinky

have you told the HA that if they don't help you then you're going to end up going bankrupt? They must have tenants waiting to move into houses, perhaps they just don't realise just how dire your needs are?