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Selling a shared ownership flat....
mattcafc
Posts: 64 Forumite
Anyone done it?
I'm not even sure how it works at the moment. We 'bought' a 25% share of £180k place 18 months ago, with a £10k deposit.
However due to us both getting better jobs and working in a different area we want to buy a house ourselves in a different area.
Does anyone have experience of leaving a shared ownership scheme? Im sure it will be abit of a hassle. I believe the scheme owners have 3 months to sell the place themselves or something similar.
As we have only been living here for 18months and only paid 10k deposit is it safe to say we wont get any money once the place is sold?
I'm not even sure how it works at the moment. We 'bought' a 25% share of £180k place 18 months ago, with a £10k deposit.
However due to us both getting better jobs and working in a different area we want to buy a house ourselves in a different area.
Does anyone have experience of leaving a shared ownership scheme? Im sure it will be abit of a hassle. I believe the scheme owners have 3 months to sell the place themselves or something similar.
As we have only been living here for 18months and only paid 10k deposit is it safe to say we wont get any money once the place is sold?
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Comments
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The obvious first question is ask what the 100% is worth now.
If you bought 25% for £45,000 and had a mortgage of £35,000 then it will have to go down in value to £140,000 for your equity to disappear completely in the property. (I am leaving aside for the moment the costs of the sale and any estate agents etc fees.)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 -
Does it not depend on what the details say?
Some places want the HA's equity protected before the OO.
And most I think want the HA's legal fees paid too.
The OP needs to find out what terms affect the sale.0 -
Richard_Webster wrote: »The obvious first question is ask what the 100% is worth now.
If you bought 25% for £45,000 and had a mortgage of £35,000 then it will have to go down in value to £140,000 for your equity to disappear completely in the property. (I am leaving aside for the moment the costs of the sale and any estate agents etc fees.)
I imagine its worth around 10k less
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