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Buying second property
mane1034
Posts: 58 Forumite
Hi,
I am bit confused so need help. I own a shared owner ship flat and I can not sell this on open market as my lease states, the housing association will nominate a buyer and if housing association could not find a buyer within 8 weeks then they you can sell out in open market through private state agents.
Yesterday, I have seen a re-possesion property and I really wanted to buy it. However, the seller is asking to sign contract within 28 days. I am not sure I can buy second property as I already own a shared ownership property.
Please advice if there any restrictions if a person who owns a shared ownership property can buy a second property.
Thanks
Ali
I am bit confused so need help. I own a shared owner ship flat and I can not sell this on open market as my lease states, the housing association will nominate a buyer and if housing association could not find a buyer within 8 weeks then they you can sell out in open market through private state agents.
Yesterday, I have seen a re-possesion property and I really wanted to buy it. However, the seller is asking to sign contract within 28 days. I am not sure I can buy second property as I already own a shared ownership property.
Please advice if there any restrictions if a person who owns a shared ownership property can buy a second property.
Thanks
Ali
0
Comments
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YOu can buy something else -it's just whether you have the funds to do so!Everything that is supposed to be in heaven is already here on earth.
0 -
You would be safer to sell before you buy."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
If you enter into any contract saying you must complete in 28 days, then you will lose your 10% deposit if you do not complete in 28 days. It's that black and white 99.99% of the time.
If you have enough deposit/money etc to be able to buy the 2nd place, then having the shared ownership place won't stop you.
But if you need the money from selling your SO in order to buy the 2nd one then just walk away now. It's 100% unachievable.0
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