shared ownership, negative equity

Leepal

Hi,

3 to 4 years ago I made the mistake of going into shared ownership of a flat, I own 50% the housing association the other 50%.

Well, maybe it would not have been such a mistake but unfortunately I got made redundant not long after buying and had to take a job which is quite some distance from where I live.

The cost of travel is expensive and I'm struggling financially (got other debts I could probably have handled without this traveling to work cost).

I have not had the property valued but am certain it is going to be worth less than the price I paid. ie. I paid £70,000 and I see a flat in my block selling for £60,000 now.:(

I really want to move close to where I work but feel I'm trapped. Is there any way out of this without losing out too much? I fully realise I'm going to lose out.

I did take in a lodger but he has become unreliable with payments and is moving out. So the worst case scenario is that I don't find another lodger (was not exactly inundated with enquiries last time I advertised) and can't find a job closer to home.

Any advice much appreciated.

thanks
Lee