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Shared Ownership Repossession
LeiLeiMusic
Posts: 17 Forumite
Hi,
I am new to this site so apologies if I have posted in the wrong place. I am after some support/advice that no one else seems to be able to give me.
Here are the facts, I bought a 40% share of a shared ownership one-bedroom flat via Newlon in 2007. In 2009 I had a baby. My partner, who does not live with me but used to contribute financially towards our son, has been out of work for over a year now. I cannot afford all my outgoings. Utilities, rent, mortgage, debt and my son's nursery fees alone. I have cut back where I can, reduced my mortagage to interest only and tried claiming all the benefits I can. I work full time and earn a decent wage so I am not entitled to much and not entitled to Housing Benefit towards my rent so I am behind on my rent. I have never fallen into arrears with my mortgage.
I am worried about repossession but not sure what exactly would/will happen as the arrears are only with the rent not the mortgage. If the housing association seek to repossess a) what will happen to the mortagage side of things as I am up to date with them and b) would the housing association have an obligation to rehouse me as I have a 2 year old and no where else to live.
Thank you for any help/suggestions/advice you can give _pale_
I am new to this site so apologies if I have posted in the wrong place. I am after some support/advice that no one else seems to be able to give me.
Here are the facts, I bought a 40% share of a shared ownership one-bedroom flat via Newlon in 2007. In 2009 I had a baby. My partner, who does not live with me but used to contribute financially towards our son, has been out of work for over a year now. I cannot afford all my outgoings. Utilities, rent, mortgage, debt and my son's nursery fees alone. I have cut back where I can, reduced my mortagage to interest only and tried claiming all the benefits I can. I work full time and earn a decent wage so I am not entitled to much and not entitled to Housing Benefit towards my rent so I am behind on my rent. I have never fallen into arrears with my mortgage.
I am worried about repossession but not sure what exactly would/will happen as the arrears are only with the rent not the mortgage. If the housing association seek to repossess a) what will happen to the mortagage side of things as I am up to date with them and b) would the housing association have an obligation to rehouse me as I have a 2 year old and no where else to live.
Thank you for any help/suggestions/advice you can give _pale_
"be yourself and say what you think because the ones who matter don't mind and the ones who mind, don't matter"
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Comments
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Hi Lei, I don't know anything regarding this issue but just bumping up your post for you. Hope someone can help.0
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If the Housing Association want their money they will probably tell the mortgage lender that if it is not paid they will seek to forfeit the lease. If the do that the lender's security disappears so normally mortgage lenders would pay the arrears and add it to the amount that you owe them!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 -
LeiLeiMusic wrote: »Hi, I have cut back where I can, reduced my mortagage to interest only and tried claiming all the benefits I can. I work full time and earn a decent wage so I am not entitled to much and not entitled to Housing Benefit towards my rent so I am behind on my rent.
You need to do a proper SOA and look at all your incomings and outcomings.
If you earn a decent wage but can't manage then clearly something is wrong.0 -
If the child's father's been out of work for a year now, why does he not do the child caring?0
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In our S/O contract it states that 3 months rent arrears the H.A can contact your mortgage lender and instruct them to pay the rent without your permission.
It happened to a flat downstairs after a relationship breakdown, they paid the rent for almost 7mths and then he got behind with the mortgage and got repossessed.0
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