Mis-Sold? Shared Ownership Property

[Deleted User]

Hi All

I know there are lots of experts here that will know, please don't be too harsh I was 18 when I purchased this and I was not fully aware of the facts and now I have matured I know what I am doing, but stuck at this point.

I purchased my S/O property in August of 2008, the property was sold by Family Housing Association of Birmingham a registered charity, however it was marketed by Conells, and mortage via halifax via mortgage advisor at Conell.

Anyway we are here now with our 25% share of this property, it was over valued (as I now know is the norm), however at the time of purchase the vendor (Family H) made several promises like the mortgage company would pay the rent as and when we needed a break, now yes I know now "what a load of rubbish" but at the time I maybe took all this in. Anyway the rental costs are rising and have now increased by £70 per month since we first moved, thank god for the mortgage rates.

I visited the bank a few months back as I found a property for 120K, however I could not take this as I did not have the required deposit available.

I feel stuck and I feel very cheated by the Housing Association and the advisors, I have been robbed and not only that I am now stuck with this whole mess.

Please advise me if you can, I am now 22 :-)

St00zer

Hard to share my thoughts without more information.

Your Income? Purchase price? Rent? Expenses? Service Charge? Mortage amount? etc

[Deleted User]

anyone please?

[Deleted User]

Income is 25K, the mortgage is about 33K now, the rental is 320.00 the service charge is 50.00

[Deleted User]

I have just found a 3 bed detached property near to where I live for 80K, now the house that I have here is mid-terraced and would need to sell for at least 157K (Full value) for me to retain what I paid out.

[Deleted User]

I know I must sound like an idiot, probs was for all of this, but how do I know what I owe on the mortgage, because my statement is very difficult to understand it is 15 pages long, I need to know what I would need to pay to end today. I am not in fixed rate or anything and so would this mean I could sell with no mortgage fees to pay, I also think that Halifax now want a 10% min deposit for all buying

scheming_gypsy

You're paying a service charge on a terraced house? i'd have a word with them about that as the service charge is normally for apartment blocks where there are communal areas that are serviced by the HA. If you're in a terraced house I'm guessing that they don't actually service anything??

Catblue

OP, what is stopping you selling this property? Or have you tried that?

On a mortgage of 33K then even if you are in negative equity, then surely you can save up in order to cover the negative equity?

[Deleted User]

No they don't service anything at all, however they tell me when I complained that this is for the rent service (payments) and for things like the reception at the local office so that I may contact them should I need to, buildings insurance is also part of the service fee because they will not allow you to hold this (well you can but you must also have theirs).
Really appreciate your advise.

[Deleted User]

I want to sell but I need something else, we have just discovered that we have no "good" schools for our daughter to go to and this is what has really caused me to realise what has happened here. I need a place to live, I don't want to rent as then all of this has been a waste of time, the idea was to make a start. But it seems I may end up going backwards now :-/

mildred1978

The extra 6k of debt isn't going to do you any favours, and I doubt you'd get £157k when you bought for £120k 4 years ago