Shared Ownership Advice

richardw

gizmo1234 wrote: »

My house has been on the market for a year and half, ive sold it 4 times! Because its shared ownership the buyer has to be accepted by the housing asssociation..

What %age share are you selling?

gizmo1234

Its a 50% share, i reduced the house to £61,500 out of desperation to sell it but it was valued at £69,955

richardw

Have these buyers got £12,300 as a 20% deposit?

gizmo1234

Everyone has always had the mortgage side sorted at the start and had enough money to get that side of things accepted so as far as i know they would have the money for the deposit, my estate agent everytime has said that its all been ok with that side of things. From what the housing association keep telling me its when they work out all the outgoings like mortgage, rent, bills etc that after that their criteria says they have to have a certain amount of money left a month in their pocket and according to them no on ever has this amount they require

richardw

gizmo1234 wrote: »

...when they work out all the outgoings like mortgage....

If they can't get a mortgage at a lower interest rate then the HA affordability thing doesn't work. This means that higher 15% deposits or more may be needed for lower mortgage interest rates.

gizmo1234

Ive found out today that the lady that has got declined had £65,000 cash! to put down on my house so she wouldnt have a mortgage as my 50% share is £61,500 and she works full time which i worked out all the bills she would be left to pay e.g rent, water, gas, electric, council tax, contents insurance etc and thats only £500 a month. At the worst if shes earning minimum wage she would ne coming out with over £800 a month after tax and they still tell me shes not got enough money to but my house! I really dont know what to do, someone has mentioned i should contact my local MP or the housing ombudsman

gaz141

gizmo1234 wrote: »

Everyone has always had the mortgage side sorted at the start and had enough money to get that side of things accepted so as far as i know they would have the money for the deposit, my estate agent everytime has said that its all been ok with that side of things. From what the housing association keep telling me its when they work out all the outgoings like mortgage, rent, bills etc that after that their criteria says they have to have a certain amount of money left a month in their pocket and according to them no on ever has this amount they require

sounds like Thames Valley Housing, they are a nightmare

richardw

gizmo1234 wrote: »

....From what the housing association keep telling me its when they work out all the outgoings like mortgage, rent, bills etc that after that their criteria says they have to have a certain amount of money left a month in their pocket and according to them no on ever has this amount they require..

Perhaps ask the HA to double check their maths and the spreadsheet, there's a chance that they might be making an error and also repeating that error.

richardw

gizmo1234 wrote: »

Ive found out today that the lady that has got declined had £65,000 cash!

I don't think shared ownership is open to cash buyers.