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Shared Ownership - Options for Neg Eq property?

fourpaws Posts: 1 Newbie

27 June 2012 at 8:15PM in House buying, renting & selling

OK, bit of a long story.

My partner bought a Bellway property on a Shared Ownership scheme just as we met and just before the crash. The value of the property was £159k at time of purchase and on a 60/40 split between my other half (60) and Bellway (40).

A few years later and we are now living together and this one bedroom shoe box is just too small!! We haven't had the flat valued but other similar flats in this development are going for between £105k and £115k.

My partner's mortgage currently stands at £83k.

I'm not too great with this stuff but based on the above and using the lowest selling price of £105, am I right in thinking there is negative equity of £20k?

We need to move one way or another - ideally we would want to sell the flat but is that in any way possible given the above information? Any help greatly, greatly appreciated - there doesn't seem to be any info out there are to what happens when negative equity is involved! :eek:

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Shared Ownership - Options for Neg Eq property?

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