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Buying rest of shares in our house
huddsta
Posts: 715 Forumite
Hello.
My girlfriend and I are looking to buy the rest of our shared ownership house. I am currently the only name on the mortgage so it would be a case of adding her on at the same time.
I originally bought 55% of the house for £54000 with a £10000 deposit, so on that basis I reckon the remaining 45% will be around £45000.
The mortgage is will Leeds BS and to avoid incurring charges we are planning to stay with them.
We both earn around £14500 each and have no debts or financial commitments other than one car.
We can pay around £500 p/m.
Can anyone advise on what might be the best plan of attack in our situation?
p.s. We have been kick started in to doing this by an increase of about 10% in the monthly repayments.
My girlfriend and I are looking to buy the rest of our shared ownership house. I am currently the only name on the mortgage so it would be a case of adding her on at the same time.
I originally bought 55% of the house for £54000 with a £10000 deposit, so on that basis I reckon the remaining 45% will be around £45000.
The mortgage is will Leeds BS and to avoid incurring charges we are planning to stay with them.
We both earn around £14500 each and have no debts or financial commitments other than one car.
We can pay around £500 p/m.
Can anyone advise on what might be the best plan of attack in our situation?
p.s. We have been kick started in to doing this by an increase of about 10% in the monthly repayments.
Bet match total as of 04/10 = God Knows + About £1000 Quidco. Time for Mrs Huddsta to have a crack!!!
The Bronze Challenge - earn £250 in profits =£73.32
The Bronze Challenge - earn £250 in profits =£73.32
0
Comments
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Quick bumpBet match total as of 04/10 = God Knows + About £1000 Quidco. Time for Mrs Huddsta to have a crack!!!
The Bronze Challenge - earn £250 in profits =£73.320 -
I don't profess to know a lot about Shared Ownership, but surely your 45% now would be worth more than £45000? Or is the house still worth about £100000? You don't say how long ago you bought your share?
A:mad: :j:D:beer::eek::A:p:rotfl::cool::):(:T0 -
You would need to get a current valuation done to find its market value. You would then have to buy the remaining share at that value.
I did it a few months ago and managed to get a low valuation done. I then sold it making about an extra £20k (cant remember exactly)0 -
We've only been here about 7 months, can't see that it will have gone up much.
The housing association pay half towards the valuation (nice of them).Bet match total as of 04/10 = God Knows + About £1000 Quidco. Time for Mrs Huddsta to have a crack!!!
The Bronze Challenge - earn £250 in profits =£73.320
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