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Shared Ownership
dc61
Posts: 43 Forumite
We own 25% of our home purchased from Places for People. We have maintained the mortgage and rent since 2009 with no problems. However, due to issues with the Community Centre across from us, we are desperate to move and have seriously considered handing back the keys to the Mortgage Company. There are other shared ownership properties for sale on the site but they just aren't selling even 12 months on.
My question is, if we gave notice to PfP and moved out - but continued to pay our mortgage until the property was sold or PfP decided to let it out wholly - would we still have to pay rent although not living in the property?? We've had no support from PfP with the issues (and some of the issues involve them too as owners of the site) so what would happen if we continued paying the mortgage but stopped paying the rent (saving it until they sorted out the issues)??
My question is, if we gave notice to PfP and moved out - but continued to pay our mortgage until the property was sold or PfP decided to let it out wholly - would we still have to pay rent although not living in the property?? We've had no support from PfP with the issues (and some of the issues involve them too as owners of the site) so what would happen if we continued paying the mortgage but stopped paying the rent (saving it until they sorted out the issues)??
0
Comments
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You'll receive a number of items of correspondence leading to a 'notice' giving you a date after which they will apply to court for a possession order - and if you still withheld the rent then you'd incur court costs and modest legal fees and ultimately lose the property.
Try to speak with one of the directors or the Chief Exec - or someone on their board - it's amazing how doing this often galvanizes a major RP's response. (The stopping paying the rent is plain stupid)0 -
You'll receive a number of items of correspondence leading to a 'notice' giving you a date after which they will apply to court for a possession order - and if you still withheld the rent then you'd incur court costs and modest legal fees and ultimately lose the property.
Try to speak with one of the directors or the Chief Exec - or someone on their board - it's amazing how doing this often galvanizes a major RP's response. (The stopping paying the rent is plain stupid)
Hump - I agree with the comment about it being stupid to stop paying the rent - not my idea but the hubby's made in complete and utter frustration at the situation. The CE suggestion may well be the answer. Thank you.0
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