Shared Equity advice

Soldierearth54

Hi,

was looking for some HELPFUL advice on a situation:

We owe 25% of the current market value of our house to our housebuilder which currently equates to (£80000 = £20000).

At that price we wouldn't be able to settle until the 10 year period is over.

We would like to settle now to help us move on to our next house but could only do so at 20% (£80000 = £16000).

Housebuilder only willing to go to £18,562 but I attempted to negotiate with them to no avail.

I fully explained that I could pay the £16000 now otherwise it would be another 6 years before they get the money back. This didn't make any difference.

Does anyone have any experience personal or work related in this matter to help us take it forward?

kingstreet

If they won't accept a lower amount, I can't see what other options you have. They have a charge over your property and the outstanding amount will be deducted from the sale proceeds if you sell.

Anything which involves you paying less would be at the discretion of the chargeholder.

Soldierearth54

kingstreet wrote: »

If they won't accept a lower amount, I can't see what other options you have. They have a charge over your property and the outstanding amount will be deducted from the sale proceeds if you sell.

Anything which involves you paying less would be at the discretion of the chargeholder.

They offered the amount which I would now like a year or so ago therefore they have the ability to do. I just need to figure out what will convinve them...