Shared Ownership Lease Issues

evilerthanskeletor

Hi,

I am suffering an absolute nightmare trying to sell my shared ownership property.

I bought a 40% share outright as I could not obtain a mortgage at the time having just moved to the UK.

I now am able to obtain a mortgage and have been trying to sell my 40% share since March last year.

My housing association (One Housing Group) asked for me to pay to value my flat, of which I did. And they then assigned a buyer.

This buyer was not able to get a mortgage after 2 months of delays, and so their subsequent buyer later failed to extend his mortgage offer. This took a total of 10 months.

I eventually had no choice but to attempt to sell on the open market. I offered to staircase my 40% to 100% in cash - In order to sell on the open market at 100%.

After finding a buyer for the entire property on the open market, his mortgage bank asked for a leasehold clause of a 1% fee to be removed in order for the mortgage offer to be valid.

The clause states that the housing association is allowed to nominate a buyer and charge a 1% fee.

The Housing Association claimed they cannot remove this clause, despite confirming on the phone that this is not compulsory for 100% equity owners. But there is nothing that states what they are telling me over the phone in their documentation. And they claim they are unable to write a letter confirming so.

The Housing Association claims that many high street banks have offered mortgages successfully despite their contract.

I am on my wits end as I have spent more than £5000 on surveys and reports to try and maintain a property to purchase while trying to sell.

Not sure if shared ownerships are allowed to be this irresponsible about 100% equity holders?!

Aside from going to the ombudsman what else can I possibly do? I have been running rings around the HA for over a year now.

Help! :mad::eek:

Building_Surveyor

Have you approached a solicitor at any point to look into the lease issues?

evilerthanskeletor

Just my conveyancing solicitor who is dealing with the sale.

He claims that he can't do anything if the housing association does not want to budge.

The Housing Association on the other hand, claims that many buyers have sold in the past with successful high street mortgage companies.

So at the moment my solicitor blames their solicitor. Their solicitor says she has no instruction to remove the clause and they can't write a letter to confirm that a 100% equity holder is exempt from the nomination and 1% fee clause.

This is absolutely ridiculous.

Building_Surveyor

I'm not sure what you can do perhaps try another conveyancer. These types of clauses normally last for 21 years from the time you staircase to 100. They are not compulsory though. It normally says the HA reserves the right.