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Shared ownership, selling and marital breakdown
dc61
Posts: 43 Forumite
not sure if this is the right thread to post in but I wonder if anyone can offer any advice regarding my predicament.
I have recently separated from my abusive husband. He continues to live in our marital home. I have moved back to my home area so I am closer to my job.
We purchased a property about six years ago from PfP on shared ownership. We bought 25% and still owe about £26,000 on a mortgage that wasn't much more than that - very little of the actual money seems to have been paid off although there are no arrears etc. Anyway, hubby has now contacted me and said he wants to sell it. No problem with that. However, quite a number of similar properties and situations are available on the same estate and nobody is showing any interest, making enquiries etc (as per owners). Hubby is now saying that unlikely to be able to sell and therefore thinking about just handing keys in and letting it be repossessed. I am very concerned. I cannot return to the area myself - it would not be safe for me and I have no wish to return there. Perhaps also of relevance is hubby has an IVA with about another 12-18 months to run.
So where do I stand, what can I do - if anything? I am writing a letter to PfP outlining the situation and pointing out that the cul de sac only has ten houses, and the other nine are all social housing with them (nice estate in fairness and decent neighbours). I am going to suggest that they consider buying it back, even if only at the figure to clear the mortgage (although obviously I won't say that to them).
Has anyone any suggestions or advice regarding this situation. I cannot return to the property so this is not an option unfortunately. Thanks in anticipation.
I have recently separated from my abusive husband. He continues to live in our marital home. I have moved back to my home area so I am closer to my job.
We purchased a property about six years ago from PfP on shared ownership. We bought 25% and still owe about £26,000 on a mortgage that wasn't much more than that - very little of the actual money seems to have been paid off although there are no arrears etc. Anyway, hubby has now contacted me and said he wants to sell it. No problem with that. However, quite a number of similar properties and situations are available on the same estate and nobody is showing any interest, making enquiries etc (as per owners). Hubby is now saying that unlikely to be able to sell and therefore thinking about just handing keys in and letting it be repossessed. I am very concerned. I cannot return to the area myself - it would not be safe for me and I have no wish to return there. Perhaps also of relevance is hubby has an IVA with about another 12-18 months to run.
So where do I stand, what can I do - if anything? I am writing a letter to PfP outlining the situation and pointing out that the cul de sac only has ten houses, and the other nine are all social housing with them (nice estate in fairness and decent neighbours). I am going to suggest that they consider buying it back, even if only at the figure to clear the mortgage (although obviously I won't say that to them).
Has anyone any suggestions or advice regarding this situation. I cannot return to the property so this is not an option unfortunately. Thanks in anticipation.
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