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Desperate need for house selling advice!!! Please!!!
ljstevens
Posts: 11 Forumite
Hi Folks,
Im really in desperate help of some financial advice for selling my property.
Here's my situation........
Im currently living and working in Australia, I have been here 2 years on a working visa and now the company has decided to keep me here permanently, which is great but throws up problems with my house in the UK.
I brought my new build house in 2006 for £165k, I brought it on a shared ownership scheme (Places for People, who are terrible just for the record) on a 50/50 deal. I got a mortgage for £80kish and rented the other part from the housing association with the intent to buy 100% at a later date.
Fast forward to the last 2 years, post housing price crash, I rented my property out, when I left for Oz. I was told by the Housing association I wasn't allowed to make any money on the rental of the property and had to provide all costs to them to show I would be making no profit from the rent which I was told was part of the terms of letting the property (later I was told this is not true, even though I have the original email to say this). I wasn't allowed to add and contingency into the rent so I had no where to go on the rental price. The property rented, but slowly over time the rental rate to the housing association and mortgage rate has risen. Its now costing me money every month and now I'm at the end of my overdraft and things are starting to bounce. I can't raise the rent due to it would make it over priced for the area, if i could raise it, it would be buy nearly £110 a month, which I would probably lose my tenant.
So I'm trying to look at my options, I have no extra funds in Oz every month to subsidise plus with exchange rates it would cost a small fortune every month.
I would love to sell, but the house is only valued at around £145-150k at the most (split between 50/50 is around £75k to each party), so I don't have the money to pay back the gap in the mortgage difference.
I can't hand the keys back due to 2 parties being involved.
I could go bankrupt but because the house is in negative equity it has no value.
Ive spoken to both parties and they don't seem to care they just want their money.
I need this massive weight lifting from around my neck but I don't know what to do!!! Help!!!
Im really in desperate help of some financial advice for selling my property.
Here's my situation........
Im currently living and working in Australia, I have been here 2 years on a working visa and now the company has decided to keep me here permanently, which is great but throws up problems with my house in the UK.
I brought my new build house in 2006 for £165k, I brought it on a shared ownership scheme (Places for People, who are terrible just for the record) on a 50/50 deal. I got a mortgage for £80kish and rented the other part from the housing association with the intent to buy 100% at a later date.
Fast forward to the last 2 years, post housing price crash, I rented my property out, when I left for Oz. I was told by the Housing association I wasn't allowed to make any money on the rental of the property and had to provide all costs to them to show I would be making no profit from the rent which I was told was part of the terms of letting the property (later I was told this is not true, even though I have the original email to say this). I wasn't allowed to add and contingency into the rent so I had no where to go on the rental price. The property rented, but slowly over time the rental rate to the housing association and mortgage rate has risen. Its now costing me money every month and now I'm at the end of my overdraft and things are starting to bounce. I can't raise the rent due to it would make it over priced for the area, if i could raise it, it would be buy nearly £110 a month, which I would probably lose my tenant.
So I'm trying to look at my options, I have no extra funds in Oz every month to subsidise plus with exchange rates it would cost a small fortune every month.
I would love to sell, but the house is only valued at around £145-150k at the most (split between 50/50 is around £75k to each party), so I don't have the money to pay back the gap in the mortgage difference.
I can't hand the keys back due to 2 parties being involved.
I could go bankrupt but because the house is in negative equity it has no value.
Ive spoken to both parties and they don't seem to care they just want their money.
I need this massive weight lifting from around my neck but I don't know what to do!!! Help!!!
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