shared equity scheme

begganmanu

Hi there , here's hoping some ppl are able to shed some light on my current situation .. I purchased a house in 2009 via the Shared equity Scheme with the developer owning 25 percent giving me 10 years to pay back .house cost 225,000 and borrowed 75 % from Halifax and agreed to pay back the remaining 25 % to the builder/developer with a few conditions should circumstances change for example ( 1) if I sold the house I would need to pay the 25 percent immediately (2) should I remortgage then I would also need to repay immediately and (3) I had 10 years to pay the 25% back .. ....now in 2011 the developer/ building company went bankrupt and into administration with price Waterhouse Cooper appointed administrators.they made early contact not long after being appointed notifying us residents in the estate that they would not stand over any snags/glitches left from the developer but that the Shared equity Scheme to which we bought under would still apply as this scheme was part of the assets.. and when I made contact through the citizens advice with them they assured me that I do indeed need to pay this and there would be no crystallisation of this deal unless I sell house or 10 years are passed and any further developments they would be in touch , So to this day I haven't paid anything back and the question I have is , Do I need to pay this 25% as part of the Shared equity Scheme when the builder went bust and didn't stand over their duty for snags etc to a new build housing estate ? Appreciate the response thanks

fiesta04

It appears nothing has changed from your post in Nov 13, so the replies are still valid.


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