Buying a repossession with shared ownership

Nicolayasmin

6 weeks ago i put an offer in on a property which was accepteted. The property is a repossesion. i know you can be gazumped at any point and need to complete asap, however after 3 weeks from offer being accepted my solicitor told me the property has shared ownership and the asset management company only has 25%. So it has taken 6 weeks for the transfer paperwork to be processed so i can buy 100%.

literally days before i got the trasfer paperwork i get a call saying a higher offer has come in. they asked if i would like to increase offer i have said no.

Should the estate agent have told me this was shared ownership when i put my offer in? they say they didnt know but i think i should have been told as this has changed the situation dramatically.

kingstreet

If the mortgagee in possession hasn't told the agent the property was shared ownership, it would have been impossible for them to tell you.

The first point this would then come to light is via your solicitor, on receipt of the draft contract. That appears to have been the case here.

As the mortgagee is actually purchasing the remaining share from the housing association using its mortgage protection clause, it does make the process more long-winded.