How does anyone get out of shared ownership trap??

ASingleParent

I am in desperate need of others advice as I seem to be going around in circles and getting conflicting information wherever I turn.

My situation - I am in a shared ownership townhouse, single parent, two kids, which is too much for me, awkward layout, too many stairs etc.

When inquiring about selling my house and buying another shared ownership I have been told I would only need to have agreed a sale in order to be then considered for another shared ownership...

But I have been told by another housing association that I would have to have actually sold with contracts exchanged.

Where do I live in the interim then?? if I sell mine I can't afford to rent while looking around.

Anyone got any experience of moving from one shared ownership to another please?

libf

Contracts exchanged and sale completed are two different things.

It sounds like you need to find a buyer, then apply for the new property. You can then link sale and purchase together by exchanging on both at the same time. At least, that's how it sounds from what you've said. Clarify this with the two shared ownership schemes.

carefullycautious

I wonder if you would be allowed to exchange with another shared ownership owner. I know quite a few people who have done this with private sales.


So what you would do is find out if there are any other shared owners who want your bigger townhouse and you would have their property. You would sell to each other.

ASingleParent

No, I'm not allowed as I own 30%, I have enquired already.

carefullycautious

Well then the only way to find out the true answer is to put the question in writing to your housing association and wait for a written reply. This is legally binding then surely

ASingleParent

Thanks, unfortunately different housing associations seem to have different takes on it. My one said sale agreed but the one I wanted to buy from said contracts exchanged, I'm now like a rabbit in the headlights afraid to put mine on the market in case I am left with a sold house and unable to move on to another.

carefullycautious

ASingleParent wrote: »

Thanks, unfortunately different housing associations seem to have different takes on it. My one said sale agreed but the one I wanted to buy from said contracts exchanged, I'm now like a rabbit in the headlights afraid to put mine on the market in case I am left with a sold house and unable to move on to another.

If you get it in writing they cannot then renege on it.

ASingleParent

Not really the answer I'm afraid as like I said they all seem to have different criteria and the problem is in trying to go from one property to another.

carefullycautious

Sooo are you saying that the housing association you wish to buy from is different from the one you are selling from?

ASingleParent

Well yes. I have to cast my net wide to even find another home, there are very few 3 bed shared ownership houses around. It's a nightmare to be honest.