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Old homebuy scheme 2004 - theyve just dissapeared !
mooshy
Posts: 5 Forumite
Hi
In 2004 we bought our home through the old homebuy scheme.
The HA gave us a 25% interest free loan - repayable at 25% of the resale price upon sale ... which could be anytime , even if at a loss .
The house was ours outright but with a charge over 25%.
Anyway we put a good deposit down also and now 12 years later there is a substantial amount of equity in our home .
We are also in the process of divorce so I needed to contact the HA to inform them of this . Also my solicitor wanted more details, for eg , is the product transferable, can I take over the now small mortgage, can I borrow further on the mortgage to buy out my husband ( needs their permission ) who to contact re valuation if sale etc.
I couldn't get a reply or answer from the HA.
Upon googling I discovered that the HA no longer exists. It was taken over by a bigger group who took over a lot of smaller HA`s.
I was never informed of this and subsequently have no idea who now has a charge over my home ?
The new larger HA have no record of me or my house and didn't even seem to understand that I was able to buy my house on the open market through homebuy in 2004 .
Should I maybe see a solicitor ?
I am funding the whole divorce and fees which are mounting and could really do without this and the added cost of more legal fees . However I need advice on what to do with my home and without talking to the party holding the charge over the house I cant move forward -- but they've gone !
Its a bit bad that I was never informed that the HA closed business .
Should I see a solicitor ?
Many thanks in advance ?
In 2004 we bought our home through the old homebuy scheme.
The HA gave us a 25% interest free loan - repayable at 25% of the resale price upon sale ... which could be anytime , even if at a loss .
The house was ours outright but with a charge over 25%.
Anyway we put a good deposit down also and now 12 years later there is a substantial amount of equity in our home .
We are also in the process of divorce so I needed to contact the HA to inform them of this . Also my solicitor wanted more details, for eg , is the product transferable, can I take over the now small mortgage, can I borrow further on the mortgage to buy out my husband ( needs their permission ) who to contact re valuation if sale etc.
I couldn't get a reply or answer from the HA.
Upon googling I discovered that the HA no longer exists. It was taken over by a bigger group who took over a lot of smaller HA`s.
I was never informed of this and subsequently have no idea who now has a charge over my home ?
The new larger HA have no record of me or my house and didn't even seem to understand that I was able to buy my house on the open market through homebuy in 2004 .
Should I maybe see a solicitor ?
I am funding the whole divorce and fees which are mounting and could really do without this and the added cost of more legal fees . However I need advice on what to do with my home and without talking to the party holding the charge over the house I cant move forward -- but they've gone !
Its a bit bad that I was never informed that the HA closed business .
Should I see a solicitor ?
Many thanks in advance ?
0
Comments
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Presumably you've checked your title document which refers to both your mortgagees charge and the housing associations charge? Just because they have no record, doesn't mean that they don't have the benefit of the charge which was probably assigned to them on acquisition of the previous HA.
If it were me I would check the Land Registry title documentation and write to them with the relevant title number and information contained within the LR document.0 -
The old shared equity schemes are managed by Metropolitan, the post-sales HTB Agent;-
http://www.myfirsthome.org.uk/I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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