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Stuck in shared ownership
Unicorn10
Posts: 12 Forumite
Hello.
Looking for some advice.
Approx. 10 years ago ( whilst free and single) I bought 50% of a 2 bedroomed shared ownership property Paying interest only with a view to selling a couple of years later. Then the market crashed.
10 years on I'm now married with a 3 year old and another on the way.
My apartment has been on the market for 2 years now, with a negative equity of 15k. I've had plenty of views bit the shared ownership is a stumbling block for buyers.
My credit rating is good.
Feel like I'm stuck, with my life on hold.
Do any of you know of a way to get out of this situation?
Unable to sublet and can't afford to buy it outright.
Help?
Looking for some advice.
Approx. 10 years ago ( whilst free and single) I bought 50% of a 2 bedroomed shared ownership property Paying interest only with a view to selling a couple of years later. Then the market crashed.
10 years on I'm now married with a 3 year old and another on the way.
My apartment has been on the market for 2 years now, with a negative equity of 15k. I've had plenty of views bit the shared ownership is a stumbling block for buyers.
My credit rating is good.
Feel like I'm stuck, with my life on hold.
Do any of you know of a way to get out of this situation?
Unable to sublet and can't afford to buy it outright.
Help?
0
Comments
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If it's been on the market for 2 years then it is overpriced...I would reduce it further...be generous. And take the hit....Can you get a loan to pay the shortfall once you have sold?0
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freeisgood wrote: »If it's been on the market for 2 years then it is overpriced...I would reduce it further...be generous. And take the hit....Can you get a loan to pay the shortfall once you have sold?
Not that easy. In most cases the HA will dictate the resale price on SO properties.0 -
Thanks for the replies.
The current asking price is as low as it can be.
Would the HA be able to do anything?
I've thought about stopping the mortgage payments and letting them take it back. But I work in the public sector and this may effect my job0 -
Would the HA be able to do anything?
I've thought about stopping the mortgage payments and letting them take it back. But I work in the public sector and this may effect my job
Probably not as they'll be looking to protect their own interests. But it'll certainly be worth entering into dialogue with them.
If you stop mortgage payments you'll have much bigger problems than your job.
You say your credit rating is good, you may need to self finance your way out of this situation.0 -
Self finance?0
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Stop paying interest only and pay down your mortgage so it isn't in negative equity.Don't listen to me, I'm no expert!0
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Thanks for the advice0
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It sounds like the HA isn't helping much.
Have you thought about renting it out and maybe start paying mortgage off with rent? - this is if you are allowed when its a shared ownership.0
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