We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Shared ownership - options
Options
workingalwaysworking
Posts: 20 Forumite
Evening all
This seems like the best place for some advice so hope to get some help!
DH and I live in a home we 'bought' through our local housing association two years ago. I say 'bought' as it was a no deposit scheme on a shared equity basis, based over a 35 year period. We pay them the mortgage payment, that goes up goes each year, as do our shares.
After the first 5 year period is up, the housing group will revise the payments for another 5 years.
Now, we can leave the property any time we want. We have a few options - give it back completely and get none of our shares from it. Or we would have to sell it at the price or above the price it was valued at when we bought it (either back to the group or via the open market). If we sell it above, obviously we would get our shares. If we sell it below, we would have to pay the difference to the group.
Are you following me so far? :eek:
Anyway, our neighbour has had their house on the market (identical to ours) for 3 months. It was priced at £139k, then yesterday was lowered to £124k. Ours was £130k.
What do you think? Stay for the remaining 3 years for the revised payments and hope they are lower or run for the hills, taking what shares we can?
thanking you!
This seems like the best place for some advice so hope to get some help!
DH and I live in a home we 'bought' through our local housing association two years ago. I say 'bought' as it was a no deposit scheme on a shared equity basis, based over a 35 year period. We pay them the mortgage payment, that goes up goes each year, as do our shares.
After the first 5 year period is up, the housing group will revise the payments for another 5 years.
Now, we can leave the property any time we want. We have a few options - give it back completely and get none of our shares from it. Or we would have to sell it at the price or above the price it was valued at when we bought it (either back to the group or via the open market). If we sell it above, obviously we would get our shares. If we sell it below, we would have to pay the difference to the group.
Are you following me so far? :eek:
Anyway, our neighbour has had their house on the market (identical to ours) for 3 months. It was priced at £139k, then yesterday was lowered to £124k. Ours was £130k.
What do you think? Stay for the remaining 3 years for the revised payments and hope they are lower or run for the hills, taking what shares we can?
thanking you!
0
Comments
-
So your only driver is turning a profit?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards