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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
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So your only driver is turning a profit?0
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