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Shared ownership query
Chris2015
Posts: 7 Forumite
I've never created a thread on here before but I'm looking to sell my shared ownership property. I have a 75% share and have lived here for 10 years. However, the housing association have mentioned that I must pay into a sinking fund upon completion and I would have to pay £10k approximately. I have challenged it but they have said tough as it was in your lease. They have told me that the conveyancing solicitor should have mentioned it to me. Although it was 10 years ago I am certain it wasn't mentioned as I would have remembered that I may need to pay £10k at completion. This has effectively eaten into most of the equity and means that I will have to save the money to raise a deposit for my next property. This will be difficult with a young family. I will raise this with the solicitor but I am not hopeful.
Any advice or suggestions would be greatly appreciated. Thanks.
Any advice or suggestions would be greatly appreciated. Thanks.
0
Comments
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Sounds like it's a grand a year that's gone unpaid for ten years.0
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Is it actually mentioned in the lease? You say they told you it was, but have you actually read it to confirm?
Not a lot you can do if it is included. If your new property is leasehold as well, make sure you read the lease carefully so you are aware of any potential charges.0 -
It's 0.75% per year on the full value of the policy and it is in the actual lease. I'd always talked up shared ownership but I wouldn't recommend it now. I will email the solicitor but I think I will get fobbed off and have to accept it. Best get saving.0
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Shouldn't your solicitor have mentioned this ?? Isn't that what you pay them for? To tell you about any legal Mumbo jumbo in contracts that might affect you in the future?
Solicitors = scum of the earth0 -
That's what I thought. I will challenge them and I have been thinking about a no win no fee claim as they have been negligent. If anybody is on shared ownership or owns a flat I would urge them to approach their housing association or landlord re any potential sinking fund as it can be hefty.0
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