Property buying and selling process

superstevesaints

Hi all

I would like a bit of advice if possible.

In 2003 I bought my first flat on the shared ownership scheme, only 25% but did well considering I was only 23 and on awful wages. Since then my flat has gone up quite a lot in value, in addition to paying my mortgage ive gained a bit of equity.

I met a girl etc and she moved in, we have since become engaged and now as a couple we would like to move to a bigger place.

I was recently in an IVA which has now been paid off with a lump sum and has been completed. Although it will still show on my credit file for the next few years, not allowing me to get a mortgage/credit until its off my credit report completely.

So me and my fiancee have found a nice place were interested in, a bigger 2 bed shared ownership property, but i have several questions...

1. As I am unable to get a mortgage due to my credit rating, can my fiancee purchase the property using some of my equity as the deposit? I am happy to gift it to her?

2. How does the first question work during a chain, as i would be selling mine, and she would be purchasing the bigger place.

3. Can someone explain the deposit process as if im a dummy.

4. Can someone explain the whole chain process as if im a dummy. Including everything from putting in an offer/applying for the shared ownership property to selling mine?

5. Is this even do able?

Many thanks in advance!

TBagpuss

Have you spoken to an independent, whole of market mortgage advisor to see whether you are right about not being able to get a mortgage?
I'd do that first

G_M

Have you borrowed (free) a book on property buying/selling from your library?

This might fit the bill.....:

https://www.amazon.co.uk/Buying-Selling-Home-Dummies-Melanie/dp/0764570277/ref=sr_1_1/257-1037089-5000603?ie=UTF8&qid=1500400173&sr=8-1&keywords=buying+a+house+for+dummies

superstevesaints

Yep have spoken to an advisor. Definitely cant until it drops off.

eddddy

I don't think the book referred to above will give you any info on the shared ownership aspect.

I believe there are eligibility criteria for shared ownership, so your fiancee will have to meet those.
Here's a bit of info: http://www.moneysupermarket.com/mortgages/hubs/first-time-buyers/shared-ownership-schemes/

You need to ask your Housing Association about how they want you to go about selling your current property.


Shared Ownership is intended for first-time-buyers, so you're kind of going against the spirit by selling one in your name, and buying one in your fiancee's name. Your fiancee may be better off not mentioning you when she applies.

superstevesaints

eddddy wrote: »

I don't think the book referred to above will give you any info on the shared ownership aspect.

I believe there are eligibility criteria for shared ownership, so your fiancee will have to meet those.
Here's a bit of info: http://www.moneysupermarket.com/mortgages/hubs/first-time-buyers/shared-ownership-schemes/

You need to ask your Housing Association about how they want you to go about selling your current property.


Shared Ownership is intended for first-time-buyers, so you're kind of going against the spirit by selling one in your name, and buying one in your fiancee's name. Your fiancee may be better off not mentioning you when she applies.

Its intended for those who struggle to buy a normal 100% property, and fall under the 80k household income. But also first time buyers yes.