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Shared ownership – staircasing while subletting advice
Comments
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Just to update given the numerous scare stories above, this was all very easy and I'm now the proud owner of the property. If you are in a similar situation to me feel free to PM me and I'll take you through, or to summarize
Lenders look forwards not backwards = No issue with historical mortgage not being buy to let, unless perhaps you seek to stay with same lenders. New lenders don't query the past, they want your business.
Housing Association = Don't get involved when you staircase to 100%, the whole case is treated as per private sale, they will get an independent valuation but after that you don't deal with them, it's handed over to solicitors.
Tax = I just declared late. No fine. and all via the gateway site. As I'm working abroad perhaps it helped I have/had no due UK Tax to pay anyway, as I can prove the rent falls below the personal tax limit.
Tenants = As stated I believed mine were fine and indeed no issue. Obviously this is a personal judgement/risk that you should consider.
I was very open with my solicitors who had experience in this, their advance was that basically handled currently this is low risk.0 -
I never saw the original thread. Quite a lot of scare mongering.
Shared ownership staircasing in conjunction with expat and btl is indeed possible albeit a limited market for lenders.
I have just got an offer for someone else staircasing who is currently expat but moving back to the UK in Jan under a residential mortgage and was able to get this mortgage sorted for the op without too much difficulty
Glad things are going well Dee and that we were able to find a solution for youI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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