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Shared ownership - unable to exchange
Mermaid89
Posts: 107 Forumite
Hi all
Our solicitor got in touch today as we are supposed to be exchanging next week. The exchange can't be done as apparently the housing association who are going to own the other 50% don't technically own the house. This is because a sale between the HA and the developers hasn't gone through yet and our solicitor is not willing to let us sign anything until this happens. She also said the lender will not be prepared to release mortgage funds for the same reason.
Has anyone experienced this before and is it common practice with shared ownership?
Thanks in advance
Our solicitor got in touch today as we are supposed to be exchanging next week. The exchange can't be done as apparently the housing association who are going to own the other 50% don't technically own the house. This is because a sale between the HA and the developers hasn't gone through yet and our solicitor is not willing to let us sign anything until this happens. She also said the lender will not be prepared to release mortgage funds for the same reason.
Has anyone experienced this before and is it common practice with shared ownership?
Thanks in advance
0
Comments
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Yes - we have an underlease with the housing association, who have a head lease with the company who own the freehold title, I don’t think it’s that uncommon. We also couldn’t exchange because there was a problem with the title and the head lease wasn’t in place. There’s no way you’ll be able to exchange until it’s resolved unfortunately
Thankfully ours didn’t take that long but we weren’t given any timelines and it had the potential to drag on for months. 0 -
Nightmare. Thank you for responding0
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