Shared Ownership, moving abroad, can't rent :/

simond83

So, I've got a new job and will be relocating to Asia at the start of February. This move came out of the blue, but is a great opportunity, so am 100% going.

I bought my first place in April 2017, full price of £295k, and got 65% of this shared ownership property. My 2 year fix mortgage (3.55%) ends in January. After that, it'll default to the SVR of 5.44%.

I can't rent out the place, as it's shared ownership and they won't let me. I can't buy 100% and rent it out as buy to let, as i don't have enough deposit or equity. The housing association have waived their right to their standard 8 week first sale opportunity due to this massive change in my circumstances. However, the property (Hertfordshire) is on a new site, and they have lots of new, unsold units still.

I have the property listed with a local agent for both 65% and 100% sale, but it's Christmas time and pre-brexit.

My worry is, that i'll be stuck with the place for months, and very few options open to me. My questions are:

-Do i need to tell my lender i'm going abroad? Can i just let the mortgage carry on at the SVR and pay it from Asia (i'll be able to afford it, (mortgage, rent and service charge), just!!).

-Will the mortgage lender be able to do anything to help me (interest only till sold?)

-Any other ideas, as i'm all out of them myself, and this seems to be quite a unique situation. Help!

theartfullodger

Is move to asia temporary or, for example, a free-lance job? If so then your permanent address remains at property.


But I would inform lender. And check conditions & for insurance (it's likely it will say must be inspected every say 14 days....)

Slithery

It will sell if priced correctly, it doesn't matter what time of year it is.

jim1999

Slithery wrote: »

It will sell if priced correctly, it doesn't matter what time of year it is.

True, but with Shared Ownership you often don't get to choose how much to sell it for.

SandraX

Dear OP

Did you not consider this before accepting your new job?

You can always sell something at the going rate and with this Brexit thing, it's a buyers market.

ATB

simond83

The job is permenant, but I don’t expect to stay in Asia forever.

I have to sell as per the RICS valuation, £310,000, an increase on my original buy price, so willing to take a small hit on a offer lower if needed, but that would come out of my money, the housing association always want their percentage (35%) of the RICS valuation, no matter what.

Yes, I did consider this before accepting the job, but life moves on

poppy10_2

Yet another reason why shared ownership is a scam. Such a shame

martindow

I think in your circumstances I would not want to burn too many bridges. Can you afford to keep it going for a while until you are sure that this new job and living in Asia are for you?


Once you are certain that you have made the right move you could sell in the spring.