Shared ownership

Puddles19

I’m so confused... please help.

I brought my shared ownership property in 1999 ( with my ex partner) for £114k. The shared ownership is 50% so £57k.

My ex partner has paid NOTHING towards our children or the house for the last 13 years. Trouble is ... I would like to move to a bigger property and would therefore like to still my house.
My question is this:
The estimated property price on my street is £320k - will I therefore be making a profit?
How much will I be able to use to purchase a new home or will it be less hassle to remortgage?

My other confusion is if my mortgage, taken in 1999 was £57k and my mortgage repayments are complete in 2023 How can I still have £23k outstanding left to pay?

eddddy

Puddles19 wrote: »

Trouble is ... I would like to move to a bigger property and would therefore like to still my house.

Have you missed out a word (or words)? It's not clear what you mean.

Puddles19 wrote: »

My question is this:
The estimated property price on my street is £320k - will I therefore be making a profit?

So your 50% ownership will be worth £160k.

So assuming you manage to sell for £160k, you will have to pay off your £23k mortgage.

So you will be left with £137k to put towards your next property (less costs).

If you're able to get a new mortgage for your next property, you can add that to the £137k.

Puddles19 wrote: »

How much will I be able to use to purchase a new home or will it be less hassle to remortgage?

I'm not sure if this is what you mean - but if you want to staircase to 100%, you'd need to pay £160k.

So I guess you could increase your mortgage from £23k to £183k to do this (assuming you can afford the repayments).