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Shared ownership
Cerese_85
Posts: 2 Newbie
Hi, I’m just wondering if anyone can advise please. I have a flat in Newcastle ( NatWest mortgage), I now rent it out as I moved to London for work. NatWest have given me consent to let. I really want to buy a flat in London through shared ownership, prob 30% share, however, I have queries this with afew companies and they have advised that I can’t do this while I own the property in Newcastle. Does anybody know of any providers who allow this because I currently pay £900 for a basement studio in London and at age 35.... I don’t particularly want to stay living in one room! I previously tried to sell the flat and couldn’t, and in addition, my tenant has just signed a 12 month contract. Is there any way I can do shared ownership in London yet keep the flat in Newcastle.
Thanks in advance!
Thanks in advance!
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Comments
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No, the flat has to be sold to benefit from H2B.Mortgage started 2020, aiming to clear 31/12/2029.0
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Don't know about your shared ownership issue, but have you tried selling the Northern flat to the tenant - if they've signed a new 12 month tenancy they must like the place?0
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Shared ownership is a government scheme and one of the rules is you can't own another property. There is no way around that.0
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You absolutely cannot own another property when buying a shared ownership.
Also you would pay the additional stamp duty too if you bought on the open market.0 -
Oh no he doesn’t want to buy it, he’s just renting while he does his PHD then moving on unfortunately!0
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There's a potential solution, you can soon buy a share of a house privately on a site launching called Cucoon.co.uk, which lets you find compatible homebuyers in your area. So by buying together you can get a bigger place and own half of it each for example. Avoids some of the restrictions of shared ownership schemes. It's launching soon but no harm in signing up
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