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When "affordability" becomes a food for Housing Association sharks.
Mkinili
Posts: 2 Newbie
Good evening all,
Can a Housing Associations like optivo, hyde etc increase subsidence excess to £5000 without a formal notice for a shared ownership house built in 1930's - WITHOUT any subsidence history? We own a %50 on a 4 bedroom house which was bought back in 90's.
This is basically preventing sale of our house in South London. The housing association has increased excess for subsidence to £5k and Santander (our new buyers mortgage lender) are not approving the application to move onto exchange of contracts.
When asked - the HA basically said "Its a blanket policy affects the whole portfolio",
Please help!
So hows this "Affordable" housing when you are slapped with a excess bill should a claim is submitted?
We are stuck,
Can a Housing Associations like optivo, hyde etc increase subsidence excess to £5000 without a formal notice for a shared ownership house built in 1930's - WITHOUT any subsidence history? We own a %50 on a 4 bedroom house which was bought back in 90's.
This is basically preventing sale of our house in South London. The housing association has increased excess for subsidence to £5k and Santander (our new buyers mortgage lender) are not approving the application to move onto exchange of contracts.
When asked - the HA basically said "Its a blanket policy affects the whole portfolio",
Please help!
So hows this "Affordable" housing when you are slapped with a excess bill should a claim is submitted?
We are stuck,
0
Comments
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Will any other lender lend against it with that excess?
Can you/the new buyer obtain a buildings insurance policy with a lower excess? (I dont know how this would work in practice but could be an option).
Can you get an insurance policy that will pay your excess?I am a Mortgage AdviserYou 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 -
What does your lease say about the landlord's insurance obligations?0
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