Shared ownership when already part-owning a house

JohnFenwick

Hello, I can't quite find the answer anywhere so thought I would ask here.
I co-own a house with my father. I live there with my family.  My dad and mum also live here too.   This is due to various reasons.
The lockdown has made us realise we need to have our own space (although we were aware of this for a while )  and just be nearby if needed.  My parents don't want to sell.  I don't want to force them out or anything.
We can't afford a family home on our own but we possibly could on a shared ownership.  Would I be eligible for this given my current co-ownership situation? 

haras_n0sirrah

You wont be able to get a shared ownership if named on another property. Can they remortgage and buy you out?

JohnFenwick

I'm afraid not as both are now pensioners and wouldn't be able to afford to buy me out.  Oh well, back to the drawing board.

Edi81

is there still a mortgage on the house you live in with your parents? if not, you could sell the property for a nominal sum.

JohnFenwick

Unfortunately they are not willing to sell which is a real pain. 😢

blue_max_3

JohnFenwick said:

Unfortunately they are not willing to sell which is a real pain. 😢

I think Edi81 was suggesting your father buys the property for a nominal sum. That's if there is a small or no mortgage. Just to get your name off the property.

Edi81

yes, your share of the property.

[Deleted User]

Equity release? Retirement Interest Only?   There are a few options for them to buy you out, maybe worth exploring and seeing if you are comfortable with them

JohnFenwick

Oh right.  Thanks all for the clarification.
So the property is valued around £700K roughly.  About £20K left on the mortgage.  My parents barely have any savings.  
So I assume that rules my father buying me out of the house to get my name off it?  Or could he still potentially do an equity release, etc on his share?

boxy14

I wish to sell my shared ownership property but finding that because you can only own up to 75% of the property that mortgage providers wont help people get a mortgage unless they are able to own 100% if they so wish. I have had several people interested in my property but no luck in getting a mortgage.  Are there any companies who will provide mortgages for such properties? there was before but seems to have changed .
Thanks Jayne.

JohnFenwick

@boxy14 Looks like you are a newbie to the forum -  you need to create your own thread for your question and not post on other peoples threads