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Shared Ownership eligibility
LeafGreen
Posts: 576 Forumite
I suspect the answer to this question is no - but I am exploring all possibilities for our current situation.
As per a couple of my recent posts, my brother and I inherited our family home around 12 months ago. This is now jointly owned between us (no mortgage). He has always lived there and has never owned any other properties. We are in the process of selling the house, ideally splitting the proceeds equally but I am prepared and happy to help financially with his onward move if necessary.
He has suffered from depression/anxiety all his adult life, hasn't worked for the last 10-15 years and is unlikely to be able to work for the foreseeable future, hence is on and will continue to be on a very low income.
Would he be eligible for any of the shared ownership schemes or would the fact he owns half the family home render him ineligible?
Like I say, just exploring all possibilities as I think it would be beneficial for him to have independence from me when it comes to his home ownership, but buying outright with half the proceeds of the sale of the family home will be very difficult.
Thanks!
As per a couple of my recent posts, my brother and I inherited our family home around 12 months ago. This is now jointly owned between us (no mortgage). He has always lived there and has never owned any other properties. We are in the process of selling the house, ideally splitting the proceeds equally but I am prepared and happy to help financially with his onward move if necessary.
He has suffered from depression/anxiety all his adult life, hasn't worked for the last 10-15 years and is unlikely to be able to work for the foreseeable future, hence is on and will continue to be on a very low income.
Would he be eligible for any of the shared ownership schemes or would the fact he owns half the family home render him ineligible?
Like I say, just exploring all possibilities as I think it would be beneficial for him to have independence from me when it comes to his home ownership, but buying outright with half the proceeds of the sale of the family home will be very difficult.
Thanks!
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Comments
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He owns a 50% share in a (presumably relatively substantial) property, which is being sold, and has no mortgage debt. That will give him 50% of the equity from the property.
It's entirely possible such substantial assets will rule out shared ownership, yes.
I'd be surprised if 50% of the house won't cover a one-bed flat, with something left over, but obviously we have no clue as to the type of property or relative prices in your area.1 -
Think carefully before going into a shared ownership- looking at lease duration what they can do with lease charges etc.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.1
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Thanks both, he won't get much with half the sale proceeds but it's not impossible. I think S.O. is probably a non-starter for him but worth having looked into it..0
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I thought you could buy a shared ownership property if you sell that house and then prove you cannot afford to buy another full price1
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You might be better off phoning HA's in your area who have shared ownership properties and asking them, with financial details. We can't really advise as there's not enough information and each HA shared ownership scheme differs slightly. Anything we say is basically a guess, based on general principles.., maybe.1
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