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Shared Ownership
rocco4ty
Posts: 4 Newbie
I am looking at buying a flat under the shared ownership scheme but I have a buy to let property in Wales which I own with my estranged wife as we are now separated.I have been told by 3 housing associations that I am not eligible to buy due to the buy to let property in Wales.What can I do or what option(s) can I explore?
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Comments
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Is a divorce imminent?No reliance should be placed on the above! Absolutely none, do you hear?0
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You need to sell that flat. If you want to keep it sell it into a company structure, but you’ll get clobbered for stamp duty.There are no other options1
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What if I ask to be removed or released from the mortgage ref property in Wales which would then be solely in her name?0
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Divorce is not imminent.0
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If you no longer own it, then you won't own it.rocco4ty said:What if I ask to be removed or released from the mortgage ref property in Wales which would then be solely in her name?
But it may very well be seen as a marital asset. Especially if you're saying "Well, we're separated but won't be getting divorced..."
After all, you're saying to a housing association that you can't afford to take full responsibility for your own accommodation, but here you are giving away a four or five figure share in a property you own to somebody you're still married to...1 -
Thanks AdrianC I will speak to the lender and see what they say.0
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