We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Shared ownership lease issue-
Options
r999chb
Posts: 1 Newbie
Hi there, I'm looking for some service please.
We have agreed to purchase a shared ownership 3 bedroom property with a garage.
Our garage sits in a row of 3 (our garage, the neighbours garage, then a garage that is sat in between that belongs to someone else).
Our bathroom has been built over the top of our garage and a section of the middle garage.
We are now at the point of paperwork being passed backwards and forwards between the housing associations and our solicitors. But the housing association have classed our property as having a flat lease, because of the overhang with the middle garage.
We knew nothing about this as its a brand new housing estate.
How does this affect us being able to sell a house with a flat lease, when the time arrives to move on. How would this affect the original valuation of the property now its being sold with a flat lease rather than house lease.
We are so confused by it all, but desperate to move as we have been without a property since October.
We just don't want to end up being stuck with a devalued property that will be difficult to sell in the future.
We have been advised that we are in a DPA area protected area, which means the houses must always be affordable, and available for shared ownership, and if we owned 80% shares or above that the housing association will buy the property back. But we are only purchasing 30% of the property.
Also they have applied for a DPA waiver which we have been advised will be due imminently.
Sorry for the ramble.
But we really good do with some advice if possible please
We have agreed to purchase a shared ownership 3 bedroom property with a garage.
Our garage sits in a row of 3 (our garage, the neighbours garage, then a garage that is sat in between that belongs to someone else).
Our bathroom has been built over the top of our garage and a section of the middle garage.
We are now at the point of paperwork being passed backwards and forwards between the housing associations and our solicitors. But the housing association have classed our property as having a flat lease, because of the overhang with the middle garage.
We knew nothing about this as its a brand new housing estate.
How does this affect us being able to sell a house with a flat lease, when the time arrives to move on. How would this affect the original valuation of the property now its being sold with a flat lease rather than house lease.
We are so confused by it all, but desperate to move as we have been without a property since October.
We just don't want to end up being stuck with a devalued property that will be difficult to sell in the future.
We have been advised that we are in a DPA area protected area, which means the houses must always be affordable, and available for shared ownership, and if we owned 80% shares or above that the housing association will buy the property back. But we are only purchasing 30% of the property.
Also they have applied for a DPA waiver which we have been advised will be due imminently.
Sorry for the ramble.
But we really good do with some advice if possible please
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards