Buying and selling a house with 80% ownership

Cell347

Hello everyone,
I was wondering if someone can provide me with information on the below.
I’m considering buying a house with someone having shared ownership. 
Based on the amount I will contribute, I expect that I will have approximately 80% of the ownership. My question is:
What if I want to sell in a few years time but the person owning the other 20% doesn’t. 

I don’t think there will be many people out there who would be interested in buying 80% of the value of a property. Has anyone been in a similar situation and if yes, what was the outcome?
Thank you in advance for your time.

Mutton_Geoff

Who is the "someone"?

Will the purchase be mortgaged?

user1977

A joint owner can force a sale. Obviously, it's best for both parties that it doesn't get that far!

wjr4

Cell347 said:

Hello everyone,
I was wondering if someone can provide me with information on the below.
I’m considering buying a house with someone having shared ownership. 
Based on the amount I will contribute, I expect that I will have approximately 80% of the ownership. My question is:
What if I want to sell in a few years time but the person owning the other 20% doesn’t. 

I don’t think there will be many people out there who would be interested in buying 80% of the value of a property. Has anyone been in a similar situation and if yes, what was the outcome?
Thank you in advance for your time.

Shared ownership is shared with a housing association, not a person 

housebuyer143

Unless you are under an official shared ownership scheme, you can't really buy and sell 80%. 
You will be tenants in common with the person on the title and you need a declaration of trust to split the shares. You need their agreement to sell and I don't really think anyone would be wanting to buy an 80% share of a house with a stranger.

eddddy

Cell347 said:

I’m considering buying a house with someone having shared ownership. 
Based on the amount I will contribute, I expect that I will have approximately 80% of the ownership.

You probably need to clarify what you mean.

For example, do you mean...

• You and a 'friend' are jointly buying a house - so you will be joint owners. And you're contributing 80% of the cost and your 'friend' is contributing 20% of the cost, or..

• You are buying a 'shared ownership property' where you are buying an 80% share, and the Housing Association will retain a 20% share, or...

• You've found a scheme where an investor (who you don't know) will pay for and own 20% of the property (These schemes are sometimes advertised as alternatives to mortgages)...

• Or something else?

theartfullodger

Shared ownership is usually more expensive than similar costs for property owned outright.