wow
let me get this right in my head...
You can’t even rent a
ROOM under Shared Ownership either!!!!?? OMG! You need permission! So, I assume Brooklyn, that you DIDNT get permission and was the main reason you HAD to go 100% annuity?
That wasn't explained in your earlier post....and that’s news to me!
Also you said you "
opted" to remain with DCC alluding to that fact that you had a choice in the matter which, as I said, in my experience, it wasn't an option. How was this
option orchestrated with the council?
Did you actually turn down the option to go fully private which would have allowed you to;
- 1. move the ludacris Mortgage Protection (a policy that nobody got a copy of the day of signing)
- 2. Grant you FULL rights and TRUE OWNERSHIP to rent a room or lease it out entirely without anyone’s permission?
In other words, you chose to go through all that work, to find a solicitor, to NOT fully “OWN” your home just so you could save on the short term by getting permission to rent a room to assist with the mortgage payments!
Brooklyn, you could have and should have benefitted far greater had you not
opted to remain with DCC, whats more, I may be wrong but I don’t think that’s what the OP had in mind…
There is no ambiguity in what the OP stated, and I quote "I'm in the process of
buying OUT the DCC for 100% mortgage". Which is what I attempted to do, and NOT what you actually did.
I apologise, I'm being pedantic I know, but I dont belive you ever had any
option to move the loan which would fully sever any link with DCC. Something which I tried so hard to do so to hear someone just say they decided to remain with DCC makes me very weiry.
You do realise if there is (heaven forbid)
another change in your life situation that you can NEVER leave that place unless you SELL (at a huge loss). Which is not even a choice. Even if you could, by fully redeeming the loan in full still does not give you explicit full ownership either as I said, you are still bound to the councils for the mortgage duration as stipulated in the contract and thus their incomprehensible and unnegotiable obtuse rules.
Going Full 100 Annuity is a waste of time
in the long run. It may be ok in the short term if you are content with what you have but times can and do change.
So my advice to anyone on the AH scheme
If you are about to embark on any change
SEEK TRUE OWNERSHIP and not this PSEUDO MILARKY.
DO NOT "
OPT" to remain with the councils (if it is an option and financially possible), take the loan from the councils, get away from them if you can. Get legal advice, get represented, truely own your own home.
I know this as I am 100% Annuity and I've been up and down this road many times over.