Getting out of Share Ownership

A

alitrash

Guest
Hello

Can anyone tell me if I can get out of my Shared Ownership apartment??? Basically I need to move away from area beacuse of my job. Tried to buy out apartment a year ago but land Registry wasn't through. Came through in Sept this year and my apartment has de-valued so I cant get the amount that matches the redemtion figures as before I could.
Have tried talking to the council but no one will give me answers. Basically I cant buy out apartment as I cant get mortgage now. Cant rent it as it is a shared ownership property . If I sell property it will not cover the redemtion figures. If I hand back the keys, what will happen to me??
Would love some advice here as I dont know what to do.
 
I would also really like to know if the council is on the ICB? would anyone know?
 
This is an interesting situation.

First dealing with a potential buy out. I'd have to pose the question as to whether even if you did buy it out you would be allowed to rent? Isnt the whole premise behind the affordable housing scheme that the houses be for persons in need of housing and normally they contain conditions that dont allow them to be bought as investment properties.
Getting back to the buy out, you can't now buy it because the open market value is less than the councils value. Firstly did you have your own solicitor when entering into this scheme? If so, make an appointment and see if your legal documents covered this scenario. If you did not have your own solicitor then maybe ask the council in writing whether there is any clause that covers the situation where the value set by the council is higher than the current market value. You've been in this house for one or two years now ( it seems) but the fact that you have to move away for employment reasons means that the council might be disposed to be helpful to you. Have you contacted a local councillor or arranged an appointment to meet one of the housing officers?
I'd be surprised if the council wouldn't help in some way but I'd be interested to know what efforts you have made to date yourself. At the end of the day if all else fails there might be a test case in it.
 
Vanilla I think you might be getting shared ownership mixed up with affordable housing. They are 2 different schemes. Alitrash you are unfortunately by the sounds of it in the same situation as many other people who bought properties in the last couple of years. You might be in negative equity with your portion of the property. As for the remainder which the Council still own and you are paying rent on then the Council should be revaluing the whole property and whatever percent they own then should be sold to you at the the new lesser value. It is not all doom and gloom for you as if you are going to keep the place.
Also as for the renting the place after you but it out then there should be no problem with that as you own the place and are paying a full mortgage with no ties to the Council as far as I know.
 
Vanilla said:
This is an interesting situation.

First dealing with a potential buy out. I'd have to pose the question as to whether even if you did buy it out you would be allowed to rent? Isnt the whole premise behind the affordable housing scheme that the houses be for persons in need of housing and normally they contain conditions that dont allow them to be bought as investment properties.
Click to expand...

If you pay the clawback on your affordable property the council are then out of the equation. You are free to rent.
 
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