Shared Ownership and declining market - advice please!

[vixter]

I purchased my apartment in 2005 under Shared Ownership. I also received a discount of 33.33%. Similar to the last poster I am worried about falling prices and clawback etc.

I have read over my lease several times and cannot work out if I have a level of protection against negative equity similar to that in Affordable Hosuing. I did receive a discount but the council also have a share. The market value three years ago was 275,000 and now is about the same. I bought it at 200,000 (including deposit of 15,000).

Does anyone know about negative equity in Shared Ownership properties bought at a discount? I cannot figure it out from the lease.

Thanks.

 

[vixter]

Anybody?!!

 

[Helenl123]

I really think it would be someone from the council best able to answer this question for you. I personally don't think it matters on negative equity if you got 33% discount you pay back 33% discount at market rate at time of selling/buying. I could be wrong. I'd advise you to contact your council and ask them, its important to you to know, so it would be better to get 100% correct advise.