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Elderly Couple Being Ripped Off In Shared Ownership Scheme - Any Suggestions?

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I heard last night about an elderly couple being roundly ripped off by a HA in the west of Scotland.

They bought a 25% share in a place for £14k in 2003; prior to selling up an EA told them the market value had risen from the £56kk at purchase to £75k or so in that time, so they were expecting their money back plus a little (though would have been happy with just their money back).

The place is spotless, redecorated every 2 years, really beautiful little 2-bed place. Couple are both in their mid-70s, which is old in that part of Scotland where life expectancy isn't much over 60. Both are in ill-heath now (happened after retirement, so they don't get any freebies in fact they get precious little due to having small occupational pensions - unlike some of their friends who get free cars etc by playing the system).

HA wants to pay them £12k for their share (ie they get back £2k less than they paid out in 2003), and also take about £1200k off them for various work, allegedly to bring it up to renting-out standard (despite the fact it's part of a HA block and this couple rent 80% of the place already).

They got independent quotes for this and had the work done - total cost about £160 from independent tradesmen not affiliated to the HA. Now the HA want to charge them £500 for inspection that it's been done properly (despite them being corgi regulated)!

Their reason for selling up is that the woman can't manage the stairs outside up to the front door any more ... the only way they can get a ground floor place is by selling up, renting and then getting on a 'need' list (if they part-own, it's hard to see any scenario where they could get a ground floor place). So the HA have them over a barrel. Also they are scared to make a fuss in case the ground floor allocation never comes their way.

I see all this as pure abuse of power by the HA, quite apart from the rip-off tradesmen's fees (someone must be getting a backhander for this). Their lawyer is furious about it as are some of the family, but they don't know what to do about it.

Who regulates these people? What can be done about these 'social enterprise' shysters?

Regardless, a salutary tale to anyone tempted to get into these evil shared ownership deals.

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How about buying the whole 100% at the HA valuation and selling for an apparently healthy profit?

Yes couple of ill people in their mid 70s (assorted heart conditions each and one now 4+years after bowel cancer) on state pension plus a couple of hundred quid, I can see the excitement in the morgage broker's eyes

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Yes couple of ill people in their mid 70s (assorted heart conditions each and one now 4+years after bowel cancer) on state pension plus a couple of hundred quid, I can see the excitement in the morgage broker's eyes

I know its a long shot, but no children/family to help?

I you sure the HA doesn't have responsibility to rehouse them? They are still 75% tenants after all.

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I know its a long shot, but no children/family to help?

I you sure the HA doesn't have responsibility to rehouse them? They are still 75% tenants after all.

As it see it (looking from the outside) the main reason they are in this position is bailing out feckless children. Ironically after a lifetime of council housing they used savings on retirement to buy a part-share in order to buy into the property boom and leave a little to be shared behind them for the grandchildren that couldn't be 'borrowed'/bludged/spent by their useless brood.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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