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Shared Ownership Problem

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Saw this reply in a thread in Expatriates website. It's something i never thought of that could easily trash your sale of a share ownership if you were trying to flog it.

"Hi Poshrice

I know exactly how you feel, our house is a 50% share and we accepted an offer 10k under the asking price back in August, the buyers are currently renting so no chain and will be buying most of our furniture including 2 sheds and a trailer! great stuff we'll save on the shipping and it's worth the drop in money to be able to move quickly or so I thought.

The housing association who owns the other 50% share are doing my 'ed in, after numerous phone calls I finally spoke to someone who knew what was causing the hold up they said they were still waiting for references from the buyers landlord to be returned!!!

I thought all this had been done when the buyers had their mortgage offer. All the searches were ok so I handed in my notice and left a well paid job on 28th October with a view to us and the cat being packed up and on our way to Melbourne mid november. Now I've been told that if the buyers references aren't favourable they will be turned down by the housing association so we'll be back to square 1. We haven't booked our flights yet or the shippers so we haven't got your nightmare, it's just so annoying when things don't go to plan and there's absolutely nothing you can do about it,"

So,Key Workers & others beware,you could be stuck with a real Lame Duck if you are not careful.Really pleased i turned down my so called "Opportunity"!

Link: http://britishexpats.com/forum/showthread....28&page=8&pp=15

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This is why I am so distrustful of the share ownership route. Basically goverment w*nkers tell us that we can all own houses now and what is the problem and we are just selfish and greedy, but then you you loose control to a faceless bureaucracy and are stuck there forever. Jo Stalin would have been proud.

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  • 312 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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