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spoog1971
Starting Member
United Kingdom
4 Posts |
 Posted - 24 November 2009 : 20:21:11
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hello just wondering if any of you have one of these homes, I purchased 12.5% of my shoebox flat and Im unsure how this BI buying for £1 will go down with the housing association who owns the rest!Im not behind on the mortgage and it has negative equity.
Any ideas? |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 24 November 2009 : 20:31:58
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whether you own 1% or 12.5% the same applies if in neg equity you should be able to buy it back
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 November 2009 : 21:13:58
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Hi
Is it (the 12.5%) in your sole name or a joint name?
Regards, Richard
"There are no problems - only solutions..." |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 November 2009 : 21:35:10
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Spoog,
Looking at your other post - I am concerned there are other strands and you do not want to screw things up when good helep is here on the forum...
Melanie and Paul are the first calls - they will have a scenario or two to assist you on.
Other experts and people (like me) who have a varied and useful professional exoperience - I keep saying though for those of us who are not in our various practices are vulnerable and any advice is given pro bono without any come back - all in good faith - very often we will be right - but sometimes as we are not in our practice in the normal convention, what we say may only be hearsay and maybe that this is the best way to use it (in good faith, but with a health warning).
For example, I have given advise to landlords, tenants , mortgage in arrears, rent in arreears, homeless with a chance of winning an appeal and so many different situations. I have not lost an action in the county court.
I wish I could trade at the moment in a wholly kosher manner
Good luck - go for what you can get and for goodness sake - Do not give up Richard
"There are no problems - only solutions..." |
Edited by - Housing on 25 November 2009 08:56:02 |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 25 November 2009 : 08:47:03
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It makes no difference whether or not you own 1 part or all of your property - your interest on declaring bankruptcy vests in the official receiver - it is this that is past bak to you when you purchase the beneficial interest.
Did you read your shared ownership agreement prior to filing for bankruptcy, or indeed speak to the 'other shared owner' ie the Housing Association? I only ask as sometimes (though rare) there is a specific clause in the agreement relating to bankruptcy. Have a check
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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Anyone BR with a part buy part rent home????
