Good day Clare
Please forgive me but let me explain:
Shared Ownership mortgate in1979 allowed retired home owners to borrow money using their home as collateral.
The loan amount £50,000 interest free to be repaid when the property is sold.
The condition attached is the lender is entitled to 75% of any increase in the value of the property. Property value increased.
So the final repayment on the sale of the property was £50,000 plus 75% of any increase in the value.
My late husband was the one who applied for the loan. After his death the property was sold. I had to repay not only £50000 but also an additional £243,750. Total = £293750.
Unfortunately I signed papers but I was not made fully aware of the additional 75% payment. As I said before had I been party to the original negotiations I would not have signed. I signed only when the lenders returned the documents to say the Title has two names therfore requires two signatures. Later documents from the lenders that I had not seen before revealed my incorrect name and date of birth.
This is just a summary of events
Hope this explains a little further my reason for wanting to take legal actions to recover my lossess.