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James Mather
James Mather,
Category: Property Law
Satisfied Customers: 22629
Experience:  Senior Partner at Berkson Wallace
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We own 70percent of our property and the 30 percent remaining

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We own 70percent of our property and the 30 percent remaining has to be paid in 3 years time due to my husband recent ill health we are worried about raising that money when time comes. We also live in a flat we would like to move to a house the price within reach of our budget as my husband finds it hard to climb the stairs and it would be easier to be near shops as I don't drive . I hoping this makes sense can you tell us what best action to take
Do you have a specific question?

Have you put your share of the property up for sale?

Presumably, you would be downsizing so that your 70% of this house would equate to or hundred percent of the next house.

The logical thing is to actually sell the property, based on these facts.

have you spoken to anyone about that?

please bear with me this weekend as I will be online and off-line.

Customer: replied 5 years ago.
I haven't spoken to any one about this. Should I approach a mortgage advisor or an ifa..?. Any ides how much roughly 30 percent mortgage payments would be our property is value at 126.000 was valued a few years back about 136.000 . If we sold we need to raise the 30 percent which how would that work if we just went into renting even thou we don't want to do that. All I want is a house and a 100 percent mortgage but something we can afford

Mortgage rates vary wildly from lender to lender, but as a rough guide look at slightly less than half of what you were already paying on your 70%.

I would speak to a mortgage adviser who deals with whole of market ie, not one in a building society branch who will have a limited range of products to offer you.

If you sell your existing property for 100% of its value the 30% can be repaid from the purchase price or alternatively someone may want to buy your share and staircase themselves . At the same time you speak to a mortgage broker, it would be worthwhile speaking to a sales agent who has experience of selling shared ownership properties with stair casing. as you appreciate, stair casing matters are more complicated and not all solicitors will deal with the sale and purchase of them.

. I hope this has helped somewhat

I help further?

bear with me this weekend and this evening because I will be online and

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The thread remains open. Thanks


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Customer: replied 5 years ago.
Could I rent my property out and rent a house so we still have this as an invesment
The idea of shared ownership is to get people onto the property ladder noyt so that they can make cheap investment. Check your lease but usually there is an absolute prohibition against sub letting for just that reason