www.iva.co.uk

hi, thanks for your previouse reply to other post, wondered if with your experience you could advise me on my housing situation.
my husband and i went br in april we have a house which is shared ownership which is in neg equity we were able to pay mortgage for a few month but unfortunately have not been able to for last 2 months we have looked into renting but they required about 6 months rent in advance so to get this we are going to live with my mother so that we can save what we would have paid in mortgage for rent. have not had repossession notice yet so was going to hand back the keys, thought unsure whether to give them to building soc or the OR as the house is under their control. sorry for such a long post help would realy be appreciated , thanks

Hi there

I would contact the Official Receiver direct and advise them of your situation and i would also recommend you speak to the provider of the shared ownership scheme and discuss with them the handing back of the property, as it is likely that due to the negative equity situation of the property the OR in unlikely to claim an interest.

Hope this helps

Melanie

thanks

No need for thanks, thats what we're here for

Just a thought when you contact the Housing Association ask them of the option of them buying back your 'share' and then renting it back to you - I have had clietns who have managed to do this thus remaining in the property, albeit on a full rental basis, but better than moving out and incurring more costs. you have nothing to lose by exploring this course of action, its worked for others

Melanie