Can you get kicked out of a shared ownership property?

Can you get kicked out of a shared ownership property?

Because you own a share of the property, the housing association cannot evict you. They cannot evict you for non-payment of occupancy payments in the same way as a landlord can evict a tenant. However, they may be able to get a court order to force you to pay up or sell your share of the home.

What are the disadvantages of shared ownership?

What are the downsides to shared ownership?

• Maintenance charges.
• No renting allowed.
• Buying up increased shares in your property can be expensive.
• Restrictions on what you can do.
• The risk of negative equity.
• Issues around selling your share when moving home.
• You don’t have greater protection under shared ownership.

Can you have pets in shared ownership?

Your lease will tell you if you can keep pets in your home. If you live in a house there are not usually any restrictions. If you live in an apartment you are unlikely to be able to keep a pet.

Can you make money on a shared ownership property?

Buying a Shared Ownership home is an investment just like any other purchase. So yes, you can make money. If the property value goes up, then so does the value of your share. Equally, if the valuation goes down then so does the value of your share, it’s totally dependent on the housing market as with any sale.

What happens if you want to sell a shared ownership?

Selling a shared ownership property will incur costs for selling the property, gaining a value for the property and conveyance costs. If you are selling a property any arrears on service charges must be paid at completion. Generally, you are unable to sublet a property you part-own under the Shared Ownership scheme.

Are Shared Ownership properties hard to sell?

If you don’t own 100% of the property and you wish to sell, then you will ultimately find selling a much more challenging experience, with selling Shared Ownership property described as ‘doable’ but more complicated than selling a ‘normal house’.

Can my boyfriend moved into my Shared Ownership house?

Yes but you must ensure you inform your local council if you want your partner to be liable for the council tax and you must also inform your shared ownership provider.

Is it difficult to sell a Shared Ownership property?

If your housing association is able to find a buyer within the nomination period they have to sell your share, the process can often be quicker than selling on the open market. However, if you live in an area where Shared Ownership properties are less in demand, finding a buyer can be harder.

Are Shared Ownership houses hard to sell?

Can I sell my half share of house?

The court can’t divide a house in half, so instead, it can force owners to sell, even if they’re unwilling. Profit or loss from the sale is divided among the owners based on their stake.