Shared ownership reppossession

[007damian0]

I have recently given the keys back to the bank for my house as I couldn't pay the mortgage and the house hadn't sold after being on the market for a while.

The house was a 50/50 shared ownership with a housing association.

The house was valued at 90k prior to the v.repossession.

I only owed 17k on the mortgage so if it had sold it would have given me 28k (50%) after paying the bank.

The house is now being marketed for sale for 70k.

if it sells for 70k,will I get half of the remaining cash or will the housing association be eligible for half of the the original valuation of the house (90k) ?

Hope you can advise,shared equity mortgages are so confusing.

Thankyou.

[Lea_HTH]

I suspect the housing association will want paying for the rent between the time you handed the keys to the bank and the time the property sells.

 

I suggest you check what liabilities you still have to the property - whilst you handed back your purchased share to the bank, you can't simply hand back a tenancy agreement, which you have for the remainder share, usually rent remains payable until the sale has completed.

 

Once all liabilities are settled, you'll be entitled to anything that is leftover. The mortgagee will take their disbursements and costs, not just the £17k you think you owed them at the time of handing over possession.