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Hello to everyone on the forum. I have some questions and am hoping that someone on here can help me in answering them.
I have an outstanding debt with a mortgage lender following my home being repossessed about 8 years ago. I have been managing the debt by arranging a yearly agreement with them on how much is affordable to me to pay back every month. I have never broken my agreement to date. The debt remaining is about £90k.
I have been renting in state owned accommodation since becoming homeless. I have never been out of work and have always paid my rent and council tax.
The dilemma I now have is that I have been told that I am eligible to buy my home from the state, under the Right to Buy scheme. I could get up to 70% discount off the market price if I choose to buy it.
I share the house with 3 other adults (wife, son and daughter) who all would like to put their names on the agreement in a joint purchase.
My question is; If the 4 of us buy the house, can the mortgage lender that I am in debt to, come after my share, and can they sell the house to get their money back. How would this effect the other three shareholders. Would the other 3 shareholders have to pay my debt off in full in order to buy back my share, assuming the mortgage lender claimed my share. I don't want to buy the house if the mortgage lender can just walk in at any time and take possession of my share, or the house.
Many thanks
Grogu
I have an outstanding debt with a mortgage lender following my home being repossessed about 8 years ago. I have been managing the debt by arranging a yearly agreement with them on how much is affordable to me to pay back every month. I have never broken my agreement to date. The debt remaining is about £90k.
I have been renting in state owned accommodation since becoming homeless. I have never been out of work and have always paid my rent and council tax.
The dilemma I now have is that I have been told that I am eligible to buy my home from the state, under the Right to Buy scheme. I could get up to 70% discount off the market price if I choose to buy it.
I share the house with 3 other adults (wife, son and daughter) who all would like to put their names on the agreement in a joint purchase.
My question is; If the 4 of us buy the house, can the mortgage lender that I am in debt to, come after my share, and can they sell the house to get their money back. How would this effect the other three shareholders. Would the other 3 shareholders have to pay my debt off in full in order to buy back my share, assuming the mortgage lender claimed my share. I don't want to buy the house if the mortgage lender can just walk in at any time and take possession of my share, or the house.
Many thanks
Grogu
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