Shared Ownership new purchase Q

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    Shared Ownership new purchase Q

    Hi,

    this is my first post here, so thank you in advance for any answers that may be provided.

    I viewed a new build property around three months ago and paid a reservation fee of £300 for a property. Great I thought.

    Went along to their recommended ifa who said we can purchase 70% share. I thought about it and phoned up to enquire, the seller said I can opt for 25% if that is more economical for you at this time - which it was. I decided to go for 25% and went to apply for the mortgage at a provider of my choice, not via their ifa.

    I had then received memorandum of sale for my 26%, then a very odd situation occured....

    The sales agent (who has been as much use as a chocolate teapot) phoned up saying I must go for 70%, and sorry but you have been wrongly advised - and that I can't in fact choose the minimum share and that I must disregard the memo of sale. They then sent a new one for 70%.

    So I am in a situation where I have paid a reservation fee, and cannot afford what they are proposing, which is why I went off my own back to go for 25%.

    The reason they have given is that they will lose funding if I am allowed to go for 25% rather than their ifa's recommendation.

    What a pickle.

    Where do I stand, is this just a sales tactic? I thought this was a way of getting onto the housing ladder in an afforable way, by going with their ifa's recommendation I would end up being reposessed within a year it would lead to so much arrears!

    any advice on what I can do?

    thanks in advance.

    #2
    Get back your reservation fee and forget about buying.

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