Re: What to do??Sell?
Hi there, I agree with the above poster in that you will have put flooring etc down and will therefore loose out on this investment if you decide to sell. However, with Affordable Housing, you cannot go into negative equity, the worst case scenario is that you walk away with no equity. The council have told me that they will accept the sale price whatever this may be. This has been covered on the forum already. So in theory you could sell now for whatever price it takes to sell, therefore you have an advantage over people who bought on the open market, the council will take the loss.
I bought under affordable housing four years ago and I was so glad to own my own home that i didn't fully realise the failings of the scheme, I now have a growing family in an apartment which is too small. I certainly wouldn't advise anyone to buy an apartment under this scheme, it's easy to get into but sooo difficult to get out of (land registry issues and council inefficiencies, i won't bore you all and go off topic).
So if you are obsessed with getting out of it, you could sell for a really low price now and walk away from it, you will only have lost what you put into it in terms of finishes and ofcourse the legal/administration fees to the council. As an aside I have been paying my mortgage for four years and I have only paid 15k off the principle, shockingly low! I may as well have been saving all that time and waiting for property prices to fall, which they are now thankfully. Peronally I'm not going near the property market for at least two years, it still has to sink into the public conscience that property prices are nose-diving. This will happen in time, mark my words...