shared ownership (selling)

yummum2

me and my partner wish to sell our shared ownership home as its becoming too small for us and our 2 children,we have recently been experiencing money problems and we have had to get a dmp,we where hoping the housing association would buy the 25% share back off us but with no luck,they have already charged us £180 for a Chartered Surveyor to do a report and too only value our house the same as what we paid so we will be making no profit from the sale,we have been quoted fees of a grand and a half from estate agents which we just dont have ? is there anyway round any of these problems considering we are so short of money but we are having to sell due to shortage of space and we are finding it hard just to pay mortgage and rent ! can anyone help or give any advice

nic_santorini

are you in a scheme whereby the house has to be offered to others on a housing association scheme? If so, the housing association (i,e. Moat Housing) usually do the advertising etc. The only other way is to sell it yourself? You will still have solicitors fees etc. I heard on tv that Tesco are launching a property selling site very soon at a fee of £200 until your house is sold. Don't know the ins and outs of the scheme but that might be worth a shot. I guess you are lucky you are not in negative equity but your offer, is likely to be less than the asking price, so this may put you in negative equity. Another consideration. Sorry can't be more helpful. I was in shared ownership too and it is a pain I know. I was lucky and sold my house to a friend.

yummum2

thanks I have tried the free ads etc and asking around but with no luck,the housing association just said if anyone rings them asking about shared ownership housing they would mention our house but thats about it,its not advertised on their website as they dont advertise properties for sale at all on there,I am at a loss what to do as our rent is going up again next month and we are struggling to pay it already,our next door neighbour house is also up for sale but its not a shared ownership and its been on the market for about a year with no luck

Fire_Fox

Are you on a Debt Management Plan with one of the free charities (CCCS or Payplan) or a fee paying one? Your DMP should make allowances for your rent and mortgage payments you shouldn't still be struggling financially, you can adjust your payments to take account of the new higher rent. If next door house has been up for sale for a while then it is overpriced.

tez_c

I have a DMP and have no problems witha shared mortgage good luck

poppysarah

yummum2 wrote: »

they have already charged us £180 for a Chartered Surveyor to do a report and too only value our house the same as what we paid so we will be making no profit from the sale,

When you bought the place you were aware house prices can go down as well as up (and stay the same)?


You need to read through all the small print of what they're saying about not buying back the property and then get some proper independent advice.

Someone's selling a house on the notice board of my local supermarket at the moment!

House prices are very dear - which is why you could only buy 25% of yours. It's never a good idea imo and you've been taken in by the Gordonomics of the situation.

If you were led to believe when you bought it that they would buy it back from you then you should chase that up.