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Not sure if i need a HIP - shared ownership
lindens
Posts: 2,870 Forumite
I have tried to look this up but it seems my situation "falls through the cracks" and I can't come up with an answer.
We own 40% of a Housing Association house which we want to sell. Our choice of the method of selling is this - we get it valued by a surveyor, offer up the 40% for sale to people on the HA list of interested people ( if they want to negotiate the actual percentage with the HA they can do so ie. just buy 30% or maybe 50%)
Our history with the house is that we went straight in and bought the 40%, there was no previous renting.
I can't work out if I need a HIP. I am leaning towards the fact that I don't!
Many thanks if you can help.
We own 40% of a Housing Association house which we want to sell. Our choice of the method of selling is this - we get it valued by a surveyor, offer up the 40% for sale to people on the HA list of interested people ( if they want to negotiate the actual percentage with the HA they can do so ie. just buy 30% or maybe 50%)
Our history with the house is that we went straight in and bought the 40%, there was no previous renting.
I can't work out if I need a HIP. I am leaning towards the fact that I don't!
Many thanks if you can help.
You're not your * could have not of * Debt not dept *
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Comments
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if you market a house you do. What do the HA say?My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0 -
They don't know- said to ask a solicitor.You're not your * could have not of * Debt not dept *0
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Yes a HIP is needed when selling a shared ownership, if you market that property in anyway. I don't know why you would think you wouldn't need one?!?My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0 -
Because the HIP government website said some shared ownership are exempt (right to buy etc).
And because I've never sold a house before!!!!You're not your * could have not of * Debt not dept *0 -
OP said that the HA could let people buy 30% or 50% - that implies that maybe this scheme involves OP offering the property back to the HA for 40% of present value and they then create a new lease for the 30%, 40% or whatever. If there is no marketing as between Op and the HA then it could be that OP doesn't need a HIP but the HA will do so.
If, on the other hand, OP is selling the existing lease to third parties whether on the HA's list or not, then marketing takes place and it would seem OP has to provide a HIP.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
I am under the impression the HA has a list of interested parties (ie. people who want to buy "a percentage of a property in my area"), who I can show round. I can sell them my 40% or they can buy higher or lower percentage.
Alternatively, I can sell it via an EA- either offering my 40% for sale or offering 100% for sale. << I don't intend doing either of these.
Because of going via the HA I can't decide if I am actually marketing it or not.You're not your * could have not of * Debt not dept *0
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