selling shared ownership flat, how does it work

wizard3891

we currently own a 50% share in a 1 bed flat on shared ownership

how does it work when it comes to the time when we want to move and sell it.

will it mean that only potential shared ownership seekers will be able to buy it or will anyone be able to buy it?

anyone had any experience moving out of their shared ownership place?

cheers

*Sparkle*_3

hey i've just brought the other half of my shared ownwership flat, we now own all of it.
When you come to sell the flat, you will need to first give the opportunity for the people who are on the housing association list, which is a plus as they wont charge you any fee's(unlike an estate agent).

So the housing association will market your property to all of their applicants waiting for a shared ownership property and its up to them how much of a share they buy, it doesn't matter if you own 60% and they only want to buy 50% and vice versa.
If nobody wants your flat, it think its after 3 months(check with your housing association) then you are free to put it on the open market, people can use the shared ownership scheme if they want or they can purchase it outright.

I personally think if you can sell it via housing association it will be more benifical for you as you wont have to pay any estate agent fee's.
But either way you will receive the full market value for your share.

best wishes

wizard3891

cool thanks for the help,

also how does it work getting the property valued

*Sparkle*_3

when you get the property valued you will need to use a valuer that the housing association agrees with, they would normally give you a list to choose from.
My valuation only cost £125.00 which is very good price and the guy was thorough.
Although it was a pain because i also had to pay for a valuation fee for my mortgage company, but you wont have that problem if your selling.

Once the property has been valued then you can get on with selling up

indiegirl_2

I'm just about to start the sale process as well.. think the amount of time your HA has to find a buyer varies massively - think ours is 4 weeks.

If anyone can help and provide an idea of costs I'll have to factor into my sale that'd be really useful...

*Sparkle*_3

Indiegirl- i would imagine that you will have to pay for a valuation fee and with my housing association you will have need to exchanged 3 months from the date of the valuation report, if you dont then you have to get it revalued again.
Then you will have all your solicitor fee's, maybe stamp duty (but i doubt it) and if you dont sell via housing association then estate agent fee's.
If you are buying another house you may have stamp duty,valuation fees,searches etc etc