we want to know the value of our shared ownership place

wizard3891

is it as simple as just phoning a few estate agents to get a valuation??

we dont want to involve the housing assosiation as we would just like a rough idea of our flats value.

also do we or should we tell the agent that its shared ownership to start with? bearing in mind that we dont really want the agent to sell our place at the moment so isnt that irrelevent?

Graham_Devon

I think if you got an agent to value it you might be a little dissapointed as to it's actual value.

Shared ownership houses are never going to make you a fortune. It would be best to get the housing association involved just so that you know. At least then you will have a proper figure.

They have to remain affordable remember, and being shared ownership, it WILL bring the price down.

wizard3891

i know its not going to be a fortune but surely it cant stick at the purchase value?

Graham_Devon

No it won't stick at the purchase value. But, housing associations are non profit generating. All of their places really need to stay in line with each other. I have one, and did a tiny bit of research on it.

Therefore, a valuer may go up to 20k over the price the housing ownership advisors state it should be.

Mine was £135k. The same house down another street, built by the same company, i.e. the same spec, just not shared ownership sold at the same time for £170k just 2 months after I bought my share in mine.

Thats a big difference!

I don't know where you are, but down here, houses are sought after, especially the smaller houses in nice areas, both FTB's want them and so do second home buyers for holiday homes etc. Maybe where yo ulive it won;t be effected by that quite so much.

Theres still the stigma of 'social housing' surround shared ownership. In reality, it's not. Like in my area, not one of the 34 houses claim proper benefits, every single one of us go to work and work hard to keep in the housing market. Granted, theirs a lot of kids around!

So that stigma, I have found, also effects value.

Plus the fact that you can't (or at least I can't and all companies I know are the same) sell it on the open market for at least 3 months after you putting it up for sale. I.e. the housing association may find someone, if they can't, your free to put it up on the open market as a shared ownership place.

So with that in mind, and not being able to sell it yourself, would be just easier all round to just ask the housing association. Though I would guess if your in a little complex like me, you see a lot of buys and sells, so you could just use a website to see the last purchase that happend and how much it was.

dmg24

I disagree. Affordable shared ownership properties in my area are few and far between, and so can actually sell at a premium to other properties! I note 'affordable' because there are new build shared ownership properties available but no one can afford them!

My property sold at 10% more than identical properties on the same road, same standard of decor and obviously the same age ... so it can work either way!

I would ask a few estate agents to come and look around, and tell them that it is shared ownership because they will be able to give you information on the supply and demand for shared ownership in the local market. You are not compelled to tell the HA until you actually want to put the property on the market.

Plus the fact that you can't (or at least I can't and all companies I know are the same) sell it on the open market for at least 3 months after you putting it up for sale.

I was allowed to put my property on the market straightaway with an estate agent, I did not have to wait for three months. Again, this seems to vary according to the HA.

Therefore, a valuer may go up to 20k over the price the housing ownership advisors state it should be.

When you instruct the HA that you wish to sell, the valuation will be done by a qualified valuer (you will have to pay for this valuation), and this has to be accepted by the HA. The HA cannot just set their own price.

As you said you just want a general idea at the moment, so unless you have any specific questions for the HA I would just have a few estate agents round, and if they start chasing you to put it on the market, just say you've decided to wait a while!

Graham_Devon

dmg, well I hope all you say is indeed true and that being shared ownership it fetches more!

I can see the logic...it may be more expensive, but you can buy a share which is more affordable.

dmg24

Unfortunately the people that don't seem to have logic around here are the housing associations ...

Two bed semi detached house built ten years ago, two good size double bedrooms, separate lounge and kitchen, plus garden. Resale price of 50% at £60,000. Rent on other share £120 per month.

New build two bed apartment, one double and one single bedroom, combined lounge and kitchen. 50% share £80,000. Rent on other share £280 per month. £1200 annual service charge.

They can't sell the apartments ... wonder why?!!

wizard3891

thanks for your ideas and advice, think im going to have a few agents round to get an idea. I have nothing to lose by doing it at the moment as we dont plan to sell at the moment.

one other thing i didnt mention is that our place is in a very and I mean very desirable road, apart from these flats all the other houses down this road sell for an average £500000