Survey - who pays?

Richard_Webster

Quote:
Originally Posted by Selbyjay
I'd hardly say a £200 fee was a drawback.
Okey Dokey.

I just hope you don't fall foul of anything else in the shared-ownership selling process.

When did you tell the Registered Social Landlord (the organisation who owns the other share) that you were selling up? Only recently, and thus discovering you must pay for a survey? I know you've had it on the market for quite some time.

Have you been advised of any sole agency nomination period applies? Hopefully it doesn't, or if it does, that you've already been through that process.

[Such as an eight week period when the Registered Social Landlord (housing association / trust ect) often have first option to attempt to find a suitable buyer themselves? (Usually with a 0.5% - 1% percentage fee charged to seller.) Hope you've not jumped the gun in selling on the open market if that applies... if you've only just found out about your responsibility for paying for the survey.]

Quote:
Unless you own the property outright, clauses in the lease may enable the housing association to nominate prospective buyers and to restrict the sale price to an independent valuer’s valuation.

When people buy SO properties they often don't realise the hassle and bureaucracy cause by the HA involved in selling on.

One HA local to me finds buyers under its nomination scheme (after the seller has paid for the RICS valuation) to fix the price, and then sends out details rather similar to an estate agent's memorandum of sale with the buyer's name and address, the price and details of the respective solicitors. So you would think they had approved the sale to the particular buyer under the terms of the SO lease , wouldn't you? Oh, no, the HA's solicitors then charge £250 plus VAT for saying it all again - that really makes me cross.

££sc££

As a shared ownership housing officer, it's my understanding that that's fairly standard practice, to ensure the HA receive a fair price for their share and to ensure any purchaser will get a mortgage without problems of the share being over valued.

In the grand scheme of purchasing and selling property I wouldn't have thought this is too much of a burden to bare and usually if the HA sells it, the percentage fee is smaller than an estate agents would be.