Selling a shared ownership property

2299wd

Firstly I apologise if anyone has already asked this, I have tried searching to no avail.

Can anyone please help. I currently own a shared ownership property, southern housing association are the other owners. As part of my lease if I choose to sell I am required to pay for their nominated surveyor to come and value the property, the results of their survey determine what price I am allowed to sell the property on for.

I have paid £150 + VAT for this survey yet was informed by both the surveyor and the housing association that I am not allowed a copy of the survey. Surely as I have paid I am entitled to a copy of the survey?

Normally I am able to find answers on the net but this time I am completely lost. If anyone can help thank you

Martin81162

2299wd wrote: »

I have paid £150 + VAT for this survey yet was informed by both the surveyor and the housing association that I am not allowed a copy of the survey. Surely as I have paid I am entitled to a copy of the survey?

Normally I am able to find answers on the net but this time I am completely lost. If anyone can help thank you

Do you mean a valuation was done? Surely they have told you the outcome of that valuation.

When we sold our shared ownership property, the housing association gave us a list of approved people and we contacted one of them to arrange a valuation. We paid for it and it was posted directly to us. We then sent a copy to the HA to start the process of marketing and selling.

Look at your lease because it should have a section in there about selling your property. The housing association should also have a procedure that they can supply to you outlining what they should do and what you should do.

2299wd

Survey/valuation and know they haven't told me the outcome of this nor have they provided me with a copy of the report. Unlike with your previous HA there was no list of people I could use, I had to pay the HA direct and they commissioned their chosen surveyor to come out.

I have checked my lease and spoken to the HA, there is no clause within the lease that categorically states that I am not to see a copy of the report, the HA however insist that legally they cannot provide me with a copy nor can I receive a copy direct from the surveyor.

I am sure that inthey course they will inform me of the valuers decision. However I have no faith in the HA efficiency or sense of urgency, due to medical complications I have had to move to a bungalow (at only 30 yes old) so am currently paying to maintain 2 properties therefore want to get the 12 weeks resale soley to HA approved buyers period out of the way quick and also I suspect I will be in negative equity and would like to know sooner rather than later.

Basically I am hoping someone can quote me some jargon about my rights, I want to say statutory rights but suspect there will be something similar but under a different name having paid for the survey that I can then quote to HA

Apologies if this is garbled and full of spelling errors but am using an iPad and can't seem to negotiate upwards within the text box

Richard_Webster

Normally I would expect the HA to send details of the property to those on their list of people who want such properties. Do you think that they won't have anyone interested and you will be able to sell on the open market?

Whoever you sell to you will have to find enough money to repay your mortgage, so if there is negative equity you will have to find the shortfall.

Martin81162

You can't proceed with the sale until you know how much the price is fixed at and agree to go ahead.
We advertised our property on Gum Tree as the HA were not really too bothered about finding a buyer. We put the HA contact details on the advert and we got more viewings than they did.

2299wd

Thank you for all your responses, however what I am trying to find out is am I legally entitled to a copy of the surveyors report I have paid for. I understand all the other aspects of conveyencing + repayment of any negative equity, but the refusal to provide me with a copy of the report is something I have never come across before. Looking at the responses so far neither have any of you lol!

Martin81162 very good tip re gumtree thank you

As much as this shared ownership property has served me well, after the palaver of the last 6 weeks trying to get the house on the market with them, I now cannot wait to see the back of it!!

Richard_Webster

Not quite sure why you want to see the report.

The main issue for you is the valuation which fixes the price you can sell at. Are you concerned to argue that the report might be wrong? As far as I can see al it will do is briefly describe the property and its condition and then perhaps list some comparables using in arriving at a valuation.

Will you want to query the comparables?

Mrs_Arcanum

I cannot understand why they are withholding the information. If you go to their web page for regulation here click on the name & send an e-mail asking why you cannot see something YOU have paid for. I can see no good reason why this information should be withheld from the shared owner whatsoever. Alternatively contact the TSA as a shared owner you also have tenant rights to information about where you live. Or failing that, the Housing Ombudsman service.

Or try using the Freedom of Information Act.

2299wd

Hi Richard,

That is exactly why I want to see the report. When I initially bought the property 3 years ago, it was being marketed at £235,000. This was the figure the same Valuer had put on the house, my mortgage surveyor put the value at £35,000 below that price. It took 4 months, 7 separate valuations and a lot of research on my part to get the price to fit in with what similar properties locally were being marketed at.

On this basis I want to see how the surveyor has reached his valuation and I want to ensure the house isn't being over valued to try and avoid a similar matter arising. As much as I don't welcome the thought of negative equity I also want the house to sell and over pricing it will mean I won't even get people in the door.

A clause in my lease dictates once a figure has been decided/agreed I am not allowed to lower (or increase) that figure unless the property doesn't sell within 6 months at which point I can opt to pay for a further valuation (same company) and the HA will consider the new proposed figure.

I understand the need for the HA to protect their investment but as with all garden free town houses the valuation is a tricky one, in this case there are only 8 similar houses on the development none of which have been marketed since their initial purchase as new builds.

I understand the need for the HA

2299wd

Mrs Arcanum, thank you, exactly what I was looking for!

poppysarah

So having bartered the price down you now want to barter it up?