My Choice Homebuy

whitebadger02

Morning All

I was wondering if someone could help. I have property that im enquiring about selling. Now at this stage i own 75% of the property as I did a mychoice home scheme where an housing association paid the other 25% and then when i sell the property they get 25% of whatever its worth unless i pay back bits of it after a year.

Now since i have owned it i have put in new windows, central heating, doors, new kitchen and bathroom, insulated the loft. So basically some major work.

The question is, Do i get this amount for the work taken off the % of the loan ?? or how does it work. A friend of mine who did the same said it worked for him on his scheme as he got a surveyor round to value what the property would be without the work.

Help please

Learning_Curve

Hi there,

My Choice Home Buy terms states that you have to ask their permission for all home improvements, they give you written permission and this then means that when you sell their surveyor will take into account the improvements you've made and not include them in the valuation (in other words will value as if they weren't there). If you didn't ask for permission, they will include them in the valuation and you will lose that much of the profit you'd have otherwise have had as you share the property value increase with the housing association. Certain work (they can advise you of which) don't count as improvements for the purposes of this, such as putting up a new fence etc. they should have a list.

Hope that helps.

pself

Do you possibly know how we are supposed to contact them about this? just I am conisdering fitting a new bathroom and want to know how to ensure I get the gains as a result of that not Catalyst in the future.