Homebuy help

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

charleyroo

whitebadger02 wrote: »

Morning All


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.

I bought with a local housing association and too own 75%. It's written into my contract that as long as I inform the association in writing and provide quotations for any major work, upon selling they will take away any value added by improvements, from their cut of the profit.

Check your contract, hopefully you'll be pleasantly surprised