Selling Shared Ownership - Any Suggestions

MrGrinch

Hi,

Forgive me if there is already a thread regarding this query, I am fairly new to MSE!

I have a 1 bed flat in a shared ownership scheme with Hyde Housing Assoc. and I am looking to sell my 25% share and move out;

You may have seen a previous post of mine regarding quite alot of un-secured debt I have, and tbh I just want to get out of it, be debt free and start a fresh using the equity in my property share. I live way to far from where I work so there's plenty of good reasons to move out anyway.

The only problem I have is that I obviously need to get a surveyor in to value the property, then also pay admin fees to the housing assoc, as they will put the property on the market for 3 months to try and sell it, before I can advertise myself, and then of course there is the solicitor fees which will be anything around £2,000. All of this is money I require upfront, which I simply do not have; my question is, would it be possible to settle these costs after selling? I could simply use the equity from the sale to pay these fees and then the remaining sum could be used for my debts, which would be wiped.

At first I thought I could get a loan for the upfront costs, but then after checking my horrendous credit rating (298 score) I realised that was out of the question!

Any suggestions would be greatly appreciated.

Many thanks,

Grinch

heathcote123

In my experience, generally solicitors fees are paid on completion. As they handle the money, they take their payment then. 2k seems a lot - I'd shop around for 500-600.

MrGrinch

Thanks for your reply Hc. When I moved into the property obviously I had to hire a solicitor, and if I remember rightly it cost around 1800, which I also thought was really high. It was a solicitor we had used in the past for some other legal stuff and a relative advised to use them.

So you reckon the solicitor fees for moving out of a shared ownership shouldn't be more than say 750?

I presume all the other costs would have to be paid within the surveyor and housing assoc terms. ie. paid within 30 days of invoice?

Many thanks,

Grinch.

££sc££

You'll probably need to pay for surveyor up front to the HA but often the HA's sale fees, e.g. 1% is and solicitor's fees taking out of sale proceeds by solicitor, you could ring and ask.