The journey out of shared ownership

Samx41

getmore4less wrote: »

If you have raised the antisocial with the HA you will have most likley have to declare this to the prospective buyers.

We are hoping that he will be evicted soon. Well that's what HA have said but I won't hold my breath

blueybug

Sam,

I'm going through the same thing (ORBIT Housing)

Its a total pain for me as I have to offer the 50% share to people on their list first before I can offer it to an Est Agent:mad:

Sometimes I wished id not bothered with an HA as its really now dragging on!.

Good luck with it all

Samx41

blueybug wrote: »

Sam,

I'm going through the same thing (ORBIT Housing)

Its a total pain for me as I have to offer the 50% share to people on their list first before I can offer it to an Est Agent:mad:

Sometimes I wished id not bothered with an HA as its really now dragging on!.

Good luck with it all

You too bloody nightmare isn't it. Would not recommend!

blueybug

Samx41 wrote: »

You too bloody nightmare isn't it. Would not recommend!

Yup for me Ive had mine with them for 18 yrs!!

brought for 44,000 (HA gave me 22,000) now 18 yrs later valued at 140,000 and HA gets 70,000! thats a good mark up in any book!.

If you have done work to the home dont forgot that you need to tell the HA and get that valued as they cant take their cut from you doing work on the property like I did

12,000 Conservatory
2K bathroom/kitchen
that figure comes off their bottom line.

leveller2911

blueybug wrote: »

Yup for me Ive had mine with them for 18 yrs!!

brought for 44,000 (HA gave me 22,000) now 18 yrs later valued at 140,000 and HA gets 70,000! thats a good mark up in any book!.

If you have done work to the home dont forgot that you need to tell the HA and get that valued as they cant take their cut from you doing work on the property like I did

12,000 Conservatory
2K bathroom/kitchen
that figure comes off their bottom line.

Given 33% by the HA,you didn't do so bad though did you?..

We have lived here for over 20yrs and if we did want to buy a share we have to pay full market value, which IMO is only right.

Kynthia

Samx41 wrote: »

Did you manage to sell yours? How long did it take you? Did you mange to sell it through HA or the open market?

We sold through the shared ownership but unfortunately it fell through near to exchange. We've decided to try again in spring as the market is dead at the moment.

If i were you I would get your EPC done now so that's one thing done off the list.

martinsurrey

Kynthia wrote: »

If i were you I would get your EPC done now so that's one thing done off the list.

Dont pay for a new EPC if you dont need too...

all epcs are valid for 10 years, and can be reused at any time within that 10 year window.

download the EPC from when you bought it and re use it.

https://www.epcregister.com/reportSearchAddressTerms.html?redirect=reportSearchAddressByPostcode

Samx41

Finally got through. HA will be emailing us the details about selling. Two things that concern me:
1) told OH that it's unlikely that we can sub let but will send us the 'standard request' letter
2) will might not be able to staircase to 100% as they will loose out on money?

This is very depressing and putting a massive strain on my relationship and mental health!

Will post again when I look through the paper work... That's if they do get round to sending it

averageguy11

I will be watching this thread with interest as later this year I/we will be extracting ourselves from a shared ownership due to a failed marriage.

Has anyone experienced a situation where the HA offered rented accommodation in return for the SH property? Whilst my ex has relatives who she will live with I will need to look for a flat to rent and how that is going to be dovetailed into a house sale I have no idea.

I will be writing to the HA soon to find out what there procedure is.

TIA

Samx41

This is some brief information that they have sent regarding selling:
Selling your shared ownership property

Thank you for making an enquiry about selling your house.

Enclosed with this letter is:

Our list of approved surveyors
Additional information
will be instructed to find a buyer for your share, at the current market value as assessed by an independent RICS charted surveyor.

Information you’re required to provide us with is: an in-date RICS valuation report, an EPC, photographs and a completed property description form.

We will have 6 – 8 weeks in which to secure a buyer for you, which we usually achieve. We’ll charge just 1% of the share value, plus VAT (as a nomination fee) if we find you a buyer who proceeds to completion.

Applicants will be targeted, viewings will be conducted by you and will ensure that they are a local, and have the financial ability to proceed with buying your share.

Once a buyer has been found and offered your share, you will employ a solicitor to act for you in the sale. The buyer will have a solicitor to represent them. It is the solicitor’s role to get the sale of your share to completion.

If we are unable to secure a buyer within our given time, you can take the property to an estate agent. We’ll still need to approve the buyer, at the value given by the chartered surveyor. Our admin fee for this is £250, but our nomination fee is not payable. You will need to pay the estate agent’s fee also in this instance.

Please be aware that there will be further costs involved during the legal process.

The next steps:

Complete the surveyor instruction form
Phone the surveyors to obtain quotes
Read the additional information carefully
Contact local EPC providers
Take some photographs of your property

Then send us:

Completed surveyor instruction form
A cheque for the surveyor’s cost, including VAT
A list of your home improvements
The completed EPC
Your photos by e-mail, CD or memory stick