The journey out of shared ownership

Samx41

So things to consider selling 60% share through HA
Selling 60% through estate agent or Seeing if we can indeed buy the whole lot first then sell this through estate agent

But it will cost more with fees to buy 100% then sell
How attractive is a 60 % share on the open market?

The ideal is to sell the 60% first time round with HA but how likely is this going to be.

getmore4less

What's to stop someone buying through the HA at 100%? you just get your % back HA get the rest.


I can't believe people buy with these conditions of sale hanging round their knecks.

you should have had all this information when you bought, what happened to it?

Samx41

getmore4less wrote: »

What's to stop someone buying through the HA at 100%? you just get your % back HA get the rest.


I can't believe people buy with these conditions of sale hanging round their knecks.

you should have had all this information when you bought, what happened to it?

I wasn't with my OH when he brought it. To put it politely its not his forte'

tim123456789

getmore4less wrote: »

What's to stop someone buying through the HA at 100%? you just get your % back HA get the rest.


I can't believe people buy with these conditions of sale hanging round their knecks.

you should have had all this information when you bought, what happened to it?

Most people who "want to get on the ladder" don't give a rat's about these details.

Just the same with buying 100% of any leasehold property. The number of people who insist on assessing the lease and maintenance details before committing themselves is tiny.

EA's will tell you that "no-one bothers with this " if you enquire and IME they don't actually believe me when I tell them that management accounts are crutial for me and I will walk if I don't like them, and then get all annoyed when I withdraw my offer because the maintenance fund is a mess. (I think I'm the only one!)

tim

tim123456789

getmore4less wrote: »

What's to stop someone buying through the HA at 100%? you just get your % back HA get the rest.

?

Presumably (s)he is required to get the pro rata % (not original investment) back.

I can't see the seller being disadvantaged by this scenario.

injectionday

We've recently sold 60% of a shared ownership flat in London. The HA arranged several viewings but couldn't find a buyer so gave permission for 100% to be sold (with us staircasing and buying the other 40% on the day of completion). We were very lucky and the EA we picked knew a buy to let landlord who had bought several similar flats and he made an offer we were very happy with straight away.

Selling was very stressful and the HA were useless (I had to chase them all the time). However overall shared ownership worked out well for us. We owned the flat for 12 years and made a decent profit which has now enabled us to buy a house.

mrsdarbs

I haven't read all the posts on here, but couldn't resist commenting as we are in a similar situation.

I purchased a 2 bed shared ownership flat in 2007 - £105,000 and I purchased 60%.

Met my now hubby and had a baby - he lived in NI with the army so I moved over to be with him when baby was about 8 months. I tried to sell the property then (Oct 2008) and no luck through the HA (Broomleigh - now Affinity Sutton) and asked about my options re renting. As I was working in Belfast I was allowed, but had to get written permission every 12 months.

Hubby got posted back to where the flat is in Feb 2011 and I was literally just a few weeks pregnant so we stayed in army accommodation and chose not to move back into the flat.

In March 2012 I called to get the permission to extend the sub-letting and was refused - it took from March - Nov to evict my tenant - had to go through the courts to bailiffs etc.

The flat has now been on the market since 8/11/2012 with 4 viewings and no further interest. We are struggling to pay the mortgage with no rental income and praying to god we get a buyer in place this month or next, but dreading a repossession. The HA have been useless and no help whatsoever. We had to allow them 10 weeks I think it was to find a buyer and I knew they wouldn't, am now tied in til 28/02/2013 with the EA.

Sorry that is an essay - just completely share your frustration!

Kynthia

Samx41 wrote: »

I wasn't with my OH when he brought it. '

Ditto. I would never have bought somewhere that I couldn't let out for a start as you never know when you'll need that option.

Samx41

A small update:

We received some information from HA about the option of renting the flat out. They've made it impossible.

Rent needs to cover our mortgage costs and rent and renting fees. We were prepared to take a deficit just to get out and then sell when in a better position. Mortgage, rent and fees would mean we would have to rent it out for about £625ish which is not very attractive when looking at others on the market. Also the letter said that they have the right to pull the plug on us renting at any time. So renting is not an option.

Baby steps to selling. OH's dad has kindly agreed to store some of our stuff so we can declutter. We will start that this week. We will probably have to store our upright freezer nearer the time of viewings ( that is tucked away in the lounge due to space in the kitchen) as it just brings attention to the kitchen being small.

At least this week there is something that we can physically do to move on to the next step.

averageguy11

Someone earlier on this thread mentioned about making sure you get any value you have added to your home (tension for example) upon its sale.....has anyone else had experience of this and is there a legal position ...I have a idea I might have a fight on my hands with my own HA over this point

TIA