We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
Selling Shared Ownerships.
bujin
Posts: 242 Forumite
I know from looking that the shared ownership question has come up time and time again, however our situation seems slightly different so.....
When we purchased a 50% share of our property it wasn't a purpose built shared ownership property owned by the Housing Association but a privately owned house, we were basically left to look for a property of our choice on the open market, when having found one we went through exactly the same purchasing processes that you would normally the only difference was that lender was already agreed by the Housing Association so we got our Mortgage through them.
Due to the usual things children etc we have never increased the share. In about 5-7yrs time we are hoping to sell the house and move to a different County to begin enjoying our retirement.
Does anyone have any experience in selling their share, some people say they have lost out and that their property was worth less than their share. When we purchased the property we paid 28,000 full asking price was 56,000. The property is now worth approx about 180,000-190,000, so we'd get half of that, so have obviously made an increase in the value of our house.
Would we be better off when the time comes to buy the other half and so sell the house as ours outright or follow the process through the Housing Association? We should just be able to afford that then.Any tips you have or experiences may help us decide the best course of action. Thanks.
When we purchased a 50% share of our property it wasn't a purpose built shared ownership property owned by the Housing Association but a privately owned house, we were basically left to look for a property of our choice on the open market, when having found one we went through exactly the same purchasing processes that you would normally the only difference was that lender was already agreed by the Housing Association so we got our Mortgage through them.
Due to the usual things children etc we have never increased the share. In about 5-7yrs time we are hoping to sell the house and move to a different County to begin enjoying our retirement.
Does anyone have any experience in selling their share, some people say they have lost out and that their property was worth less than their share. When we purchased the property we paid 28,000 full asking price was 56,000. The property is now worth approx about 180,000-190,000, so we'd get half of that, so have obviously made an increase in the value of our house.
Would we be better off when the time comes to buy the other half and so sell the house as ours outright or follow the process through the Housing Association? We should just be able to afford that then.Any tips you have or experiences may help us decide the best course of action. Thanks.
0
Comments
-
It's DIYSO. Talk to the HA.
Normally you can offer your share for sale, or you can offer to staircase upto 100% at completion, if that is preferred by your purchaser.
The process/cost of valuation and how the property will be marketed is set out by the HA, so they should be your first port of call.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks for that, just wondered why there seemed to such negativity abou the process online and on these forums?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 349.7K Banking & Borrowing
- 252.6K Reduce Debt & Boost Income
- 452.9K Spending & Discounts
- 242.7K Work, Benefits & Business
- 619.4K Mortgages, Homes & Bills
- 176.3K Life & Family
- 255.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards