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Negotiation on price with shared ownership?
AliceBanned
Posts: 3,148 Forumite
Hi
Does anyone know whether it is always the case that with a shared ownership property with a housing association, no negotiation on price is possible?
I have come across one that I like but it needs work doing and I'm not happy with the asking price. It isn't massively overpriced or maybe not at all, and it is 70% shared. just I would want to spend about £6-7 k on it to get it looking much better as it has old fittings in the bathroom and the kitchen units are the original ones - mid 1990s. It also has Artex on the ceiling which is expensive to remove but doesn't look nice. The estate agent said definitely no negotiation as the housing association won't allow it - but it has been on the market for nearly a year. Previously I was going ahead with another shared ownership property but decided to pull out - two months later the asking price for the 40% share had been dropped by £7k - whereas at the time the housing assoc had refused to budge on the price. I don't understand how they manage to do this - unless they are asking a true market value from the start - whatever that is as no one knows? thanks for any advice. I'm still saving up for 100% as I'd rather bag a deal than pay the asking price, but can't afford it in the areas I like.
Does anyone know whether it is always the case that with a shared ownership property with a housing association, no negotiation on price is possible?
I have come across one that I like but it needs work doing and I'm not happy with the asking price. It isn't massively overpriced or maybe not at all, and it is 70% shared. just I would want to spend about £6-7 k on it to get it looking much better as it has old fittings in the bathroom and the kitchen units are the original ones - mid 1990s. It also has Artex on the ceiling which is expensive to remove but doesn't look nice. The estate agent said definitely no negotiation as the housing association won't allow it - but it has been on the market for nearly a year. Previously I was going ahead with another shared ownership property but decided to pull out - two months later the asking price for the 40% share had been dropped by £7k - whereas at the time the housing assoc had refused to budge on the price. I don't understand how they manage to do this - unless they are asking a true market value from the start - whatever that is as no one knows? thanks for any advice. I'm still saving up for 100% as I'd rather bag a deal than pay the asking price, but can't afford it in the areas I like.
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Comments
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Get your own chartered surveyor, not EA, valuation and then make your final and best offer.Posts are not advice and must not be relied upon.0
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OK, thanks. Would this mean doing a full homebuyer survey?0
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If you're just disputing the value, then a valuation survey may suffice.Posts are not advice and must not be relied upon.0
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When I sold my SO property there was no negotiation over the price the HO set however the seller can defoliate on their share.
My advise stay clear of SO.0 -
I second the staying away from shared ownership.
From our experience the HA are very reluctant to take anything less than the valuation obtained by their surveyor. You might get lucky if it's been on the market for a while.
Edit - and in our case we weren't allowed to sell 'our share' for less than the valuation.0 -
Thanks. I will ideally stay away from shared ownership, but keep getting tempted. A) by nice flats in good areas, much better areas than I'm in and
with very good commutes, ie 2-3 mins' walk to a station which takes me into London in 30 mins. As I've been commuting for 7 years from 1 hr 15 mins each way, the location is important in this respect. I am hesitant about SO because of the ties, so thanks for the advice. 0
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