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selling a shared ownership flat - Been trying for 3 YEARS
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buckswife
Posts: 1 Newbie
Sorry i am new to this so not sure if there is a similar thread.
I need some help/advice.
Me and my husband own a 50% share of a 1 bedroom flat. The other half is with Nottinghill Housing.
3 years ago after the birth of my son we put the property on the market and after over 30 viewings, moving estate agents, and reducing the flat share price by £15k to our mortgage settlement figure, we still cant sell. We are now a family of 4 (daughter was born this year) and with no help from our local council or nottinghill, we are now desperate.
Nottinghill will not give us permission to rent the property as they do not deem our circumstances as extreme
We are both working in well paid jobs and can afford to buy but not untill the flat is sold.
I know there will be people saying we should have waited to have kids and your probably right but being on the wrong side of 30 and the risks involved, i did not want to sacrafice not having children on my life for a poxy flat.
ANY advice you can give would be much appreciated
I need some help/advice.
Me and my husband own a 50% share of a 1 bedroom flat. The other half is with Nottinghill Housing.
3 years ago after the birth of my son we put the property on the market and after over 30 viewings, moving estate agents, and reducing the flat share price by £15k to our mortgage settlement figure, we still cant sell. We are now a family of 4 (daughter was born this year) and with no help from our local council or nottinghill, we are now desperate.
Nottinghill will not give us permission to rent the property as they do not deem our circumstances as extreme
We are both working in well paid jobs and can afford to buy but not untill the flat is sold.
I know there will be people saying we should have waited to have kids and your probably right but being on the wrong side of 30 and the risks involved, i did not want to sacrafice not having children on my life for a poxy flat.
ANY advice you can give would be much appreciated
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Comments
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Are you able to buy the other 50% out? Where is it being advertised? I know when we have been looking for shared ownership properties there is a dedicated site they go on before with an estate agent, have you tried gumtree?
If it is in a nice area im sure there would be some young proffesionals wanting to buy half of something that nothing at all?£2 Savers club £0/£150
1p a day £/0 -
After 30 viewings, is it just an unattractive flat?Posts are not advice and must not be relied upon.0
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What has the feedback been like on the viewings?
I imagine it's just overpriced if it's still on the market."I'm not from around here, I have my own customs"
For confirmation: No, I'm not a 40 year old woman, I'm a 26 year old bloke!0 -
Why don't you post a link to the rightmove advert, so people can give you some constructive criticism as to why it's perhaps not selling.
With that many viewings, then it must obviously seem nice on paper, so chances are it's the price that is too high.
When did you buy it?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
regrettably, if a house/flat hasn't sold then it is always down to the asking price.
It is that simple.Sealed pot challange no: 3390 -
I thought shared ownership was a one way ticket?It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Hey,
I am really surprised by that. Where is the flat and what's the share price? I am currently looking, and everytime I spot a property on the web I like it's already under offer. Please let me have the details ?
Ta0 -
Hi buckswife
I really sympathise with you, we could not sell our shared ownerhsip flat after two years of trying.
In the end we managed to raise enough funds to buy the 60% of the flat we did not own.
We then managed to sell it as 100% ownership, we made a big loss though.
But at least we are out of the flat now.
I wish you all the luck0
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