Persimmon Shared Equity

Missfidgets

Just wondered if anyone's experienced any issues with Persimmon and paying back their shared equity when selling their home?

I've been wanting to sell for around 2 months now, I posted a valuation out to the Metropolitan housing that deal with it from my estate agent, chased it up with phone calls and emails as they need to approve before I can sell due to the 15% i'll be paying back to them. It's been so long and I've not heard anything apart from the odd email reply saying they will chase it up. Is this acceptable?

If I sell for less than they believe the house to be worth will they demand I pay them more?

The house I'm selling I bought for 85k and have had an offer of 89k however they are still selling their new builds for anywhere between 82k and 92k so i'm not sure where i stand.

If i could ask them direct I would however the phone is never answered by anyone able to deal with the request and I've had no response from them.

If anyone has any experience with them I'd be grateful for any advice!

Thank you.

kingstreet

Metropolitan is the HCA HomeBuy Agent which has the contract to deal with post-sale issues on shared equity. Effectively it's an extention of a Government department, so it may not always be efficient in dealing with things.

This is the website. I suggest you research the process and ensure you meet the requirements they give you. I'd be surprised if an EA valuation was acceptable. It's normally a RICS surveyor valuation required.

http://www.myfirsthome.org.uk/

Missfidgets

Thank you, that's very useful to know.

The forms they sent me 2 months ago state this -

What do I need to do first?
Most people will use an Estate Agent to sell their home. Tell your Estate Agent about your shared equity loan and ask him to tell you what he believes the current market value of your home is. You should ask him to prepare a letter on his headed notepaper stating what the value is. Please complete Form A attached and send this to us with the copy letter from the estate agent. This gives us notice that you are planning to sell your home. It should also enable us to agree the price with you.

Agreeing the Sale Price
We always need to agree the sale price of your home. The amount you have to repay us is based on this. Provided you are selling your home at its current market value we will be able to agree the price with you. Several different types of shared equity loan documentation have been used by different Persimmon Group companies and these have been modified over time. Your documentation may contain specific provisions about valuation of your home in the rare event that there is a dispute about its value. Your conveyancer will be able to advise you about this if a dispute arises. However generally we will always try to reach agreement with you the value of your home.


But not being able to get in touch with them or have them respond isn't allowing me to get very far. They've not mentioned any other valuation so far yet, maybe that's what's causing the delay.

Cheers