shared ownership trap.....

TBagpuss

We were told when we bought the house that shared ownership properties are always slightly more than the market value as they are at a premium.

Have you asked the agents whether this is still the case in your area? In the area where I work, I'd say they tend to be slightly lower than for a similar property which isn't shared ownership. (I don't remember that being the case in 2006, here - I think back then the values were much the same either way, so may well be a regional thing) How much experience with shared ownership properties do the agents you got to view the property have? Were they quoting suggested asking price,m or realistic selling price?

ging84

I was in this situation, the valuer valued it lower than i paid, leaving me in negative equity and unable to sell, until the housing association explained i was able to sell the flat through what they call simultaneous stair-casing, where the buyer's money would be used to staircase the the property to 100% and then buy it from me at the rest of the agreed price, meaning that the HA's share was bought out cheap, and sold to the buyer for a bit more, and meant i was able to break even on the sale and the HA took all of the lose

Mobeer

The 21-year first refusal rule is documented in plenty of places, for example:

http://www.access-legal.co.uk/legal-news/The-pros-and-cons-of-shared-property-ownership-schemes-lu-4771.htm
https://www.gov.uk/affordable-home-ownership-schemes/shared-ownership-schemes
http://www.gosportsolicitors.co.uk/2011/11/news-post/


Still, a low valuation now means a cheaper staircase option, and future valuations might be more generous.

vassa

Compare your house to other houses of average condition and size within a mile radius. Take an average. This is what your house is worth, give or take, doesn't matter what ownership it's in.