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Percentage owning shared ownership
Helenc22
Posts: 1 Newbie
I'm new to thus so forgive me if this question has been asked before. I currently own 50% of a shared ownership property. I have just had it valued and could afford to increase my share to 75%. My main concern is that if I do this do I price out prospective buyers as they would also have to buy a 75% share? I'm not planning on selling for a couple of years but I don't know whether it's better to increase my share or stick at 50%??
Thanks.
Thanks.
0
Comments
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It will depend on a number of factors, in general there should be no problem staircasing up towards 100% as you can usually do a back to back staircasing if you decide to move on. This is where you staircase to 100% at the same time as you sell the property so both the HA and yourself get your %'s of the sale.
However this comes very much down to the terms of your own lease which is always worth reviewing to make sure there are no troublesome clauses such as a limitation on the maximum percentage you can own.0 -
Ask a few local EAs if it would be easier to sell as a 50% share, a 75% share or if it really doesn't matter.
If your future prospective purchaser wants 100% it's all the same to staircase to 100% from 50% as it is from 75%, so they won't be affected. It will only affect those who want to purchase on SO basis.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 -
Sorry OP, stealing your thread!
When you staircase to 100% with a house do you get the freehold? Currently looking at A2Dominion.
Regards, Luke0 -
That depends on the HA concerned.
Some will offer the freehold when you staircase upto 100%, some won't.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 -
Ok, thanks. Just have to ask if I go to the open day.
Cheers
Luke0 -
I would say stick at 50% if you are not looking to staircase to 100%.£2 Savers club £0/£150
1p a day £/0
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