Shared ownership resale fees

londonbabe73

I have a S/o in w London and own 50% , I've had it for 7 years and now I want out as I'm sick and tired of my Ha useless service.
Luckily I've made some money but have been hit with a raft of charges , namely a sales fee of 1% of the whole sale price not on the share which I think is totally outrageous but I am forced to give them first option to find a buyer. Have been looking at other housing Assoc and this seems high . Have put in a complaint for what its worth what else can I do ? Ideas please have complained to my local MP about it being unfair & profiteering help

HHarry

I'm not sure there is a lot else you can do. The fees are usually listed in the Lease and the HA don't have to budge.

We sold my Aunt's SO flat in Kingston a year ago. As well as a 1% fee, we had to pay a valuation fee, estate agents fee, and a 0.5% contribution to the sinking fund for every year of ownership (we had 20yrs to find).

It's one of the pitfalls of shared ownership that doesn't always become apparnt until you sell.

Loopy28

When I sold my shared ownership house in the westcountry, the fee was 1% of the whole property and not the share we owned.

However, this was only if they could nominate a buyer within 28 days, which they couldn't.

I then went on to use an estate agent who charged 0.75%.

I imagine this is the same with yours?

Pipz

When I purchased my S/O the Vendor incurred a 1% fee on the value of the share she owned + VAT.

She sold 40%, I purchased 50% but the 10% difference was purchased from the HA so no sales fee.

It'll be worth checking your lease.

londonbabe73

Thanks it just feels like daylight robbery !!.

Loopy28

I agree, I felt the same! Should just be for the share.