Selling a Shared Equity Flat - tips?

sh856531

Hi all

My partner and I are getting ready to sell our shared equity flat. The original builder was KeepMoat homes and they don't seem the most responsive to our requests for information on what they need us to do.

Can anyone give any guidance on how it will work in terms of selling the house and giving Keep Moat their money? They have a 15% stake in a property that was bought for 90K. We expect to only be able to sell the property for about 80K.

Should I expect Keep Moat to want us to pay for them to value the property again? Will they want us to pay legal fees for them or any other such bobbins?

Apologies for the noddy questions but even with all the documentation we have from them we still can't figure out how or what we will need to pay them. Just that there are vague mentions of us having to pay "all fees" - whatever that means.

Thanks to anyone who can advise

S

laurasavon

I have an equity loan with a different builder and they said they policy is for me to get 2 valuations by local estate agents, does it not say in your paperwork?

Do they have a facebook page, often writing on their wall will get a response

lvm

Not sure I'm much help but as I have a similar Shared Equity property I'll tell you what I know about mine...

I'm on 50% equity and in Scotland so could make a difference.

Anyway, as far as my agreement goes, it's only the stake % they will be owed (not original £ value) HOWEVER that they have to agree to selling at a specific price.

Maybe send them an email/letter saying it's urgent and request specific details on the process...

sh856531

laurasavon wrote: »

I have an equity loan with a different builder and they said they policy is for me to get 2 valuations by local estate agents, does it not say in your paperwork?

Do they have a facebook page, often writing on their wall will get a response

Hey - from what I've read of the deed/contract that seems to be a similar sort of process, along with the vague mention of us paying all their "fees".

I've tried to contact them 3 times via email and they just stonewall me. Will call them later to see if I can get any sense out of them.

Just being flat out ignored 3 times just doesn't fill be with any sort of confidence in their competence. I can feel a fairly long and painful interaction coming on :-(

Might follow your advice on that Facebook thing.

I wonder if the fact that they have lent us money means they are covered by the FSA or similar finance focused body...

Cheers

S

davidmcn

If you've having trouble interpreting the agreement, I would suggest asking your solicitor to help.