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Shared ownership resale with Hyde
adibaba
Posts: 7 Forumite
I am in the process of buying a 35% share in a two-bedroom apartment from Hyde New Homes.
All has been going fairly smoothly, but I noticed last night that for resale through Hyde within the eight-week nomination period, a charge of "up to 2% of full market value" is made.
I queried this with the salesperson today and it seems that this does indeed mean up to 2% of the value of 100% of the property. This effectively means I'd be potentially be paying close to 6% for the sale of my share (2*100/35).
UPDATE: it seems 2% FMV is rarely charged in practice.
Anyone have any experience with SO resale?
All has been going fairly smoothly, but I noticed last night that for resale through Hyde within the eight-week nomination period, a charge of "up to 2% of full market value" is made.
I queried this with the salesperson today and it seems that this does indeed mean up to 2% of the value of 100% of the property. This effectively means I'd be potentially be paying close to 6% for the sale of my share (2*100/35).
UPDATE: it seems 2% FMV is rarely charged in practice.
Anyone have any experience with SO resale?
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Comments
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If you sold your 35% share through an Estate Agent, you would pay a fee.
Hyde are saying if you sell through them, they are acting as your agent, and hence you will pay a fee.
Not sure how 2% = 6% - is there some info you have not provided?0 -
The work in marketing your property is the same no matter what share you own in it.0
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I am one of the main financial advisors they use for their shared ownership (there is a high possibility you are one of my clients)
If you are one of my clients (my name is Sarah) please do email me and I can confirm this 100% from the resale team
A number of other housing associations do charge on the full value (affinity Sutton I know do)
If you check your memo of sale it will tell you how much the vendor is being charged to sell. This will give you a good idea.I am a Mortgage Adviser
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.0 -
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I spoke to the HA today and it seems that 2% FMV is rarely charged in practice.0
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