Trying to sell a 50% shared ownership house

marksoton

davidmcn wrote: »

Yes, but you wouldn't necessarily want to reveal your negotiating position/level of desperation on a public forum easily linked to your Rightmove listing...

True. But with the price already dropped and on the market for 13 months with two different agents i'd say the desperation is self evident.

Alt

nibblesandmunch wrote: »

I haven't checked yet, but i will contact the HA and find out to see if they allow me to go down that route, their attitude towards me has basically been do what you want as-long as we get our £49,950. They didn't even list it on the shared ownership website.

I don't think any other SO houses/apartments have sold in the last 3/4 years, as there was only a small section of 2 houses and 6 apartments on this new development which was built 9 years ago. Other full price properties that are similar to mine have gone for around £80-82k, i'm asking for £41k for my half. QUOTE]

If the full price of comparable properties are around 82k then you need to reduce price of your 50% share to £32k to match other sold prices


Alt

tomtontom

Alt wrote: »

nibblesandmunch wrote: »

I haven't checked yet, but i will contact the HA and find out to see if they allow me to go down that route, their attitude towards me has basically been do what you want as-long as we get our £49,950. They didn't even list it on the shared ownership website.

I don't think any other SO houses/apartments have sold in the last 3/4 years, as there was only a small section of 2 houses and 6 apartments on this new development which was built 9 years ago. Other full price properties that are similar to mine have gone for around £80-82k, i'm asking for £41k for my half. QUOTE]

If the full price of comparable properties are around 82k then you need to reduce price of your 50% share to £32k to match other sold prices


Alt

Alt may have a good point here, is the HA still expecting £50K for their half?

nibblesandmunch

Yes the £82k was the last sale price for a property which is exactly the same as mine in October 14.

The Housing Association have been no help at all and won't move from their position of £49,950 unless it is revalued by one of their approved surveyors at a lower price.

tomtontom

nibblesandmunch wrote: »

Yes the £82k was the last sale price for a property which is exactly the same as mine in October 14.

The Housing Association have been no help at all and won't move from their position of £49,950 unless it is revalued by one of their approved surveyors at a lower price.

October 14 is a long time ago, as is the thirteen months since your valuation. How is the market generally around you?

I would post the RM link, even if just for a few hours. People are going to know you're in a tight spot from the marketing history of the property, posting here won't make any difference. Lots of people do so, it can make a big difference getting a few fresh pairs of eyes on it.

It's a long time since I sold my SO property, but I had to sell it at the same value as their half. Are you sure they'll allow you to sell it for less?

brit1234

Shared ownership is notoriously hard to sell especially the more you staircase. That's why many people avoid them and all the restrictive costs and conditions on top.