Question re disposing of shared ownership property

*Robin*

Asking for an elderly friend:

He has inherited a shared ownership maisonette. The LA still hold a minority share. He has no need of this accommodation, and it's in an area which is desperately short of LA housing.
The LA have valued it & suggest he puts it on the open market, repaying the LA for their share when it sells. But he would much rather the property went back into LA ownership to benefit a family who need affordable housing, with the LA simply paying him the value of his share.

Is his idea realistic? The LA don't seem too keen (possibly the person he spoke to didn't understand what he was suggesting?).

In terms of monetary value, there would be little advantage either way for my philanthropic friend once EA fees are taken into account.

TIA

Cakeguts

If it quite an old property the LA probably don't want it back. It doesn't always make sense for them to spend a lot of money on an older property when they can spend it on a purpose build new one.

csgohan4

*Robin* wrote: »

Asking for an elderly friend:

He has inherited a shared ownership maisonette. The LA still hold a minority share. He has no need of this accommodation, and it's in an area which is desperately short of LA housing.
The LA have valued it & suggest he puts it on the open market, repaying the LA for their share when it sells. But he would much rather the property went back into LA ownership to benefit a family who need affordable housing, with the LA simply paying him the value of his share.

Is his idea realistic? The LA don't seem too keen (possibly the person he spoke to didn't understand what he was suggesting?).

In terms of monetary value, there would be little advantage either way for my philanthropic friend once EA fees are taken into account.

TIA

Maybe a charity would like to take it off his hands with them paying all the fees if he wants to give it away. How generous of him

elverson

Is it part of a larger local authority block/estate, or a single property in an otherwise 'private' or 'market' block/estate?

*Robin*

Cakeguts wrote: »

If it quite an old property the LA probably don't want it back. It doesn't always make sense for them to spend a lot of money on an older property when they can spend it on a purpose build new one.

^^^This makes sense, although there is precious little land available for building new social housing in the area - thanks Cakeguts, will pass on your wisdom.

csgohan4 - :rotfl: Was the meaning of my post really so unclear? His inheritance will provide comfort for this gentleman's twilight years, but he happens to think it's more important for deserving folk to have one decent home than the place be added to the portfolio of a rich investor or private landlord who doesn't actually need it.

eggha - Don't think the LA wish to keep their share or do any of the work involved in a sale. They just want a fat cheque - such is my understanding. A solicitor will be dealing with the legal paperwork.

elverson - Why does it make a difference?

Thanks to you all for taking the time to reply.