Shared Ownership - mislead??

withers_83

I dont believe it is illegal, its just the whole uncertainty of the situation and the fact that the agreement seems to keep changing. they have also not delivered on other areas of the development (such as service charges and maintenance of the development).

For a first time seller its a daunting prospect to sell your house with uncertainty surrounding your own obligations and agreements let alone with dealing with estate agents and solicitors!!

I just see that the law seems to provide little safeguard for people buying new houses and little information for first time buyers. Maybe my own fault but just my experience (which i will duly learn from and not make the same mistake again!!!).

Thanks Olly300, i am in the process of seeking exact clarification from the builder. Hopefuly should shed some light on everything!!

matto

25% of the sale price would be better for you if the house has lost money, and maybe this is a concession they've made subject to what seem to be not unreasonable conditions.

You would have to check your original contract to see what was agreed then.

Unfortunately there is no protection for buying houses. They are not treated as consumer transactions and that is why you use a solicitor.

Maybe, if it would make you feel more comfortable and possibly easier to sell, you could offer them a fixed amount without the conditions? You would have to also specify a time frame i.e. offer them e.g. 20k if you manage to complete a sale within 6 months.

mpsavuk

withers_83 wrote: »

Hi,

I bought a flat 3 years ago as part of a shared ownership (75-25 split) with the builder (big national national housebuilder) which was geared towards helping first time buyers get on the property ladder.

Now i am looking to try and sell my property but i am being told by estate agents that the valuation is around 5-6k less (and people are still not viewing the properties) than i bought it for due to other people selling in the same development.

The estate agent also mentioned similar people in the development who are in the same situation and who were unhappy with how the flats were initially sold, for what now appears to be inflated prices (or certainly varied prices with some flats being sold for around £100k up to £130k for very similar apartments).

He has said that many have approached the house builder to see whether they would reduce their equity in the flat to help sell the properties and limit the loss.

My question would be whether this is worth pursuing, whether there is something legally that could be done or whether we were just very naive as first time buyers and have been hit by falling house prices? any comments or thoughts would be gratefully received.

Your last paragraph answers all your questions!!

coal9011

I feel very sorry for you, but it was very "crafty" and "effective" marketing on the part of the builders. I can't see anyting illegal in it though.

If house prices had continued to rise as they had been - then it would not have been an issue for you. Stay where you are and ride things out for the next several years. just bad timing I'm afraid.