Help - Shared Ownership Resale

Jessica9795

Hello,

Hope you can help.

We bought a shared ownership home with 25% shares a year and a half ago. We totally regret doing this now - due to many reasons including the house itself. We now want to sell, we can afford a full mortgage so to try and put it simple we want to completely get rid of the shared ownership and buy a house with 90% mortgage.

I am concerned that a resale of a shared ownership can take a while, is there any loophole or anyway we can kind of get out if it without waiting long?

I know this may seem like a stupid question, we aren’t clued up in this at all. So I do apologise, just needing advise. With most of the property owned by Riverside, I didn’t know if this would be possible.

Thanking you all in advance.

X

purple12

I don't think I can help with advice, as it were, but can just say I had the same worries and when I sold my shared ownership flat (40% - it was a really nice flat in London), we went through all the stages as advised but it sold VERY quickly with a lot of interest.

letitbe90

purple12 wrote: »

I don't think I can help with advice, as it were, but can just say I had the same worries and when I sold my shared ownership flat (40% - it was a really nice flat in London), we went through all the stages as advised but it sold VERY quickly with a lot of interest.

Sorry if it is a bit off topic, but was there any particular reason for selling up? Sorry if it sounds nosy. I am in the market for a 3 bed in London (flat or house, undecided) so wanted to get some insight .

Razzle36

I sold my shared ownership flat last month (35%, 10 years old) and have to say it went extremely quickly - had back to back viewings over the first weekend, multiple buyers went for it and it was sold within a week.
Shared ownership properties are few and far between (I'm in Hertfordshire) so there was a lot of demand.
Check with your housing management company (whoever owns the other percent) - as they might be able to give you an indication - mine told me before I sold that they have a waiting list of people who want one.
Good luck anyway - getting rid of my shared ownership flat and moving to a house that's fully ours is the best thing I ever did!

Morecat

I'm in the process of selling my shared ownership (50%) Absolutely no problem getting a buyer, under offer within a couple of days.The longest part so far, was getting the Management Pack. My advise is to ask for this early in the process. Check the length of your lease, make sure you have a copy to hand, check your ID's are in date. Before I decided to sell, I found out what paperwork would be required and made sure I had it all. Saved a lot of time having to hunt around or applying for documents when I was asked to produce x y or z. It will probably still take about 12 +weeks. I am at the 12 week mark, contracts signed, waiting for the nod to exchange. TBH, it hasn't felt like a long drawn out ordeal. The sooner you get started the quicker you'll be sold. There are no half measures in buying and selling property. Good luck.

lena_halo

I sold my SO flat in February and it went so quickly, I only did two weekends of viewings and it was sold. Took 4 months to complete on the sale so not bad at all. I'm in Bristol.

Get advice from whoever owns the other share and go from there. Good luck