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ANOTHER Shared Ownership
hannrs_16
Posts: 1 Newbie
Hi all,
Just looking for some advice on how to proceed...
Bought my 1 bed flat from L&Q in Sept 2018 in a London Borough. Unfortunately due to work/family I now need to move. I own 30% of the flat which I bought at £255,000. Current purchase price is still £255,000 give or take.
I have 2 options:
1. Staircase up to 100% then rent or sell. For this I would need around £16.5k equity which I can raise however my current salary will not allow for the extra lending I would need. Fees for this are 2k.
2. Sell my share, to do so this has to go through L&Q first, they have 8 weeks to sell. I have to appoint a valuer and they can not sell for above or below this valuation. Fees are around 5k for this (including the 1.25% fee they add on!) Failing L&Q making a sale I can put on open market for same or more (not less) than the valuation. Fees for this around 10k as you have to pay L&Q legal costs too. Only plus side on this is that if I get more than the valuation I keep 100% of the monies.
Not sure on whether to sit tight and hope my salary increase to buy all the shares and rent/sell however on doing this L&Q still get first right to buy and can dictate price so still no guarentee of making any money! Or just sell my share and get out whilst the house price hasnt dropped!
Thanks all
Just looking for some advice on how to proceed...
Bought my 1 bed flat from L&Q in Sept 2018 in a London Borough. Unfortunately due to work/family I now need to move. I own 30% of the flat which I bought at £255,000. Current purchase price is still £255,000 give or take.
I have 2 options:
1. Staircase up to 100% then rent or sell. For this I would need around £16.5k equity which I can raise however my current salary will not allow for the extra lending I would need. Fees for this are 2k.
2. Sell my share, to do so this has to go through L&Q first, they have 8 weeks to sell. I have to appoint a valuer and they can not sell for above or below this valuation. Fees are around 5k for this (including the 1.25% fee they add on!) Failing L&Q making a sale I can put on open market for same or more (not less) than the valuation. Fees for this around 10k as you have to pay L&Q legal costs too. Only plus side on this is that if I get more than the valuation I keep 100% of the monies.
Not sure on whether to sit tight and hope my salary increase to buy all the shares and rent/sell however on doing this L&Q still get first right to buy and can dictate price so still no guarentee of making any money! Or just sell my share and get out whilst the house price hasnt dropped!
Thanks all
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