Selling Shared Ownership property

HayleyPH

Hi,
Really hoping someone can help, I stupidly bought a shared Ownership property 8 years ago. I only have a 25% share, when I purchased I knew there was an 80% staircasing restriction and Halifax agreed a mortgage on that basis.

However being a FTB and not releasing I purchased the property with only 80 years remaining, meaning now the lease is down to 72 years.

What I need your advise is, is there any chance of me trying to sell with this low lease and staircasing restriction or is my only option to extend the lease then sell? Though I’m soo worried how much the lease extension is going to cost as online calculators are indicating in excess of £10,000? Honestly it’s crazy it’s a scheme to help FTB and now I feel like I’m stuck with no proper advise.

Would appreciate anyone’s comments or help?

Thanks

amandacat

You will need to give the housing association the chance to sell it first, normally they have a set time before you can try and sell it privately. Depending on the demand for shared ownership in your area, they may well find you a buyer. If they don’t in the set time you can use an estate agent but then the buyer will still need to apply via the housing association. They will sort the lease out with the new buyer.

My first house was shared ownership and had about 85 years left on the lease from memory. Selling it was a bit drawn out eg applicants struggling to get a mortgage but I got there in the end. The only mistake I made was not using a no move no fee solicitor and after the first two sales fell through I got a bill for £600. It was third time lucky.

HayleyPH

Thanks amandacat that’s really helpful especially about the solicitor, I’ve been told that I don’t have a nomination period so can sell on the open market straight away but am swaying towards letting the housing association to try and sell first.
Can I ask you a another question if possible, do you recall if your valuation went down by much based on your lowered lease? Thanks again