Shared Ownership - selling shares or staircase and simultaneous sale

annetheman

There are some very helpful threads on selling shared ownership (describing varying degrees of hell); as I've just started a 6-week nomination period with my housing association, I am a bit of a nervous wreck and keen to hear from others in a similar boat.

If anyone has any experience in a similar situation, it would be great to hear. Thanks!

Mark_d

When I sold my shared ownership property the whole property had to be sold and as part of that sale, money want back to the housing association.  I think it would be messy trying to sell just your share of the property, because the buyer would simultaneously need to be signing up with the housing association

annetheman

Mark_d said:

When I sold my shared ownership property the whole property had to be sold and as part of that sale, money want back to the housing association.  I think it would be messy trying to sell just your share of the property, because the buyer would simultaneously need to be signing up with the housing association

Gosh that is strict. My HA is less keen on selling the whole thing and I can only do that if I don’t find someone to buy my share. In fact I have a clause in my lease that states specifically “in order to keep this property as shared ownership” - or words to that effect - the HA has the right to have it back when I want to sell or nominate a buyer within 6 weeks. 

You are right in that the it says any nominee (buyer) whether the HA finds them or I do on open market needs to be approved by the HA for shared ownership, so I’ve told my estate agent to not let anyone view who hasn’t already been approved by Help to Buy South. 

They’ll then need to further by approved by the HA once we agree a sale. It is a pain in the butt, I’d prefer a full market value sale like yours prefers but they don’t want that! 

Also interesting money went back to the HA for you - did it say that in your lease? Mine doesn’t only that I need to pay their costs not exceeding 1% of the value of my shares transferred to the nominee. So if I get a profit, I keep it less their admin fees etc. 

Interestingly I also note the lease doesn’t say I have to use their valuer only that we mutually agree a valuer and I bear the costs. So… if the valuation is too high, I will propose another valuer and instruct them myself I think. Wish me luck…

 I really underestimated how difficult and hoopjumpingy selling a SO would be!