Struggling to sell shared ownership home

joegoldberg

Hi, 

I wanted to try and ask for some advice on here, having read some of the previous threads regarding shared ownership homes.

I bought 25% from L&Q in May 2023. Due to an unexpected change in work/ financial circumstances, I was unable to actually move in and made the intention to sell it in June 2023 since I did not need it anymore. 

There was a very keen buyer initially but he pulled out after a couple of months, as the Land Registry paperwork took till Jan 2024. 

Since then I’ve had a handful of enquiries but nothing serious - they could not secure a mortgage/ failed to meet affordability criteria etc. 

We’re now well over a year and I’m still paying for it in rent/ mortgage/ council tax/ gas & electricity/ water/ general maintenance e.g. lawn and it is bleeding me dry. 

I’ve tried asking the HA to let me sublet in the mean time - they won’t. I initially tried to sell privately through Visum but then listed via HA themselves thinking I would get more enquiries/ more likely sell it despite the high fees they’re going to charge. 

I can’t drop the price any more because I need to pay back my mortgage. Also, if I sell the HAs share below the RICS valuation, I would have to make up the difference to the HA. 

I am really not sure what to do. It’s a lovely house with no problems whatsoever. Neighbours all very happy but I have no use for it and I’ve been paying monthly for an empty property for over a year. Anyone else been in a similar situation struggling to sell an SO home - how did you get out of this situation? 

Not sure where to go from here

Any tips/ advice would be appreciated.

Thanks

Grizebeck

Rent a room.....

DE_612183

so where are you living now?

joegoldberg

DE_612183 said:

so where are you living now?

I’m having to rent a flat over an hour’s away because that’s where I’ve now been allocated for work

joegoldberg

DE_612183 said:

so where are you living now?

The HA won’t let me rent out but are you saying they’ll likely allow me to rent a couple of rooms out? 

user1977

joegoldberg said:

DE_612183 said:

so where are you living now?

The HA won’t let me rent out but are you saying they’ll likely allow me to rent a couple of rooms out? 

It amounts to the same thing, you can't legally have "lodgers" at a place you don't live in yourself.

sheramber

Perhaps rent a room  in flat share or in  a house as a lodger if that would  cost less than renting a flat.

Do you have a room in your flat you could let to a lodger?

thegreenone

An hour+ commute is not very much, unless you are on public transport.

joegoldberg

thegreenone said:

An hour+ commute is not very much, unless you are on public transport.

When you work a lot of hours & night shifts it’s very difficult 

pinkshoes

joegoldberg said:

DE_612183 said:

so where are you living now?

The HA won’t let me rent out but are you saying they’ll likely allow me to rent a couple of rooms out? 

You can have a lodger if it has a spare room.

That means that you'd need to live there say at weekends but could rent the spare room to a lodger, or even someone like you who wanted to lodge Monday to Friday.

Lodgers have fewer rights than tenants so can be evicted if there are issues.

silvercar

Ask the estate agent why it isn’t selling. If it is just because SO properties tend to be overpriced when new, it may be worth selling at a loss just to get rid of your ongoing costs. Is there a local issue that means it isn’t attracting buyers?