Shared ownership. Who has the final say on price?

ali82

My partner brought a property a year ago through a shared ownership scheme, he owns 40% of the property, he wants to sell it and has an offer, the estate agent has valued it at approx £350,000 (I think) but the council who owns 60% of it want to sell it for 28k less.

Is this right? Can they do this as obviously he wants to get the most from his property but they say they want to keep it affordable for everyone, this is nice in theory but if the price is accurate to the market can they really undervalue it causing him to lose money?

Any advice or thoughts are welcome

Thanks

Richard_Webster

Depends on what the lease says. There will be some mechanics for valuation if you want to sell written into the lease. So if it says that the Council has to get an independent valuation and that's the price you can sell for you are stuck...

Also you need to check that you can sell it on the open market through an estate agent because a lot of modern shared ownership schemes require you to offer it first to people on the Council/Housing Assn's list of people wanting to buy shared ownership.

poppy10_2

Part of the terms and conditions probably have restrictions to ensure the property remains as affordable housing.