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selling a shared ownership property

(7 Posts)
Lulu1984 Thu 11-Apr-13 08:59:59

Just wondering if anyone had any experience of this. We've been in our shared ownership flat for 6 years and are just starting the process of selling up as we're finally in a position we can afford a house.

If you've done this did you have much demand for your property? Did you advertise through an estate agent or just on the HA website. Also how did the valuation work out for you, I'm worried they'll undervalue meaning we won't be able to afford to sell up as the bulk of our deposit will come from how much we've paid off our mortgage.

Thanks

yellowsnownoteatwillyou Thu 11-Apr-13 09:08:48

I've just done this

I advertised on standard channels with a clause in the schedule that said "subject to acceptance from ha"

I had it on for 5 months, 2 viewers and sold.

I would get some application forms from ha and explain to viewers how it works, a lot of people don't understand how it works.

Also check about extra charges as you will need to pay you solicitor and a few I ha solicitor.

yellowsnownoteatwillyou Thu 11-Apr-13 09:10:34

Also valuation fee is on the whole valuation on the property not just on the share.

And then you just divide it on how much your share is.

Lulu1984 Thu 11-Apr-13 09:21:22

Thanks yellow. Thats reassuring! I'm just in the process of arranging the valuation. I've had a lot of details from the HA that explain all the extra costs so hopefuly i'm prepared for that.

Can I ask what area you are in, we're south coast.

I understand the valuation is on the whole property, though when I look at other flats up for sale there is such a difference in prices from about £100,000 - £160,000 for very similar properties. We need to get a value somewhere in the middle so we have built up enough equity to use as a deposit.

redandwhitesprinkles Thu 11-Apr-13 09:27:22

They will undervalue it as you are effectively selling back to HA. 3 estate agents gave us £135,000 (take off a bit for them overestimating). I was not amused by the £190,000 valuation (before property slump).

You have to pay all fees.
Check how much stamp duty you have paid - there are clauses that can sting you.

You have to do all viewings - they sent people round that couldn't afford the property.
They wanted me to do viewings then people filled in forms then they would decide who could have it - I said no way and would sell to whoever came along first with the money (they gave in as we had so many problems with the HA).

The buyers then asked to complete a month later as they wanted to go on holiday - I had to explain that as we had already exchanged and were in a chain, not a hope in hell!

Ultimately, I would never do this again.

Metalgoddess Thu 11-Apr-13 11:13:20

We are thinking of selling ours and the estate agent said they are selling well due to the economic climate. He was obviously telling the truth as 2 houses nearby have sold within 2 weeks! I think we are going to staircase so that we own the property outright.

yellowsnownoteatwillyou Thu 11-Apr-13 23:28:38

I was in Edinburgh, not a lot available there, and I was very central.

The selling process seems crazy down south. Wish you luck.

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