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Prospective buyers moving from shared ownership house - any pitfalls?

(3 Posts)
Delurked Fri 20-Oct-17 14:01:20

We are currently selling our house and have received a good offer from a couple, which we are inclined to accept. They need to sell their shared ownership flat first though. They have accepted an offer (or rather the housing association has on their behalf). I am just a bit concerned that there are layers of bureaucracy involved with buying and selling a shared ownership house that means it is more likely to fall through than a "normal" house purchase. Really don't want to accept their offer only for things to fall apart weeks/ months down the line (although I know of course this can happen with any buyer).

Does anyone have any experience/ advice on whether they sound like a good prospect?

KitKat1985 Fri 20-Oct-17 19:06:36

Hi. We're selling our shared ownership house. Started the process back in June and there's loads of bureaucracy in the early stages (getting an independent valuation and giving them time to process it, and then allowing them time to see if the council have any suitable people on their housing waiting list etc). Then our potential buyers have to fill out loads of paperwork on application to show their finances to the housing association, connection to the local area, eligibility etc which the housing association then has up to 3 weeks to process before accepting the applicant. However, once a buyer has been selected our housing association only then ask to be kept informed throughout the process so they know when exchange / completion etc is, and don't really get directly involved anymore after that as their part of the process is pretty much done at that point. So to answer your question briefly if your buyers already have a buyer approved by the housing association, then I don't think the fact the flat they are selling is a shared ownership should cause any significant delays for you.

Delurked Fri 20-Oct-17 20:01:48

Thanks so much, that's really helpful.

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