We are very lucky to own 75% Of a two bedroom flat in Hertfordshire. We decided to use the shared ownership scheme because we didn’t have a Big deposit and it meant that we could get on the property ladder. We have since been joined by DS and find our flat is becoming increasingly small and desperately would like a garden. We would like to sell our property and buy a house further north which would be more affordable. We own 75% of our property and pay rent on the outstanding 25%. A few people in our block have attempted to sell their flat to no avail, One person has had the two bedroom flat on the market for coming up to 1 year. We could potentially get a flat revalued and understand how much more would cost to own out right although I’m not sure this is the best option? Does anyone have any experience of owning a shared ownership property they’re trying to sell ?Would you advise buying it out right and then trying to sell or would you put it up as it stands? My worry is that because we own such a large share of the property we would struggle to find someone who could also afford to own 75%. If we buy it outright, I believe the housing association can buy it back (I think) and then decide how much % a future tenant could own based on their earnings etc.
To make it harder, lots of new flats are being built on the same estate as ours, many with balconies. Our flat was an office block repurposed.