Selling a shared ownership property

[mummyofexitedprincesses]

Hi, we are trying to sell a 50/50 shared ownership property. Perhaps I was a little over-optimistic, but I thought it would sell really quickly.

Has anyone successfully sold a shared ownership property? We have until 28th October for the HA to sell then can go to an estate agent, but it means 2 lots of costs. I don't feel the HA are being very proactive about selling it at all and we have had to pay for a survey, plus admin costs which all add up.

Feeling the stress....

KIds are in bed so bumping. Anyone been through this?

I have a friend who has been trying to buy a SO property for a couple of years - the mortgages she has been offered are ridiculously high. If she is typical, then you might just find that people are struggling to get funding even if the home is supposedly "affordable". Sorry.

:(
I am losing optimism fast.

We live in a so house and several on our street have been up for sale for 18mo+ the had ours valued at exactly the same as we paid for it 5 years ago so we're staying put for the time being.

My db and sil have just sold their so house after only a couple of months on the Market so its not all bad. They didn't make any money on it afaik though.

I think the trouble is people will be able to buy a whole house for the same amount that you are asking for a 50% share soon.
Do you have to move ? Could you not battern down the hatches, pay off the debt and be in a good position when we come through the other side of this ?

Sorry, we pulled out of buying a SO property as we were worried about the rising cost of the rental portion going to the HA. The solicitors wanted much more in fees too which put us off.

However, the house DID sell to another buyer soon after we pulled out!

Good luck - really hope you get a buyer soon

We're trying to sell our's for about 4 months now, have had 5 offers but buyers struggling to get mortage and various other personal reasons they have all pulled out at one point.. Our asking price is slightly higher we bought it 3 years ago but we can't afford to go any lower (we wont be making any profit if we get the asking price).

But three shared ownership flats in our building went very quickly, their asking price was lower then our's.

There's lots of interest in SO properties - are you getting lots of viewings?

And you can't rely on HA on finding a buyer! With our's they let us to market it from day 1 with EA as well (which is good!), HA got the details first but it took them 3 weeks to actually market the flat! Also they had quite few mistakes in the listing(instead SW london postcode they had SE london one). We only have had one viewing through HA compared to about 50 from EA.

Sorry not very positive story here but very good luck with selling your property!

House prices are the same now as they were when we bought, but our financial position is much improved. The HA has made a postcode mistake on our listing too. If you google the postcode it is in a less desireable area. When I suggested that may have a negative effect on viewings they were surprised!

Has anything actually sold in your street in the last 3 months that would give you an accurate figure in terms of what the 50% shared houses are achieving ?

Shared ownership property prices are fixed around here, we had to pay for a RICS (sp) certified survey and can't up the price in order to be haggled down . We are the first people on our street to attempt to sell so as you can imagine the neighbiours are very interested to see how it pans out.

We sold our shared ownership house around 4 years ago.

We found it helped to give potential buyers an idea of which lenders will give you a mortgage on shared ownership properties, as part of the reason they are finding it hard to get finance is that at the time a lot of the high street lenders wouldn't lend on shared ownership properties. We did sell ours through the HA.

We did also try and give them an idea on how much bills were so they had a good idea how much the house cost to run if their finances were very tight. It's a fine line to try and avoid being annoying, but they seemed to appreciate that.

been there; it's not fun.

we've finally just got rid of our 40% share after 2 years on the market, but only because of the sustained pressure we put on our HA to buy it back from us. I feel like a huge albatross has been untethered from my shoulders.