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Shared ownership housing association property resale experiences please?

5 replies

MovingThisYearHopefully · 08/10/2018 22:20

We have a shared ownership property within our chain, which we all sale agreed on at the end of August. Everyone else is moving swiftly & almost at the point of exchange, but this transaction seems to be moving very slowly. Our buyers are pushing us to agree to move into rented (because we're buying a new build) & for completion dates, yet it is their buyers (buying their shared ownership housing association property) who are holding things up, not us. As far as we're concerned a certain amount of delay is fine, as it shortens the gap between completion on our place & moving into our home, so saves us money on rent. As long as something is happening & they are working towards the end conclusion.

If anyone could share their shared ownership purchase/sale stories & or timelines with me it would be very helpful! Thanks. Smile

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Cheerymom · 08/10/2018 23:01

I sold a shared ownership flat. Bought the buyer and I chain free. It was all delayed due to the housing association on my side. Shared ownership is usually via a HA and they are often dreadful with supplying paper work etc for solicitors. I had to ring mine daily for 3 weeks as did my solicitor in order to send one piece of information.

MovingThisYearHopefully · 08/10/2018 23:25

Thanks Cheerymom. This is our finding so far. The HA won't communicate with anyone. It took our developers threatening to put our house back on the market (as a bluff to make them even speak to them) to get an update. Apparently, they have only just produced a memorandum of sale & it will be at least a month before they're ready to exchange, but their solicitor says that searches & surveys have been done. As long as our developer remains understanding then it all suits us tbh.

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mangocoveredlamb · 09/10/2018 07:26

We sold our last house to someone who was selling a shared ownership flat. It delayed the process by nearly 6 weeks, and was incredibly stressful, as I thought the whole thing would fall apart.
I would be getting your buyer to chase daily if you can as the housing associations just don’t seem to be bother about who owns the flats and see no reason to hurry!

AntiHop · 09/10/2018 07:51

We recently sold out shared ownership flat. The housing association were great. They did everything quickly. We found a buyer easily.

Their solictors, and our buyers' solictors, were awful. Painfully slow. But that's nothing to do with shared ownership, but the common problem of crap solictors.

Selling a leasehold flat is always going to be more time consuming than freehold. That's again nothing to do with shared ownership.

MovingThisYearHopefully · 09/10/2018 11:23

We've actually told our EA not to chase things as we're not in a rush because we're buying a new build, so the longer it takes the less rent & storage we need to pay out for. As long as something is happening & the developer is not putting on too much pressure we don't mind, as long as something is happening & theres no major issue like the shared ownership buyers being unmortgageable. That seems unlikely though as I know the HA vetted them & it took a week before their offer was confirmed.

It seems like a case of this HA being crap & their solicitors being crap too. Just not appreciating pressure being put on us when we are not the ones delaying & us moving out into rented earlier than we need to doesn't benefit anyone, least of all us, who simply can't afford to rent for long. Will continue to wait I guess & hope we won't be in some random short term let for Christmas!

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