Selling shared ownership - stories?

7 replies

Idunnowhyibother · 18/07/2022 08:10

Want to sell my SO property next year - any advice? It's my first SO property but the area isn't for me. If anyone has any practical advice/experience of this please let me know!

OP posts:

LisaVanderpump1 · 18/07/2022 10:52

Sold my S/O flat last year. Understand what the process is with your particular housing association so you can get your house in order and mentally/actually prepare for the costs (mine was pretty expensive and the fee they charged was a percentage of the full flat's value, not just my share of it!).

Van34 · 18/07/2022 10:54

Mine was super easy to sell no difference to a normal property. Only issue I had was they the HA had no idea what their fees were and started to make numbers up. I had to be very firm with them and stood my ground.

LisaVanderpump1 · 18/07/2022 12:03

You didn't mention if your property is a flat or a house, but does it have any cladding @Idunnowhyibother? If it does, that could prove your biggest hurdle to overcome.

Original poster

Idunnowhyibother · 18/07/2022 12:07

LisaVanderpump1 · 18/07/2022 12:03

You didn't mention if your property is a flat or a house, but does it have any cladding @Idunnowhyibother? If it does, that could prove your biggest hurdle to overcome.

It's a house - thankfully no cladding- hadn't even thought of that!! So far the HA have been shit with numbers so will be keeping an eye on them. Had heard some bad stories so was interested to get some real opinions/experiences from people who had gone through the process.

OP posts:

ayegazumba · 18/07/2022 12:17

You'll be asked to get it valued by a surveyor not an estate agent. We discovered during the process that a low valuation is best as you make 100% of the sale above the valuation amount! We paid for a second surveyor who had valued a flat in our block much lower than our original one, submitted this to the HA, sold it for way over the valuation meaning we only had to give the HA their 40% of the amount sold up to the valuation amount, everything over was ours. We made 100k after living in it for 2 years! There's a name for the clause in the contract that confirms this is the process. I can't remember what it is but if you have a mortgage advisor who specialises in SO they'll know all about it.

Darmy1 · 12/09/2023 13:46

Hi, sorry I know this is an old post but I thought the Seller wasn’t allowed to accept higher than the valuation price?

LisaVanderpump1 · 12/09/2023 16:54

@Darmy1 You can accept a price higher than the valuation price, but I believe you'll be expected to split any difference with the HA.

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