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shared_ownersh1p

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About shared_ownersh1p

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  1. I think you're right Driver, my post was asking for first hand accounts of people in similar situations but there's been no such responses so far from anyone with any experience of shared ownership. I'll check it out further with a solicitor, thanks
  2. Hi Justthisbloke, I don't think so, he was pretty clear that recently some SO leaseholders had just decided to bypass the HO's 8 week period and went straight to the EA, found a buyer and after they sold their share, told the HO at which point I don't think there was much the HO could do about it (although I'm not sure about that, thus the initial post) I wanted to quiz him more about it while he was there but I had concerns that he might have flagged it up with the HO that I was a risk of doing it
  3. If I had the money to outright buy the full value of the flat that would've been a great idea.
  4. 1st thing, none of the flats are freehold, they are ALL leasehold, in this block whether they are shared ownership or not 2nd thing, it's not what "I expect" it's what is already happening with other shared ownership flats. I can only legally sell my 30% share of the flat (I can't sell what I don't own!) but the buyer can purchase the entire 100% if they choose to by purchasing the remainder 70% from the HA, though the flat will ALWAYS be leasehold, whether they buy 100% and own it outright or buy my 30% only "stupid is as stupid does." there was no way ANYONE purchasing a shared ownership flat could know the difficulties involved with the scheme when it was first released which is when I purchased it. At the time there were no negative experiences to look up and research. it was only when the housing market collapsed a few years later that everyone realised all the negative issues with it. Hindsight is a great thing though eh!
  5. Thanks Workingpoor! And thanks to everyone that have posted a reply, much appreciated :-)
  6. Hi Bradbury Robinson, I'm not an expert as to how an independent valuer arrives at a figure but I do know that many people wishing to sell their SO flat have had the same problem, with the market value the independent valuer gives them being far lower than what they could get on the open market. If it was unlikely that the housing association were able to sell my flat at the market valuation in the 8 week period I wouldn't be worried as I'd just wait it out till I could get a better price but it seems that the area I have the flat in is very sought after at the moment and the HA are finding buyers very quickly for these flats. I think it they line up a buyer for the market value price in the 8 week period you have to accept it
  7. Thanks for getting back Spyguy, and to everyone else that have posted a response! True, I trust EA's as far as I can throw them, but it was the independent valuer that told me this, not the EA. Speaking to a few EA's in the area they have said that they are selling 1 bed flats for around 430,000, nothing below £400,000 mine is a very good condition and large 2 bed flat and was valued in the low 300,000's. The EA's comments do reflect recently sold prices I've found on right move.com and zoopla. Normally I'd agree about selling shared ownership property but this area of London has picked up a lot and other shared ownership flats in the same block have had buyers making offers within a week or two of them being marketed (probably because the market valuation is so low) The valuer has also said that they are managing to do it so they must have found a way around the buyer's solicitors
  8. It is a contractural part of my lease, which surprised me when the valuer mentioned that some other leaseholders have done this. I'm just not sure what the repercussions of doing it would be, i.e. whether they would just give you a 'rap over the knuckles' for breaking a regulation of the contract or if they would take the whole thing to court
  9. Thanks for getting back. I have but I'd like to hear any first hand examples from leaseholders, my main concern is what repercussions there might be re getting sued etc and it would be likely the leaseholder that gets into trouble rather than the estate agent
  10. I was wondering if anyone can help with some advice about selling a shared ownership flat. I'm about to start the ball rolling with selling the 30% share I have in my shared ownership flat. The basic procedure as outlined by the housing association I bought the share from is that I get a market valuation first, then instruct the housing assoc. to sell at that valuation whereby they take a percentage commission from managing the sale. As many people going through this process have found, the market valuation given by the independent valuer is generally much lower than what they can get on the open market/ through a real estate agent. The housing association has around 8 weeks to sell the flat and if they can't find a buyer in that time the owner can choose to sell through a real estate agent at any value they can get. When the valuer viewed my property recently, he briefly mentioned that some leaseholders of shared ownership property have started bypassing the housing associations 8 week period and going directly to a real estate agent to sell their share, finding a buyer and selling their percentage and only afterwards notifying the housing association once they have completed, which is understandable as what they could get through a real estate agent compared to the flat market value is often dramatically different (as it would be in my case) my question is, if someone was to go down this route, what are the legal implications (if any)? And at what point would you tell the housing association? Once the buyer has already completed the sale of the share or just when he/she has put in an offer for example? Depending on whether I go through the housing association or risking it and bypassing their 8 week period to sell could mean a dramatic difference in what I make from the property. Going by the market valuation I received I think the property will be snapped up very quickly (it's in London btw) If anyone has any first hand experiences of this I'd be very interested to hear of any pitfalls or issues around doing this. I've not found anything researching it on the internet and of course the housing associations aren't going to tell you anything so any advice would be greatly appreciated!
  11. I was wondering if anyone can help with some advice about selling a shared ownership flat. I'm about to start the ball rolling with selling the 30% share I have in my shared ownership flat. The basic procedure as outlined by the housing association I bought the share from is that I get a market valuation first, then instruct the housing assoc. to sell at that valuation whereby they take a percentage commission from managing the sale. As many people going through this process have found, the market valuation given by the independent valuer is generally much lower than what they can get on the open market/ through a real estate agent. The housing association has around 8 weeks to sell the flat and if they can't find a buyer in that time the owner can choose to sell through a real estate agent at any value they can get. When the valuer viewed my property recently, he briefly mentioned that some leaseholders of shared ownership property have started bypassing the housing associations 8 week period and going directly to a real estate agent to sell their share, finding a buyer and selling their percentage and only afterwards notifying the housing association once they have completed, which is understandable as what they could get through a real estate agent compared to the flat market value is often dramatically different (as it would be in my case) my question is, if someone was to go down this route, what are the legal implications (if any)? And at what point would you tell the housing association? Once the buyer has already completed the sale of the share or just when he/she has put in an offer for example? Depending on whether I go through the housing association or risking it and bypassing their 8 week period to sell could mean a dramatic difference in what I make from the property. Going by the market valuation I received I think the property will be snapped up very quickly (it's in London btw) If anyone has any first hand experiences of this I'd be very interested to hear of any pitfalls or issues around doing this. I've not found anything researching it on the internet and of course the housing associations aren't going to tell you anything so any advice would be greatly appreciated!
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