Mandyisere

My house is shared ownership (I have a mortgage on one half and rent the other). When i had an estate agent value my half of the house he gave me a figure that would leave me with £11,000 to play with, the "landlords" apparently can put a maximum selling price on the house and their price is £10,000 less than the estate agents. Which would leave me with not enough to pay the conveyancing fees never mind to go towards a new life in OZ.
I'm feeling gutted at the minute and i'm trying to think of a way round this. I know nobody on this forum can help me with this problem but you're all good to have a moan at.
Mandy

Nicstids

Have you checked the terms of the agreement with the "landlords" ? (Is it a Housing Association?") Can you not speak to them and ask them to let you market it at the higher price for a given period on the understanding that the price will be reduced if it doesn't sell within that time?

Nicola

footie chick

Sorry luvvy hopefully things will work out for you.

footie chick

Paul and Steph

Hi Mandy

You poor thing. What a kick in the teeth!
We started off in a Housing Association shared ownership, bearing in mind this was 10 yrs ago, the HA accepted a valuation by an independant property surveyor as opposed to an estate agent. Might be worth asking the question even is you do have to pay for it yourself.

Steph

paulf

You need to contact a solicitor, as I understand it the council have First refusal on the property and they must pay the Market Price, if you can produce evidence that they (council) are under pricing it you can get an independent valuation done.
BUT talk to your solicitor to confirm this.

Sandra

My sister had a half owned house and sold hers last year for full market value - so I think it depends on your housing agreement - her housing association let her do the valuation and let her sell for the best market price and also take 100% of the value of the items she added to make the house more valuable - but as paulf states you need to check your agreement, well worth a chat with a solicitor. It could be they have this clause in to be able to keep low priced housing on the market for others. Does not help you I know. Best of luck and I hope it works out for you.

Cheers

Mandyisere

The man at the housing association did say something about keeping the house prices low for other buyers. But i was too busy mouthing off about seeing them in court and selling the house for the price i want to listen. (I didn't handle it very well)
He's sending me a copy of my agreement so i can see what i signed when i was young and nieve, so hopefully i'll be able to come to some sort of agreement.
Just how little can you go to Oz on???
Mandy

Sandra

I agree it can be a knee jerk reaction to have a shout and scream, but maybe before seeing the solicitor go back and see the housing association when you have their agreement you signed. Maybe you can split the difference. Another thing to think about is a couple of other threads on this site have talked about estate agents coming round and over inflating your sale price in order to get your business and then asking you about dropping it in a 6/8 weeks when you have no buyer. Try getting the housing association to discuss getting a few valuations - then making another decision?

worth a try maybe?

Good luck

karawara88

The situation here in Warrington on my estate, is shared ownership tends to be more expensive when they get sold.

This is because the seller decides how much they want and it gets inflated to allow for "offers"

I looked at buying a shared ownership with view to renting it out after buying the 50% share from the association.

But the complications were many.

Also the house was on the market at £35,000 which meant they were indicating property was worth £70,000 yet the house was only worth about £60,000 the estate agent said the owner can ask anything they want, same as a normal house.

My argument came about because to buy the 50% out could only be done when I had purchased property and then the council would get an independant valuation to say what I could buy the 50% for, but not before I bought it. !!

Technically they could say house is worth £60,000 and therefore they own £30,000s worth yet I would have paid £35,000 for 50%

So from what I know about it, you can sell your property for whatever you like, because you are only selling your share. The council or housing association still remain in control of there 50%

Think its worth you taking legal advice on it. Because if you "own" 50% that must be yours to sell at market value.

Don

It could always be worse, if you don't sell now you might get negative equity of thousands like the poor souls who bought in 1989 (I was one!)

Cheers - Don