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Selling Shared Ownership Property Hell

Discussion in 'Personal' started by sammi73, Feb 7, 2012.

  1. I wonder if anyone has any experience of this.

    I bought a shared ownership flat in Central(ish) London 4 years ago. I've had to sell it for various reasons and it was put on the market 7 months ago. The Housing Association were absolutely useless and took 4 months to even put it on the market due to the complexity of such tasks as putting photos of the property taken by myself, on a website. Once it was marketed, we found a buyer within a week. The whole process of getting to exchange then took a tedious 16 weeks again, due to the Housing Association being utterly **** with discrepancies in the lease and not knowing about basic stuff such as parking issues. This has resulted in the buyer pulling out last week leaving me paying rent and mortgage on a place I no longer live in.

    I am desperate to sell asap My options are now: selling it on the open market through a reputable estate agent who will market it aggressively for a comission of 1.5% of the total value, possibly getting a higher price for it OR alternatively, selling through the crappy HA for a comission of 1 % and risking them being **** again. If I accept the rate of the estate agents I'll be barely breaking even, I am however desperate to sell the flat. Mmmm. What to do?

    Has anyone any experience of this?
     
  2. I wonder if anyone has any experience of this.

    I bought a shared ownership flat in Central(ish) London 4 years ago. I've had to sell it for various reasons and it was put on the market 7 months ago. The Housing Association were absolutely useless and took 4 months to even put it on the market due to the complexity of such tasks as putting photos of the property taken by myself, on a website. Once it was marketed, we found a buyer within a week. The whole process of getting to exchange then took a tedious 16 weeks again, due to the Housing Association being utterly **** with discrepancies in the lease and not knowing about basic stuff such as parking issues. This has resulted in the buyer pulling out last week leaving me paying rent and mortgage on a place I no longer live in.

    I am desperate to sell asap My options are now: selling it on the open market through a reputable estate agent who will market it aggressively for a comission of 1.5% of the total value, possibly getting a higher price for it OR alternatively, selling through the crappy HA for a comission of 1 % and risking them being **** again. If I accept the rate of the estate agents I'll be barely breaking even, I am however desperate to sell the flat. Mmmm. What to do?

    Has anyone any experience of this?
     
  3. Mrs_Frog

    Mrs_Frog New commenter

    I tried selling my flat, although it was not shared ownership. Had to give up and rent it out......Is that a possibility? I would love to get rid of it, hate the place, but circumstances have dictated that its not really feasible
    B x
     
  4. lindenlea

    lindenlea Star commenter

    Go with the agent who knows what he's doing and pay up. Property is not always an investment and you want rid of it. Good luck.


     
  5. I too am shared ownership. Friends of mine who are also S.O. have sold theres- all on the open market through an estate agent. I would advise you to do this too as the market is far greater because most people who look on the Housing Assoc website are on a very small budget hence shared ownership whereas on the open market you are advertising to all budgets- two people in my building actually sold 100% of property on the open market- they kept their 50% and 50% of money went ot Housing Assoc.
    Felicity J Lord have sold the flats of everyone I know that were shared ownership- they may be worth talking to???
     
  6. You don't have to accept the estate agency's initial selling fee if you're not happy with it - you can negotiate. Also, compare agents (and check if fees include VAT or not - usually, I think, they don't, and it can add quite a bit).
    There's advice on the internet about how to negotiate if you feel you need help with that - I saw a good site recently, though I don't remember where [​IMG]
     
  7. bumchuckle

    bumchuckle Occasional commenter

    Just curious as to what a 'shared ownership' flat is? I can see it's not simply you and another person going halves!
     

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