I want to sell my shared ownership property, which was part-buy, part-rent but now I am in the privileged position of owing outright.
Can I just take it to the open market or do I have to inform the housing association first as part owners do?
Can I expect to realise the same type of premium as a similar property in the private sector given I own it 100% now?
Dear Non-shared Owner
Each housing association has its own criteria when it comes to selling one of its properties.
Of course, part ownership always dictates the association has the first choice to market the property for normally around the first three months.
Then, most are happy to let the owner market it in the traditional way via estate agents.
Given you own the property completely now you will need to check the small print on your initial agreement to see if there is a variation on that for 100% owners.
It could be that you can bypass the housing association altogether and go straight to the high street agency.
With respect to the market value this will be determined by a few things. Namely the location, the specification or finish of the property and the volume of privately owned units and those rented via the local authority within the block.
If the property is located adjacent to a private block in a highly desirable area then you shouldn’t see a huge difference in price.
However if you are on a mixed landing for instance along with local authority tenants and the condition of the communal areas isn’t to the same level as buyers would expect to find within a completely private block, it could affect the price somewhat.
In general too when developers build they tend not to put such a high specification finish on the homes they give back to the Government for social housing and shared ownership, so this too could mean a discount on the pricing, unless of course you have refurbished yourself to a higher level.
Dawn Sandoval is the owner of Dawn Sandoval Residential in Canary Wharf
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