Buying A Shared Ownership | Discuss

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Buying A Shared Ownership
05/02/2012
9:38 am
pierceandco.co.uk
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I am interested to know what your thoughts are on the following scenario

You find an apartment that is 3 years old and the current owner holds a 50% share of the property. You want to buy the property at the market value so you are buying all 100% and the property is no longer to be shared ownership.

What information would you expect the estate agent or vendor to make you aware of from the outset, to help you to make your decision whether to buy the property or not?

Thanks

Mark

Mark A Reynolds

Pierce & Co Residential Letting Agents

http://www.pierceandco.co.uk

01296 20 1234

05/02/2012
11:04 am
Paul Routledge
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Hi  Mark,

Am I being thick who owns the other 50% so you can buy all 100%? Embarassed

05/02/2012
12:23 pm
mary latham
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I don't like complicated deals so I probably would not do this but if for some reason I did decide to

1. Full details of ownership of each half

2. Confirmation that both parties are prepared to sell and at what price

3. Sight of the Lease to see what covenants there might be, since it has been shared ownership from new – I assume?

4. Any other information the Estate Agent has that would be relvant to the sale(s) – if you ask he must disclose

I am interested to know why you would want to buy this property at market value when there is probably going to be more hassel and legal expense?  You Solicitor will need to close both deals at the same time and possibly agree changes to the Lease & Land Registery. If one seller drops out at the last minute the deal will fail at cost to both you and the other seller – (shuuuuuuder)

05/02/2012
2:19 pm
Paul Routledge
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Hi All,

Are you only buying half? I am still confused Confused if you are buying half then don't bother as Mary say's more agro than its worth go and buy RBS shares at 27p and sit on them you will make loads more with a lot less agro!.

But if you want to go ahead agree a commitment and lock out deal before you start so if any party, buyer, seller pull out they agree to pay your legal costs.Smile

06/02/2012
8:47 am
pierceandco.co.uk
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Hi Paul

Am I being thick who owns the other 50% so you can buy all 100%?

No not at all – the housing association owns the other half and it is social housing

 

Hi Mary

I am interested to know why you would want to buy this property at market value when there is probably going to be more hassel and legal expense?

We're not, but there is an issue that has come up and I just wanted to know if anyone here is aware of it – thankfully we were? Once I get some more answers I intend to write a blog about a recent experience of a friend that reinforces Caveat emptor

Mark A Reynolds

Pierce & Co Residential Letting Agents

http://www.pierceandco.co.uk

01296 20 1234

30/01/2015
10:21 am
alex J
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The housing association always owns the other half and in most leases they will always retain a 25% stake and let you pay for 75% 

They are housing association houses and in the leases i have seen that owners cannot rent or sublet. 

The new 5% help for first time owners does not allow you to rent out either

The only way you can rent out a government assisted buy is to pay the mortgage off completely. 

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