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Sale of a Shared Ownership Property?

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mattoc66 | 18:58 Wed 28th Feb 2007 | Business & Finance
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My wife and I are currently living in a shared ownership house with us owning a 50% share and a housing association owning the other 50% . The property has now become too small for our needs and we have decided to sell our share and move into a bigger property. The housing association stipulated that we pay �120 to have a valuation survey done by a company they sell their shared ownership properties to value the house and and then let them know so they can re-sell the house to someone on thier waiting list. However when the survey was completed and submitted to the Housing association and ourselves it was well below what comparable properties are going for in the area. I have had several valuations done independently and they all have put a value of much more than what the survey report has stated. Being as we own 50% of the property and entitled to half of the value of the house is it not right for us to sell for the best possible price? I have sent the housing association evidence that the property is worth more on the open market but they seem adamant that they are going to stick with the value on the survey report.

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There are various shared equity schemes. This house, presumably, is on a site where all the houses are HA owned (or shared equity). Some are not.
If that is the case, you are going to have to look at the small print of your agreement with them. I suspect you are unfortunately going to find that they do have that right
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As far as I'm aware buildersmate our house is the only part ownership house in the imediate area. I do know that a simular property a few houses down from me went for �15,000 more than what the valuer had estimated our house was worth. This other house didnt even have a conservatory or a garage whereas our house does, so you can understand our frustration. I think unfortunately its becoming a battle between our evidence and the valuers pride.

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Sale of a Shared Ownership Property?

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