Over the last few years, there has been a significant number of estate agents involved in the marketing of shared ownership properties. While this is a welcome addition for estate agents in expanding their property sales, a number of shared-ownership owners are finding themselves with claims for financial loss by prospective buyers. This situation can be avoided if proper procedures are followed.
PROCESS
Shared Ownership leases contain clauses which need to be complied with when you want to sell your property. To sell your property:
1. You need to inform your Housing Association of your intention to do so.
2. The property is valued by an approved and agreed valuer to determine the market price. Based on the market price, the price of your share is determined.
3. The Housing Association markets the property on your behalf for a period of time (normally 3 months) and if a buyer cannot be found, you can then engage an estate agent to help you sell the property on the open market.
4. If the estate agent is able to find you a buyer, your Housing Association need to be informed of the buyer in order to proceed with the affordability assessment.
5. If the buyer passes the affordability assessment, a memorandum of sale can be issued by the estate agent.
There have been cases where prospective buyers have brought claims against estate agents and sellers for financial losses as a result of not following the proper pre-marketing procedures.
At Lawcomm Solicitors, our team can help you to ensure that proper procedures are followed before selling your shared ownership property on the open market.
Should you require any further information, please contact the writer, Bernard Arhin at Bernard.Arhin@lawcomm.co.uk or DDI: 01489 864 125
