Guest
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I don't know if you can help but I want to sell my shared ownership property and seem to be struggling, what can I do?
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| Posted: 18 Sep 2011 17:36 Back to top |
Kate Faulkner
Posts:70
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I'm sorry you can't sell your property at the moment -it's a problem many sellers are facing whether they are shared ownership or not.
Selling shared ownership property isn't easy at the moment. There are various problems, for example not all lenders lend on shared ownership properties, and with lending so low, it's even tougher for buyers to find mortgages. Sellers have to find the deposit too, which although low compared to buying 100% of a home, it's still tough to save in the current environment.
The principles of selling though are the same. Talk to your housing association/developer and ask what help they can give you, use local estate agents, and make sure your property is priced as well as you can.
The more viewings you get, the more likely you are to get an offer or two.
Read our selling a property section and articles and if you have any further query http://www.designsonproperty.co.uk/categories/Selling-Property
And if you email us we can send you our free selling a property checklist.
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| Posted: 20 Sep 2011 11:23 Back to top |
Guest
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im looking to rent my home, in order to rent another home for my family in a different area. what is the best way to do this as its a first time i have been in this situatation and i dont really want to sell at this presant time???
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| Posted: 18 Dec 2011 14:30 Back to top |
Kate Faulkner
Posts:70
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Thanks for your query!
Before you do look to rent your home, just to check with you is it a home bought under shared ownership? If it is it is unlikely you will be able to rent it out.
If however you own your own home outright you can rent it out, but if you have a mortgage on the property you will need their written permission and they may change the interest rate you are paying, so it is worth contacting them first.
The next thing to do is go on-line to research whether your property would rent out for enough money to help you move to a new area and rent there.
Once you have the approval of the mortgage lender/if you own your own home, the next thing you need to do is get a letting agent who is NALs or ARLA registered and has a Safe Agent logo which means they have insurance should the agent run off with your money or go bust. The agent will need to assess your property to work out what changes you need to make to it to make it lettable legally. Charges in London will be around 15% of the rent for a letting agent, charges outside of London are around 10-12%. Avoid agents offering 5% or less commission as this means they aren't making any money from the let and are likely not to deliver a good service.
For example you may have to upgrade your electrics, have a gas safety certificate on any gas appliances such as a boiler or fire. This could cost you several hundred or even thousand pounds.
Finally when you market the property you will need to:-
1. Have an energy performance certificate
2. Make sure you have an up to date gas and ideally electrical safety certificate plus PAT Tests
3. You should take a deposit from a tenant to protect your property from any damage and make sure this is protected in a tenancy deposit scheme.
If you let us know the area you are in (click on our 'contact us' section) and we'll suggest some letting agents for you to approach.
We hope that helps and wish you a Happy Xmas and good luck for 2012!
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| Posted: 20 Dec 2011 05:56 Back to top |