I have officially made the first step in selling my shared ownership flat after just over 6 years and I am both excited for the future but nervous about the whole process. A lot of other people within my building have sold their flats over the past year or two and I know the process can be quite long and not the easiest to do.
I want to document my whole journey as I can’t find too much info out there about shared ownership and if I can help anyone in the future going through the same thing I will be happy. The reason it’s a bit trickier is you have three parties to please as opposed to just you and the buyer. The housing association own a proportion of my property – 55% in my case – so they essentially outweigh me as I have less than half of the ownership of the property.
When I first made the call last week to start the process of selling I was told that I needed to get a flat valuation to confirm the current price of the property. This is the first expense that I’ve had to pay out for and the mounting costs are something I’m a little worried about but we’ll see how it goes. I contacted a few of their recommended surveyors as soon as my initial call was over as I wanted to get the process moving asap.
The surveyors I went with ended up costing about £220 for the survey which I think is pretty crazy but this is only my first experience at selling so I don’t know if this is normal. It was booked in for the following week with a pretty open 9-11am timing so I spent the whole weekend tidying, decluttering and sorting out the flat so it looked the best it could. I did some research online and it said surveyors look at the condition of the property and whether it’s in good nick so I made sure to look at all the little details and I have to admit the flat looked pretty immaculate.
On Monday morning the surveyor arrived in the allocated time but the whole process didn’t go as I had expected. He was only in the property for about 10-15 minutes and most of the time was either with a tape measure getting the floor plan, or sat down filling in paperwork. I don’t know if this is normal or whether it’s just because they know a lot about the building I’m in but he didn’t ask any questions about the property and he didn’t even know it came with a secure underground car parking space until I mentioned it, something which surely would have added value to the property.
Considering the fact that I had spent so long making it look nice the surveyor didn’t seem to look at the condition of the property, didn’t really take any images and just didn’t ask a lot. For example, the white goods including washing machine are included and I’m not sure if he knew that, he didn’t open the inbuilt wardrobe doors to see how massive the storage was etc.
As I write this post I haven’t had the valuation through so I am pretty nervous as this valuation is then what the housing association will put it on the market for. I know what other flats identical to mine have sold for in the past 6-12 months so I’m hoping it at least matches this.