Thanks for this vid, I might be selling my shared ownership flat in a few months time. Never never again. I will be looking for freehold houses from now on!
Brilliant. Thanks for the video. Interestingly enough we are on the buyer’s side of things as we’ve been offered to purchase the flat we’re renting (not shared ownership); but your video has given me a good insight into how much my landord can save in estate agent fees if he accepts our offer, so I will make sure to put factor that in when we negotiate the final purchasing price. Hope this makes sense.
Great video Anna! my sister has a shared ownership and you have answered most of the questions she had so I am sharing your video. Glad the process was smooth.
Hi! So, there between 2:30 and 4:30, you spoke about owning 40% of the property but selling as if you owned 100%(?) and HA took 60% of your sale...right?
I’m currently starting to process of selling my 25% share. Bought the share for £35k and the RICs valued it now after ten years at about £70k! I think in London it was worth it because I could no longer afford to rent but now I get to use the equity to buy somewhere outside of London. I was lucky though that I bought it in a run down area that’s since improved. Just not sure what solicitor to use as the one I used to buy it caused me so much stress and made mistakes.
I’ve got a buyer already!! But how did you find using the app from the Solicitor for the legal forms required? There’s so much I don’t understand or have answer to! I feel v overwhelmed @@pandabossanna
@@micaheron I hated the app but I had to use it, and yeah the forms were ridiculous :( so much more than when you buy! Congrats on the buyer though :) fab news!!
Hi , thank you for this very helpful clear video. I'm in the process right now, waiting for my RICS valuation to be booked by the HA -- can I ask, since you sold your %age share for more than the valuation, did you buyer have any issues with the fact the lease states the cost to be 40% of £360,000 but they paid for 40% of e.g. £375,000? I am about to do the same but worried a buyer will pull out because they want to pay RICS valuation instead (it will state the value on the new lease)
Excellent recap video on shared ownership. A few months ago, you sent me a lovely email where you detailed the exact process of selling a property through this market, which I found incredibly helpful and this is another excellent breakdown of the process. Do you regret ever going down the shared ownership route as opposed to renting at the time?
Ah I'm so glad it helped :) no I don't regret it to be honest - I think I may have re-considered if I had known my situation was going to change so drastically (i.e. moving countries) but I didn't know, so I made the best decision at the time. If I hadn't moved, shared ownership would have been 100x better than renting :)
I happened to stumble upon this video as I’m in a shared ownership and thank you for the content, it’s very helpful and insightful, also reassuring. I have a few questions, forgive me if I’m asking too much 1- I’m living in building which is going through cladding remediation works, they anticipate to finish in April 2023, does that affect the rics valuation price? Or would it be best to wait until the works are complete first? 2-can I still market my flat in that process and at what point do you start viewing properties of interest and getting a decision in principle for a new mortgage. 3- how would porting my mortgage in a shared ownership work, I’m looking to go on the open market.
Which company/housing association were you with when you had a shared ownership flat? Do all of them give you the chance to take the extra profit from the sale? What happens if they decide to sell it first? Do you still get to keep the profit or does the HA keeps it? Thank you so much for clarifying this. I am thinking of going into the scheme soon… also, sorry to bombard you with questions, but you seem very knowledgable, do you think that the slowly developing recession will have an effect on the Londonhousing market five years from now? Thank you 😊
What are your thoughts on buying a shared owenership property when freehold is an option? We are currently in a freehold property and looking to move. There are options of shared ownership in our area which would mean we could buy a larger home and prevent us from moving for a greater amount of time. I have heard people say that you should put the minimum into your home if your investments can outpace the interest rate. A home is a liability rather than an asset as Rich Dad Poor Dad would suggest. Larger shared ownership or smaller freehold?
DEFINITELY smaller freehold in my personal opinion! Shared ownership is usually leasehold (at least for apartments anyway, I don't know much about houses) and honestly leasehold is a huge huge liability - there are so many costs you have no control over. I would never buy leasehold again, no matter what the offer was. Of course, many people don't have the option and have to buy leasehold in which case I think buying leasehold is better than not getting onto the property ladder at all - but if you have the option of freehold, even if it's smaller - then I would choose that every time.
@@pandabossanna Thank you so much for your detailed advice! That's settled it then. Good luck with your move out to Poland and thank you for all the valuable advice.
I’ve just finished a remortgage and was shocked by the paperwork, I could only imagine what the paperwork was like for your sell. Also good shout on purple bricks, that’s one hell of a saving!! Thanks for sharing Anna 😊
@@pandabossannaselling a leasehold apartment is enough to make anyone cry. I was kept awake for many many months while I was trying to sell my flat. The clauses in the lease...the doubling ground rent issue....deed of variations....hidden fees....its just a never ending cycle of nonsense
Hi Anna, thank you so much for this video! I wanted to ask - would you recommend painting the flat a fresh coat and fixing leaking shower in the flat before the Ricks valuation? Are they looking at this sort of things? Or is it more about the size, location etc.. thank you 😊
Would you recommend selling your share or sell 100% (simultaneous staircasing)? Also when did you start your search for your new property? - did you wait to find your new property first and then contacted your housing association that you wanted to sale?
I sold after 2 years, during pandemic, so not really much. I sold for £5k above what I purchased at, then minus legal fees came out about £1-2k profit. Plus obviously got back what I put in through mortgage payments / deposit
Just out of curiosity if you’re looking to sell your shared ownership property for a profit what areas in London would you recommend making a purchase in?
@@pandabossanna thanks for the reply, yeah I’m well aware of London’s property market perpetually increasing, it’s just that London’s pretty broad. I was wondering if you had any idea as to which areas would likely exhibit higher growth in property value in the future than others. Obviously nobody can predict the future haha but just wanted to know if you had any rough idea. I’m interested in shared ownership but think I’ll stay away from the new build ones and get them second hand because surely they’ll depreciate in value the minute you move into them right?
Great video! How much roughly do you think you paid in total to sell your property? I live in a shared ownership flat and am thinking about selling this year.
I think you maybe didn’t understand what I said then :) yes you can sell your 40% share only of course! But it makes more sense financially to sell 100% - listen to the video properly. I got to keep 100% of all the profits above RICS valuation, AND 40% of the profit between purchase price and RICS valuation….
@@pandabossanna OK perfect that makes sense, that means the owners of the remaining shares are ready to sell when you are? Is that always the case that the housing association is ready and willing to sell on your call?
As the economy crisis keep rising, one needs to have different streams of income, a well detailed diversified investment portfolio in the financial markets is needed to survive,as well as secure a profitable investment future
Thanks for this vid, I might be selling my shared ownership flat in a few months time. Never never again. I will be looking for freehold houses from now on!
Yes freehold is so much better! Not always available though unfortunately :(
Brilliant. Thanks for the video. Interestingly enough we are on the buyer’s side of things as we’ve been offered to purchase the flat we’re renting (not shared ownership); but your video has given me a good insight into how much my landord can save in estate agent fees if he accepts our offer, so I will make sure to put factor that in when we negotiate the final purchasing price. Hope this makes sense.
I’m so happy its helped! I definitely didn’t even see that as a bonus haha!
Clarion/Latimer will take a % of any sale over the RICS valuation... FYI.
Great video Anna! my sister has a shared ownership and you have answered most of the questions she had so I am sharing your video. Glad the process was smooth.
Ahh that’s perfect! I’m so happy to hear :)
Hi! So, there between 2:30 and 4:30, you spoke about owning 40% of the property but selling as if you owned 100%(?) and HA took 60% of your sale...right?
Yeah that’s right :)
Hey Anna, glad to hear the sale was (relatively!) smooth, reassures me if I decide to go down the shared ownership route 😊
It was definitely smooth but PAINFUL haha! :) glad this was helpful 😊
I’m currently starting to process of selling my 25% share. Bought the share for £35k and the RICs valued it now after ten years at about £70k! I think in London it was worth it because I could no longer afford to rent but now I get to use the equity to buy somewhere outside of London. I was lucky though that I bought it in a run down area that’s since improved. Just not sure what solicitor to use as the one I used to buy it caused me so much stress and made mistakes.
I used Cavendish Legal. I was very happy with the exception that I did need to chase a bit for updates :)
@@pandabossanna ah thank you so much for sharing! Happy Christmas 🎄
I’ve got a buyer already!! But how did you find using the app from the Solicitor for the legal forms required? There’s so much I don’t understand or have answer to! I feel v overwhelmed @@pandabossanna
@@micaheron I hated the app but I had to use it, and yeah the forms were ridiculous :( so much more than when you buy! Congrats on the buyer though :) fab news!!
I agree with you, best tip is to get a specialist solicitors that know what they’d re doing!
Any advice on solicitors
Hi , thank you for this very helpful clear video. I'm in the process right now, waiting for my RICS valuation to be booked by the HA -- can I ask, since you sold your %age share for more than the valuation, did you buyer have any issues with the fact the lease states the cost to be 40% of £360,000 but they paid for 40% of e.g. £375,000?
I am about to do the same but worried a buyer will pull out because they want to pay RICS valuation instead (it will state the value on the new lease)
Excellent recap video on shared ownership.
A few months ago, you sent me a lovely email where you detailed the exact process of selling a property through this market, which I found incredibly helpful and this is another excellent breakdown of the process.
Do you regret ever going down the shared ownership route as opposed to renting at the time?
Ah I'm so glad it helped :) no I don't regret it to be honest - I think I may have re-considered if I had known my situation was going to change so drastically (i.e. moving countries) but I didn't know, so I made the best decision at the time. If I hadn't moved, shared ownership would have been 100x better than renting :)
I happened to stumble upon this video as I’m in a shared ownership and thank you for the content, it’s very helpful and insightful, also reassuring. I have a few questions, forgive me if I’m asking too much
1- I’m living in building which is going through cladding remediation works, they anticipate to finish in April 2023, does that affect the rics valuation price? Or would it be best to wait until the works are complete first?
2-can I still market my flat in that process and at what point do you start viewing properties of interest and getting a decision in principle for a new mortgage.
3- how would porting my mortgage in a shared ownership work, I’m looking to go on the open market.
Basicallyy if you do it, buy smaller with larger percentage.
Good share this type of thing. Lots of people dont know a lot about shared ownerships!
Very true!
Which company/housing association were you with when you had a shared ownership flat? Do all of them give you the chance to take the extra profit from the sale? What happens if they decide to sell it first? Do you still get to keep the profit or does the HA keeps it? Thank you so much for clarifying this. I am thinking of going into the scheme soon… also, sorry to bombard you with questions, but you seem very knowledgable, do you think that the slowly developing recession will have an effect on the Londonhousing market five years from now? Thank you 😊
What are your thoughts on buying a shared owenership property when freehold is an option? We are currently in a freehold property and looking to move. There are options of shared ownership in our area which would mean we could buy a larger home and prevent us from moving for a greater amount of time. I have heard people say that you should put the minimum into your home if your investments can outpace the interest rate. A home is a liability rather than an asset as Rich Dad Poor Dad would suggest. Larger shared ownership or smaller freehold?
DEFINITELY smaller freehold in my personal opinion! Shared ownership is usually leasehold (at least for apartments anyway, I don't know much about houses) and honestly leasehold is a huge huge liability - there are so many costs you have no control over. I would never buy leasehold again, no matter what the offer was. Of course, many people don't have the option and have to buy leasehold in which case I think buying leasehold is better than not getting onto the property ladder at all - but if you have the option of freehold, even if it's smaller - then I would choose that every time.
@@pandabossanna Thank you so much for your detailed advice! That's settled it then. Good luck with your move out to Poland and thank you for all the valuable advice.
I’ve just finished a remortgage and was shocked by the paperwork, I could only imagine what the paperwork was like for your sell.
Also good shout on purple bricks, that’s one hell of a saving!! Thanks for sharing Anna 😊
I honestly wanted to cry when I saw how much paperwork I had to do haha... and thanks :) xx
@@pandabossannaselling a leasehold apartment is enough to make anyone cry. I was kept awake for many many months while I was trying to sell my flat. The clauses in the lease...the doubling ground rent issue....deed of variations....hidden fees....its just a never ending cycle of nonsense
Never buy a flat people.....house, freehold. No matter how nice the flat is it ain't worth it.....
Thanks for sharing this information, very insightful!!
Glad it was helpful!
Great video u always look amazing
Thank you so much 😀
Now that you're getting versed in housing real estate in the UK and Poland do you have any long-term plans to buy more properties?
Yes :) but very long term! My house needs to be a priority, then it depends on my income after that. I’d want to have at least 50% deposit :)
Hi Anna, that was really useful. How would you go about selling and simultaneously staircasing?
You’d need to talk to your solicitors :) they sorted it all for me
How long did it take to build up equity to sell your house for more?
2 years
Hi Anna, thank you so much for this video! I wanted to ask - would you recommend painting the flat a fresh coat and fixing leaking shower in the flat before the Ricks valuation? Are they looking at this sort of things? Or is it more about the size, location etc.. thank you 😊
More about size and location :)
I received my Polish Citizenship last week so I will be looking at buying a Home in Poland in the next couple of years.
That’s amazing 😻 do you know where abouts yet?
@@pandabossanna
Probably Wejherowo area as it is not too far from Sopot which is my favourite place in Poland.
Hi...im in the same position. How did you find a expert solicitor?
I just used the one I used when buying, which was recommended
Can you recommend someone? I don’t want to use the same one I had as they made so many mistakes and caused a lot of stress
Omg you are so pretty!
Ah thank you!
Would you recommend selling your share or sell 100% (simultaneous staircasing)? Also when did you start your search for your new property? - did you wait to find your new property first and then contacted your housing association that you wanted to sale?
I didn’t buy a new property, and selling 100% makes more sense in my opinion as long as you can keep the profits above valuation :)
How easy was it to sell it on the open market as opposed to them selling your share. Did you just ask?@@pandabossanna
How's the house renovation going?
Not sure what you mean? I'm not renovating a house! Ha...
@@pandabossanna sorry I mean the house abroad. Your plans to move home?
The flat looks different these days 😁
Hahah, it is my parents kitchen :) the house build has started! But has had to be paused because of bad weather
@@pandabossanna yeah that's what I mean, just didn't articulate it correctly
Exciting times eh
@@justintemp definitely :)
If you haven't paid off your mortgage, what happens with it if you sell early?
I imagine it depends on your individual mortgage but for me nothing I just paid off my mortgage with the sales proceeds :)
Just to understand, if not asking too much.
How much did you put in your pocket selling ?
I sold after 2 years, during pandemic, so not really much. I sold for £5k above what I purchased at, then minus legal fees came out about £1-2k profit. Plus obviously got back what I put in through mortgage payments / deposit
Just out of curiosity if you’re looking to sell your shared ownership property for a profit what areas in London would you recommend making a purchase in?
I think it depends on whether you’re thinking short term or long term…. Because long term I personally think London will always go up :)
@@pandabossanna thanks for the reply, yeah I’m well aware of London’s property market perpetually increasing, it’s just that London’s pretty broad. I was wondering if you had any idea as to which areas would likely exhibit higher growth in property value in the future than others. Obviously nobody can predict the future haha but just wanted to know if you had any rough idea. I’m interested in shared ownership but think I’ll stay away from the new build ones and get them second hand because surely they’ll depreciate in value the minute you move into them right?
Great video! How much roughly do you think you paid in total to sell your property? I live in a shared ownership flat and am thinking about selling this year.
Just the amounts I mentioned in the video, so approx £3,800 in total :)
Hi Anna! Was that Clarion by any chance? We need to sell our share ownership flat with them and I absolutely dread it…
hello
I’ve heard so many horror stories with selling but selling ours was actually not that difficult and we ended up making money
you lost me at the part where you own 40% but sell 100%, when you sell, the 60% profit goes to the other owners, can you not only sell your 40% share?
I think you maybe didn’t understand what I said then :) yes you can sell your 40% share only of course! But it makes more sense financially to sell 100% - listen to the video properly. I got to keep 100% of all the profits above RICS valuation, AND 40% of the profit between purchase price and RICS valuation….
@@pandabossanna OK perfect that makes sense, that means the owners of the remaining shares are ready to sell when you are? Is that always the case that the housing association is ready and willing to sell on your call?
@@blushiikitti988 yh I want to know the answer for this too
@@pandabossanna how do I get a ric valuation
As the economy crisis keep rising, one needs to have different streams of income, a well detailed diversified investment portfolio in the financial markets is needed to survive,as well as secure a profitable investment future
Despite all the economic crisis (dip) this is the right time to start up an investment
Would not buy s.o. too much financial loss. I rather buy at auction 😅 same money-full ownership