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How to sell property in which i have part share
06-Sep-2023 (In Property Law)
We have a part share in active running cinema hall in Punjab. I want to demolish the cinema hall and sell the land but I am being told that you cannot use the land approved for cinema hall for any other purpose. Is this true?
Selling your shared ownership property is very different from selling a normal property. You will have to coordinate with the housing association and they will need to approve the sale.
Depending on your circumstances you will need to work out which is the best way to sell your share in a shared ownership property. One option could be to buy the housing association’s share of the property before you sell your half.
Selling Just Your Share
If you jointly own the property with the housing association you will need to inform them about two months before you plan to sell. In some areas of the country there are huge waiting lists for shared ownership properties, so when one comes to the market the housing association will usually try and sell your half to somebody on their waiting list.
The housing association selling your share has its upsides and its downsides. It means from the moment you decide to sell the housing association will take it out of your hands for around two months and try to sell it themselves, this is known as the nomination period. The association will also charge you a small fee for this, but usually no more than 1% of the value of the property.
If however the association fails to find a buyer in this time it will be passed back to you to sell. You may be able to negotiate a good asking price on the open market, but you will also have to pay estate agency fees which the housing association will not pay. You will also be restricted to selling it to others that are eligible for shared ownership.
Restrictions When Selling Shared Ownership
Selling your share in your property should be straightforward if you live in an area that has a high demand for shared ownership properties but if there is no demand you may have to lower the asking price.
Some housing associations will also not allow you to buy their share in the property if you live in a rural area. Many housing associations in rural areas will not allow you to buy 100% of the property of your home because shared ownership homes may be in short supply and they do not want it converted into a normal property.
It may seem like you have to jump through a lot of hurdles so sell your shared ownership property, but in many ways it can be easier to sell this type of property than a normal home because you have the help of the housing association.
When selling your shared ownership home you will face the same highs and lows as you would selling a normal property but help will be at hand in the form of the housing association
Depending on your circumstances you will need to work out which is the best way to sell your share in a shared ownership property. One option could be to buy the housing association’s share of the property before you sell your half.
Selling Just Your Share
If you jointly own the property with the housing association you will need to inform them about two months before you plan to sell. In some areas of the country there are huge waiting lists for shared ownership properties, so when one comes to the market the housing association will usually try and sell your half to somebody on their waiting list.
The housing association selling your share has its upsides and its downsides. It means from the moment you decide to sell the housing association will take it out of your hands for around two months and try to sell it themselves, this is known as the nomination period. The association will also charge you a small fee for this, but usually no more than 1% of the value of the property.
If however the association fails to find a buyer in this time it will be passed back to you to sell. You may be able to negotiate a good asking price on the open market, but you will also have to pay estate agency fees which the housing association will not pay. You will also be restricted to selling it to others that are eligible for shared ownership.
Restrictions When Selling Shared Ownership
Selling your share in your property should be straightforward if you live in an area that has a high demand for shared ownership properties but if there is no demand you may have to lower the asking price.
Some housing associations will also not allow you to buy their share in the property if you live in a rural area. Many housing associations in rural areas will not allow you to buy 100% of the property of your home because shared ownership homes may be in short supply and they do not want it converted into a normal property.
It may seem like you have to jump through a lot of hurdles so sell your shared ownership property, but in many ways it can be easier to sell this type of property than a normal home because you have the help of the housing association.
When selling your shared ownership home you will face the same highs and lows as you would selling a normal property but help will be at hand in the form of the housing association
Helpful?
16+
16+
Adv. Siddhant Sharma
Delhi | 500+ Answers
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actually there is not so easy to explain thewholeof the details in such way because it require the converaayion to be verbal thus you may contact only then will beble to explain the whole details with you
Helpful?
14+
14+
Adv. Jagdeep Pal Singh Randhawa
Ludhiana | 100+ Answers
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