Affordable Home Build Schemes - Partial Ownership, Reduced Rate Purchase, etc

[SamTheGuru]

Borderline politics but let's keep it away from there. I have 2 direct family members trying to sell and escape these schemes from 10-15 years ago, 1 of partial ownership and 1 of reduced rate purchase.

The partial ownership requires a sell price for both parties and the reduced rate requires ridiculous S106 restrictions as to who is able to buy it. And in both cases there is a management company involved due to lack of adoption from local council.

The question is: Has anybody got any experience how to best sell and exit these "extortion" schemes?

 

[Onholiday(somemightsay)]

Borderline politics but let's keep it away from there. I have 2 direct family members trying to sell and escape these schemes from 10-15 years ago, 1 of partial ownership and 1 of reduced rate purchase.

The partial ownership requires a sell price for both parties and the reduced rate requires ridiculous S106 restrictions as to who is able to buy it. And in both cases there is a management company involved due to lack of adoption from local council.

The question is: Has anybody got any experience how to best sell and exit these "extortion" schemes?

It's about 7 years since I went through this with my old man's place in Newton Heath.

From memory, it was a right pain in arse actually selling the house BUT I don't remember the housing company that owned 25% being that difficult to deal with (some initial paperwork and having to pay some fees that mostly likely became apparent as we went through the process reducing how much he got from the sale).

Think they have to sign off on the price and the eventual accepting of offers and it DOES add an additional party for the solicitors (so in reality, the seller) to chase in which potentially drags it on a bit longer.

If I remember correctly, I also engaged them years prior to see how much it would cost to buy them out without selling the house which was proving to be difficult and expensive..............