Forum Topic

Interested in shared ownership in Acton?

Hi,I own 60% of a property in Benjamin House in Acton (entrance on Mill Hill Road). I bought 40% 5 years ago, and bought the extra 20% last year.  It was the only opportunity I had as a single person with very little savings and no deposit to get on the property ladder and is the best thing I've ever done.  My property is now for sale as I'm moving on to a larger property - link attached.  if you're interested in shared ownership and / or want to view, you can contact me on 07779628282.Thanks,Gracehttp://www.a2dominion.co.uk/rte.asp?id=1261&task=View&itemid=528

Grace ODonnell ● 5618d6 Comments

Good luck with the sale, looks a nice place and ideal for a FTB. Once your 'Lock in sales period' has ended with A2 you can go to an agent, but will pay their fees. Best result will be to sell through A2Iain

Iain Muir ● 5618d

But you can only sell 60%? There seems no option to buy the rest - and the buyer still has to have priority as a council worker/teacher or the like in moderate circumstances - which is quite a constraint on you wanting to sell. Can Dominion just say no to a buyer? If so, they practically control your ability to sell.Or am I reading too much into what it says on their website?

Sara Nathan ● 5618d

Hi,I can only sell 60% as that's the share I own. Whoever buys can buy an extra 10/20/30 or 40% after a year - It's called staircasing (like what I did when I bought an extra 20% - I started owning just 40%). I had planned to buy the remaining 40% myself, but am now buying a bigger place with a partner.Priority is given to council workers/teachers, but I am neither (I work in marketing). This priority is only applicable if 2 people are interested in putting an offer on the same property at the same time. Buyers need to meet A2Dominion specifications (on the website), but these are often negiotable, and selling on is pretty straight forward. There are 10 flats in our shared ownership area, and 3 have sold on properties since we bought the properties new 5 years ago. None of the other 7 (bar myself) have decided to sell on just yet.Not reading in too much - is good to be cautious.Cheers,Grace

Grace ODonnell ● 5617d

Thanks Iain!

Grace ODonnell ● 5617d

Grace,We sold our previous flat and are trying to sell our current property through www.propertybroker.com I am happy to recommend them and they are far cheaper than using an estate agent.Good luckandy

Andy Magee ● 5617d

Good luck on the sale.And why do so many still use estate agents?

George Knox ● 5614d