Can I Sell A Shared Ownership Property With An Estate Agent?

So, can I sell my shared ownership property with an estate agent? In 2020, it was estimated there were 157,000 shared ownership households in England. This affordable housing option is becoming more popular for individuals who are struggling to save for their first home.

You buy your shares in your home, but things change, and you want to move on… What happens now? The process of selling your Shared Ownership property is not the easiest, due to the involvement of a housing association.

With this in mind, we’ll take you through the ins and outs of Shared Ownership, how the selling process works and who can help!

What is Shared Ownership?

Shared Ownership has it all in the title. You share a percentage of ownership of your property. This is typical with a housing association, which owns the remaining percentage of your home. Shared Ownership properties require a mortgage which you pay, alongside a rent payment to the housing association for their share of the property.

This may seem confusing, but we promise it’s not and actually a fantastic way to get on the property ladder! It’s an affordable way to own a share of a home (even though it’s not initially in full). Also you can buy more shares to work your way to full ownership – known as staircasing.

Can I resell my shared ownership property through an estate agent?

You are able to resell your home, but the process is a little different depending on your circumstances. The most important step is to inform your housing provider. They will guide you through their process. You will be required to get the property valued to work out monetary values. This will be at a personal cost to you.

To resell, it’s highly dependent on how many shares you own of your home – the two options will include:

• You only own a percentage of shares:

In this case, you can sell your home but only through shared ownership. The buyer will follow the same steps you did to purchase the home, but they have to buy either the same or a higher value of shares that you’re currently selling.

• You own 100% of shares:

In this case, the property is essentially yours. Your housing provider has an allocated amount of time to find a replacement leaseholder, however, if there’s no success you’re free to advertise how you like (such as through an estate agent!).

The House of Commons briefing paper on Shared Ownership highlights that the shared ownership resell market is small, “making it difficult to match buyers and sellers or move within the tenure.” With this in mind, and a change in the Shared Ownership model in 2021 meaning your housing association has less time to find a potential buyer, you should research estate agents.

Where can I buy a shared ownership property?

As discussed, you can buy shared ownership properties from estate agents as well as from housing associations direct. It will depend how they are being marketed. They are always clearly labelled, and typically the organisation will have dedicated staff that can guide you through the process. As they are typically part-owned by housing associations, you can find the newest properties on their individual websites.

Housing associations advertise properties on their own website, however, at MovingSoon, we offer a platform for you to view them all in one place! Start your search for your shared ownership home today.

Can my estate agent advertise their shared ownership properties here?

Shared Ownership estate agents are beginning to pop up in the housing market. Some of them just sell your property, while others offer a service to guide you through the full selling process! Estate agents are fantastic at advertising your property and finding replacement tenants, but make sure you are aware of all the costs involved and what you may be liable to pay for using their service.

If you’re reselling your Shared Ownership property with an estate agent, why not encourage them to advertise on our website? With an upswing in searches for Shared Ownership over the past year, they could quickly sell your property – and get you into your brand new home in no time! They can contact us, where we can guide them through our platform and its benefits.