So you’ve decided your are selling your shared ownership property. This is typically called selling a shared ownership resale property. So what is the process? Here are the top ten tips we recommend you follow.
1. Find out the administration fee you will be charged by your housing association
Although they will vary from each provider most, if not all of them, will charge you an administration fee to cover the costs for marketing / selling your shared ownership property, assessing the eligibility and affordability of all applicants and progressing your sale to completion.
2. Can you market your shared ownership resale property privately or via an estate agent
There is usually an 8 week period where the housing association can solely market your shared ownership property to find a prospective buyer. If after this period they have been unsuccessful then you are free to market it via other means. However, do bear in mind that there will be costs associated with this approach.
3. Find out how much the valuation fee will be
You will be asked to get a building survey where a surveyor will need to take a look at your shared ownership property and value it. They will normally provide you with a list of potential ones to use. You should be informed of the costs before deciding to proceed.
4. Organise for photographs to be taken when selling shared ownership property
Once you have agreed the valuation the next steps are about getting your property ready for marketing. So make sure your home is clean and tidy before any photographs are taken. Remember, first impressions count!
Some housing associations may even allow short videos of your property. If they do, take advantage of that, but as with photographs make sure your home is spotless as that will be reflected in any footage you take.
5. Have a look at your shared ownership property advert text before it is published
Your housing provider will work on text to accompany the photographs that will go with your property advert. See if you can take a look at it before it is published to make sure it is selling your shared ownership home in the best possible way!
6. Get an Energy Performance Certificate (EPC) if you don’t have one already
Your property will need to have an EPC as it forms part of the shared ownership sales process. Whilst you can market your property initially without it, you will need to make sure it is available within 28 days of it being advertised.
It is worth checking the EPC register if you do not have the paperwork to see if there is an up to date EPC available for your property. If there isn’t, you will need to get one in place.
7. Find out what your solicitor costs will be selling a shared ownership property
There will also be costs to consider for shared ownership solicitors fees. This will include work to cover the exchange of contracts for any potential sale.
8. Remember you cannot sell any less than the existing share of the property you own
You must sell your home for at least the share you currently have. For example, if you currently own 40% of a shared ownership property you are selling the next buyer must at the very least buy this existing share. They cannot buy anything less than 40% in this example. However, if they choose to they can decide to buy a bigger share. Your housing association will be able to give you more precise information about this.
9. Once you have decided to sell your shared ownership property you can start to look for another home
This part of the process is similar to anyone else selling their home in that you can look around, but any offers will be dependent on you being able to find a buyer for your shared ownership home.
10. Make sure your housing association advertises your shared ownership property effectively during the first 8 weeks that they have to find you a buyer
Ask them how they are going to be marketing your shared ownership property. They should consider advertising your shared ownership property our specialist portal as well as their own website and the help to buy agent they will be using.
How have you found the process for selling your existing shared ownership property? If you would like to tell us your story please get in touch.