So how does shared ownership work when you sell? You have decided to you are going to be selling your shared ownership property. This is typically called selling a shared ownership resale property.
Advertise your shared ownership property with us. We already help housing associations and their owners to sell their shared ownership homes successfully.
Is it hard to sell shared ownership property?
It may be harder than selling an outright sale home as you have to find someone who is interested in pre owned shared ownership and can also buy at the share you are selling it for.
Selling shared ownership, so how does it work?
The process and costs involved including using shared ownership solicitors. Here are the top ten tips we recommend you follow when selling shared ownership property.
1. Find out the fee you’ll be charged by your housing association for your selling shared ownership property
Although they will vary from each provider most, if not all of them, will charge you an administration fee. This will cover the costs for marketing / selling your shared ownership property. It will also go towards assessing the eligibility and affordability of all applicants and progressing your sale to completion.
2. How does shared ownership work when you sell privately or via an estate agent
You can advertise your shared ownership property with us. You can also advertise your shared ownership house with an estate agent. Most of the time this will be after the nominated period, but this will depend on the housing association. As a national portal, enquiries via our website have lead to successful sales of shared ownership properties.
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 in selling your shared ownership property 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 for selling shared ownership
You will need to get a building survey where a charted surveyor will need to value your shared ownership property. 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 shared ownership property ready for marketing. 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 shared ownership 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. Review your shared ownership property advertisement before it is published
Shared ownership properties listed on our website will give you an idea of the types of homes that get advertised.
Your housing provider will work on text to accompany the photographs that will go with your shared ownership 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 EPC for your shared ownership property if you don’t have one already
Your property will need to have an EPC (Energy Performance Certificate) 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 for selling your shared ownership property
There will be shared ownership solicitors fees to consider. This will include work to cover the exchange of contracts for any potential sale.
8. You can’t 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.
It is also worth asking your housing association to see if there are any potential problems you may face selling your shared ownership property. They will be able to give you some information about the process and how long it could take.
9. Once you have decided to sell 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. If you are moving to another shared ownership property it is worth checking to see what shared ownership mortgages are available.
Get your free moving house checklist when you are selling your shared ownership property. It lists the things you need to do when moving house.
10. When selling shared ownership make sure you have the right advertising
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 may consider advertising your shared ownership property on our specialist portal as well as their own website and the help to buy agent they will be using. Why not ask them to use MovingSoon too!
Can I sell my shared ownership property and buy another
This is dependent on the housing provider. You would need to get in touch with them to find out more.
How have you found the process for selling shared ownership property? If you would like to tell us your story please get in touch.
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