What are the Estate Agent fees for selling shared ownership?

Estate agent fees for selling shared ownership, what are they? In this article we aim to take you through the costs you can expect to face when selling a shared ownership property. As a general guide to you may wish to read our selling shared ownership property with an estate agent blog. It might provide a good starting point for you.

Household needs evolve, it may be the case that the only option is to upgrade or downsize by moving home. If you have a shared ownership property this shouldn’t be a daunting task. Yet the process is a little different to that if you own your home outright.

Shared ownership can be a fantastic way to access the property ladder. However, if you’re not sure of the ins and outs, find out more about how shared ownership has changed since April 2021.

Housing association nomination period to sell your shared ownership home

If you part-own your home through a shared ownership scheme, housing associations have a right to buy through a process called “first refusal”. Additionally, your lease may include a “nomination period”. This is typically around 8-12 weeks in which housing associations have the right to try and sell your property first. This could be handy as they may have access to a waiting list of eligible applicants. After this, you are free to list your property on the open market. You will need to check with your Housing Association to find out what their nomination period is. Also they may offer a specific service similar to an Estate Agent to sell your shared ownership home.

If your property is still unsold after 12 weeks with your housing association, you are usually able to list your property however you wish. Please check with your housing association to understand the process.

So, you need to understand estate agent fees for selling shared ownership. There are pros and cons for both online and local high street estate agents. It can be said there is a place for both routes to sell depending upon your needs and personal preferences. When doing your research you can also find reviews people have left or look at specialist sites to find out how long agents take to sell homes in your area.

Selling shared ownership with Online Estate Agents

They typically work to a one time fixed fee which is usually between £99 – £1500 regardless of the property value. Often the fee is paid upfront if the property sells or not, which may impact any incentive for the agent to try and sell for the highest price. Also there may be a stipulation around how many months the property is marketed for.

If you are looking at using an online estate agent there are some that offer specific shared ownership resale packages. So it is worth doing your own research to see what is best for you.

Local Estate Agents to sell shared ownership

They generally work to a “no sale no fee” model, although this may end up being more expensive than paying for a flat rate listing with an online estate agent.

Typically, according to The Advisory, a high street estate agent will charge between 0.75% and 3.0%+VAT of the sale price depending on the type of contract you opt for, with the UK average of 1.18%+VAT.

With a more personal approach, and a local presence, listing your property this way may be better suited for those who prefer face-to-face dealings.

Shared ownership is one of the most ideal methods of jumping onto the property ladder. Also, you have the option to sell your share or buy more through staircasing when circumstances change.

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