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One of the most common Shared Ownership questions we hear is, “What happens if I want to sell?”
The key fact you should know is that you can choose to sell your Shared Ownership home at any time, and the process is easy!
We’ve put together this quick read to guide you through the journey. We hope this will be helpful to those looking to move on from their Shared Ownership home now, as well as those looking to buy a home for the first time and wanting to get a better understanding of how it all works.
Firstly, you should be aware of the below two points:
Now you know the key elements, keep scrolling to see the steps you’ll need to take when you want to sell your Shared Ownership home.
The lease and contract you have with your housing provider will outline all of the terms and procedures you’ll need to follow as you sell your Shared Ownership home. This will include details of how it should be valued, the length of the ‘nomination period’ and any restrictions that may be in place. You would benefit from reading and understanding this before step two.
Once you have know the details of your lease and contract, it’s time to reach out to your housing provider and let them know that you want to sell your property. They’ll then tell you all of the steps they require you to follow and you’ll have the chance to query anything in your lease and contract.
From getting an EPC, having your home valued by a RICS (Royal Institute of Chartered Surveyors) provider and marketing the property. All of these next steps will be taken in accordance with the contract you hold with your housing provider, they will either: take on the role of a reseller (for an outlined charge), pass you onto a recommended seller or, they could allow you to sell your property on the open market using another reseller (such as Plumlife Move).
If the housing provider is taking on the role of a reseller, they have a ‘nomination period’ for which they have the opportunity to sell your property within. This period is often 8 or 12 weeks.
Your home may have sold within the ‘nomination period’ but if it hasn’t, you have the chance to market and sell your home through another provider. We recommend choosing a reseller that has experience in Shared Ownership, to help you work through the nuances of the scheme.
Once an organisation has sold your property, you will exchange contracts and be given a competition date for you to hand over the keys.
Are you looking to sell a Shared Ownership home? Why not speak to our Plumlife Move team? They’re a Shared Ownership resale estate agency that are helping lots of people through the process.
This blog is an outline of the resale process and may not contain every step you need to take. If you’re a Shared Ownership customer that doesn’t own your property outright, please always speak to the organisation that owns the other share of your property before you take any action.
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