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Whether you’ve had your home for one year, three or five – as a shared owner, you can sell your Shared Ownership property at any time that suits you!
Many people who have not staircased their Shared Ownership home to 100% ownership and are choosing to sell their share, go on to buy a home outright. But this isn’t always the case…
Some people may want to sell their Shared Ownership home and move into another Shared Ownership property for affordability reasons. If you’re in this situation, then you should first have a conversation with both the housing provider who owns the other share of your current home, and the housing provider who is selling the home you want to move into. This would be in your best interest as they may have procedures in place to help you with this move.
Click here to read details about how to resell your Shared Ownership home.
But typically, if you want to buy a Shared Ownership home then you cannot own another home. As part of the rules around the Shared Ownership scheme, if you do already own another property (either in the UK or abroad), you must be in the process of selling it and you must sell it before you purchase your next home.
There are other rules to consider too. Just like when you first bought your current Shared Ownership home, you should not be able to afford to buy a home suitable for your housing needs on the open market. It may be that since you originally purchased a Shared Ownership home that your financial situation has changed and you should have a good understanding of this before making any decisions.
Click here to read more about the current Shared Ownership criteria, but keep in mind there may be nuances that change between providers and property locations.
We can see why people may be interested in wanting to keep living in a Shared Ownership home, after all, for some people Shared Ownership is one of the most flexible housing options there is, as it’s designed to suit each individual buyer’s financial situation.
Here at Plumlife, we’re proud to have a Shared Ownership resale estate agency that helps lots of people through the resale process, ensuring customers maximise their assets and reduce any hassle. If you are looking to sell or if you have any queries about moving to another Shared Ownership home, why not speak to our Plumlife Move team?
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