This brief guide will provide you with a step by step process to selling your shared ownership home. You must remember, you can only sell your shared ownership property to someone approved by your shared ownership housing association and you can only sell the shares you own in the property and not the whole property.
The first thing you should do when you want to sell your shared ownership proeprty is contact your shared ownership landlord or housing association.
You should tell your landlord or housing association that you wish to sell your property. They will then let you know that you need to choose a surveyor to value your property and may provide you with a list of surveyors.
If you are selling your shared ownership property back to your landlord or housing association then there is a case to be made for not choosing any surveyor they recommend to you.
Your surveyor will visit and value your home. The value will be based on 100% of your shares from which you and the housing association or landlord could work out your ownership value.
Remember, you will have to pay for the valuation to be carried out by the surveyor.
Carrying out the valuation does not mean you have to sell your home.
You will first need to sign a contract with your housing association or landlord agreeing on the fee from the valuation and how you intend for your home to be sold.
Contract of sale
If everything is fine you will then have to sign a contract of sale and include details of your solicitor who will be acting for you once a buyer is found for your shared ownership property. If you have a co-owner on the lease of your shared ownership home, you will both have to sign each agreement.
You must then get an EPC certificate
An EPC essentially lets a buyer know how the home performs energy wise and available to make it perform better.
You will only be allowed to start the sales process once you have confirmed that an EPC has been commissioned.The EPC must then be provided within the first 28 days of marketing your property by Law.
Take some marketing photos of your home
Take some pictures and review the advertisement before it goes live to the world. Ensure the pictures do your home justice by tidying up beforehand. Your home will now be marketed on all appropriate channels. Ensure it is marketed on the help to buy websites!
The sale process
Once a buyer is found. They will go through the financial interview process and once everything is confirmed your housing association or Landlord will write to you confirming the details.
The buyer’s solicitor will liaise with your solicitors for the checks, agreements, exchange of contracts and completion dates.
Tip: don’t forget to take into consideration your solicitors fees.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.