Share:
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. So, let’s get started. What happens when you sell a shared ownership property?
Read on to learn more about selling a shared ownership property with Plumlife Homes.
Before you begin the process of selling a shared ownership home, there are a couple of things to be aware of:
Staircasing is a process available to those who have purchased a shared ownership home, allowing them, over time, to increase their share and equity in the property. If by the time you wish to sell, you own 100% of the property, you can probably sell your property on the open market, depending on the details of your lease and contract.
Get in touch with us today to learn more about selling a shared ownership property that you own 100% of.
If you don’t own the property 100%, you’ll have to follow the below steps when selling a shared ownership property.
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.
Once you 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:
If the housing provider is taking on the role of a reseller, they have a nomination period in which they have the opportunity to sell your property. This period is often 8 or 12 weeks.
If your property did not sell during the nomination period, you have the chance to market and sell your home through another provider. We recommend choosing a reseller who 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.
Get in touch with us today to learn more about selling a shared ownership property with our specialist resale agency, Plumlife Move.
Selling a shared ownership property can be more challenging than selling a property under other ownership types. This is because, unless you staircased to 100% ownership, you have to follow specific steps outlined by your housing provider, as well as waiting out the nomination period.
That being said, the process can be simple if you have a good housing provider as they do all the legwork for you. It becomes a little more difficult if you pass the nomination period with no sale. However, at this point, you may find it beneficial to enlist the help of an expert like Plumlife Move.
If everything goes smoothly, selling a shared ownership property can take as little as 28 days. However, on average, it can take between one and three months. This is usually quicker than a typical sale as more often than not it doesn’t rely on chains which can draw things out considerably longer.
Yes, the shared ownership scheme allows you to move between properties. However, you should first have a conversation with both your current housing provider 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.
It’s important to note, however, that you cannot own two properties at the same time under the shared ownership scheme, therefore you must be in the process of selling your current home before you can begin purchasing a new home under the scheme.
Are you looking to sell a shared ownership home? Why not speak to our Plumlife Move team? We’re a Shared Ownership resale estate agency that is helping lots of people through the complex process.of selling a shared ownership property. Get in touch today.
Share:
