How To Sell Shared Ownership House?
What Is Shared Ownership?
A shared ownership home allows buyers to purchase part of a property and pay rent on the remaining value. Schemes like this allow affordable housing for people struggling to get on to the property ladder, or people who can’t afford a property to meet their needs – to become homeowners. The original share they purchase is usually between 25% to 75%, and this share can increase to 100% overtime with ‘staircasing’; the term giving to periodically buying more shares in a property.
After staircasing up to 100% the property is no longer a shared ownership property, the homeowner is now the sole proprietor.
Selling a Shared Ownership House
If you have ‘staircased’ up to 100%, you are now the sole owner of the property and no restrictions are in place if you wanted to sell. Like any other homeowner, you are able to explore the different options available to you when selling your home and all the proceeds of the sale are yours, minus any fees you have to pay i.e. estate agent fees, conveyancing etc.
There are a few restrictions in place for the sale of shared ownership properties if you have not ‘staircased’ to 100%. However, like any other homeowner, you are still able to sell your share of the property, but certain criteria need to be met to ensure affordable housing remains available to those who need it. All the criteria of selling your share will be set out in the lease you originally signed when purchasing your share.
One thing to note would be, in the case of shared ownership, the housing provider would always have the right to purchase the property themselves first. If they don’t want to buy it themselves, or are unable to find a buyer, then you can sell it yourself.
These are some of the steps you will need to take in order to sell your shared ownership home:
Informing your housing provider – It is important to let your housing provider know that you would like to sell. They will ask you to find a surveyor to value your home, and may even recommend one.
Getting a valuation – this will determine the market value of your home, which will establish the value of your share in the house.
Arranging the legal aspects – arranging for solicitors to draw up contracts and arranging for certificates such as the Energy Performance Certificate (EPC).
Finding a buyer – as previously mentioned, there are certain criteria that need to be met when selling your property if you have not ‘staircased’ to 100%. Properties like this can be in demand because of these schemes available, it is first advertised to these potential buyers who are wanting to purchase through the shared ownership scheme. Your provider will have a set period of time within which to sell your property, after this you are then able to try to sell your home yourself. If you have not ‘staircased’ to 100% ownership, you would have to sell your property on a shared ownership basis, and the buyer will have to purchase a share equal to or greater than the amount you hold.
Selling your home – If you have ‘staircased’ to 100% then you are free to sell your home to any buyer on the market. There is lots of help available when it comes to selling your home, such as cash buying services like FastCash4Houses, choosing a traditional high street estate agent, or going with an online agent.
For those looking to sell their home in the quickest, cheapest and most convenient way, then using FastCash4Houses would be the best option. With us, you can sell your property in a quicker time frame with no estate agent or legal fees to pay. To get your free no obligation valuation today and to find out more about how we can help then visit our website at https://fastcash4houses.co.uk/ or get in contact with us to speak to a member of our team directly on 01204 294356 or [email protected]. At FastCash4Houses, we want to support you every step of the way as you sell your property.
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