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FAQs
Frequently Asked Questions
Welcome to our FAQs page! We have compiled a list of commonly asked questions to provide you with quick and informative answers
How do I sell my shared ownership property?
If you’re ready to sell your shared ownership property, the first step usually recommended is to contact your housing association. But we would advise you to get an independent RICS accredited valuation carried out first, the reason being its best to know the value of your home first to deice whether you wish to continue selling.If it’s a YES, the housing association as part of the lease (always good to double check) have 8 weeks to market your home first (known as the nominations period) the fee is also listed on the lease in some cases painfully it’s a high % of the full market value ouch!If your housing association doesn’t find a buyer during this time you can request to sell on the open market in some cases sooner than the nominations period expires, you can then choose to sell your property privately or through an estate agent of your choice. If you would like to sell your home with Shared Owner, you can find out more of our affordable sales service here
How to sell my shared ownership property on the Open market?
It’s the same as selling any property, you can now sell your property through an estate agent of your choice.We would advise you to select an agency that will allow for double exposure 100% on the open market as well as still selling your share of the property as a shared ownership resale.Most high street agency don’t have access or list their home on the dedicated shared ownership portals, and this is where Shared Owner steps in allowing full exposure on the market and increasing the possibility of finding a buyer. You can find out more what portals we list our homes here
What happens after my shared ownership nominations period?
You can now request to the housing association to sell your property through an estate agent of your choice, you will be able to sell 100% of the property or as a shared ownership resale.Most shared ownership buyers are first time buyers and so It’s important to remember that you select an agency that has the experience and knowledge to help guide your buyer through the process. You can find out more about our experience in shared ownership here
Do estate agents sell shared ownership properties?
Yes, they do but are they any good? Because most high street agency are focused on commission and conversion and shared ownership properties aren’t always the most sought-after stock and so tend to go neglected as they can take some time to sell and have the added layer of buyers having to be approved by the housing association and so the estate agent may be eager to take on your home on but not always active in selling your home.Sadly, this is the case with some housing associations which you initially purchased your shared ownership property from, large housing association that have a huge pipeline of new build homes can neglect shared ownership resale properties. You can find out more about what we do differently here
What is the fee/ associated costs of selling my shared ownership property?
This is the painful part, if sold with the housing association the sale/ marketing fee is already listed on your shared ownership lease and we have seen housing association charge as high as 1% – 2.5% of the Full Market Value.You’ll also need to have the property valued by a RICS chartered surveyor costs can range £300 to £500, the valuation is valid for 3 months and so will need to be extended each time until you have found a buyer and legally exchanged on the sale. A desktop valuation extension can cost £200-£300.A valid EPC is required to market and sell your home and so if this expired you would need a new one, this costs between £60 and £120.Once you have secured a buyer, you’ll need to pay for a Leasehold Information Form/ Management Pack for your buyer from the housing association, which will cost around £200 to £300.You may need to pay for your housing association’s legal fees £500-£750 as well as your own legal fee £1,500-£2,500 when selling your home.This is why Shared Owner has been set up as a shared ownership online agency, the sales process is the same evetime and so by automating the sales process we can enable you to sell your shared ownership home faster and more cheaper than ever before. You can find out more about the sales process here
