Selling your Shared Ownership home. Selling a Shared Ownership home is known as a resale, and you are able to sell at any time. If you own 100% of your property, you can advertise on the open market via an Estate Agent. Any potential buyer of your share needs to meet the set eligibility criteria for Shared Ownership.
What happens if you want to sell a shared ownership?
Selling a shared ownership property will incur costs for selling the property, gaining a value for the property and conveyance costs. If you are selling a property any arrears on service charges must be paid at completion. Generally, you are unable to sublet a property you part-own under the Shared Ownership scheme.
Is it easy to sell shared ownership?
Selling a Shared Ownership property differs to selling a property on the open market. However, this must be done via the housing association. You will also benefit from our help in marketing and selling your home.
Do shared ownership properties increase in value?
says the advantages of shared ownership is that “it can enable you to get on to the property ladder more quickly than you might if you wanted to buy a home outright; it may be cheaper than renting; and you can sell a shared ownership property at any time and will benefit from any increase in value it’s seen since you …
How long does it take for shared ownership to sell?
Depending on your Shared Ownership lease, the association may have a right to nominate a new buyer for your property or to market your share for sale for an exclusive period of time, perhaps six or eight weeks.
Are there restrictions on selling a shared ownership property?
However, there are restrictions on the sale and subletting of these properties. This is to ensure the properties remain available to people in need of affordable housing. There is a procedure to be followed when selling your Shared Ownership property, which will be set out in your lease.
Do you have to pay an administration fee when selling a shared ownership property?
Shared Ownership properties do not necessarily mean more costs if you choose a good, experienced solicitor. Your housing association will likely charge an administration fee when you sell, as they are often obliged to carry out certain work under the conditions of your lease. What if I need some help through the process?
How much does it cost to sell 50% of a property?
To put it simply, if you own 50% of a property valued at £100,000, the value of your share will be £50,000. What happens next? Depending on your Shared Ownership lease, the association may have a right to nominate a new buyer for your property or to market your share for sale for an exclusive period of time, perhaps six or eight weeks.
