Selling your Shared Ownership home
- Contact your housing provider. You will need to contact your housing provider to let them know that you’d like to sell your home.
- Get a valuation.
- Contract of sale.
- Get an EPC certificate.
- Take some photos.
- Finding a buyer.
- The sale.
Is it easy to sell shared ownership properties?
Selling a Shared Ownership property differs to selling a property on the open market. However, this must be done via the housing association.
Can I sell my 50 share in a house?
The court can’t divide a house in half, so instead, it can force owners to sell, even if they’re unwilling. Profit or loss from the sale is divided among the owners based on their stake.
How is shared ownership rent calculated?
If you divide the unsold equity by 100 and multiply by 3 you will get the total rent payable per annum. Just divide this by 12 to get the monthly rent payable! The amount of rent will vary for each home depending on the share you buy and the value of the property when you buy it.
Who is responsible for repairs shared ownership?
Be aware that even though you own a share of the property, say 30%, you are responsible for paying the full maintenance and repair costs. There are also likely to be restrictions on whether you can rent the property out. In the great majority of cases, sub-letting is not allowed.
Who is responsible for repairs in shared ownership?
What are the advantages of tenants in common?
A tenancy in common has many benefits, including:
- every owner owns the asset;
- each owner can own 50% of the asset, or any other percentage can be established;
- any party can part with his or her share legally without needing consent or approval from the other party;
- the asset will be passed to the heirs;
Is shared ownership only for first-time buyers?
The shared ownership scheme is open only to first-time buyers, or to those who used to own a home but can’t afford one anymore.
