If at any point you’re looking to sell a Shared Ownership property, there are two main options available to you:
Option 1: Third-Party Management through Move With Us
Here at Platform we’re able to help you sell your Shared Ownership property through our partner, Move With Us - a property services company that specialises in the sale of shared ownership property.
If you choose to go with this option they will contact you to arrange a free, no-obligation valuation report on your property. Once you have the report, you can decide whether or not you’d like to move forward with the sale of the property. You can also use the support of Move With Us to obtain an Energy Performance Certificate (EPC) if you do not have one.
At this stage, Move With Us can then instruct two local estate agents to market your property, providing you with independent advice and support throughout the sale. They also manage the due diligence involved in the sale, ensuring we have all of the documents and relevant information that we require.
On completion of the sale, you’ll pay a sales fee to Move With Us, which is agreed upon prior to the marketing commencing.
Under the terms of the Shared Ownership lease, the property cannot be sold for more than “Market Value” as determined by a RICS valuer.
Option 2: Manage the Sale Yourself
If you don’t want to work with a third-party such as Move With Us, you can manage the sale yourself with some help from Platform.
Depending on the terms of the lease, Platform may be able to help you market your home for either Outright Sale or on a Shared Ownership basis - increasing the number of potential buyers.
If you sell on a Shared Ownership basis, the process involves agreeing on a percentage share with a buyer and staircasing your property to the desired percentage. The staircasing and the sale happen simultaneously, with the funds for the additional share coming from the new buyer.
Remember that for this type of transaction, a RICS valuation reflecting the agreed purchase price has to be provided. You should also consider taking legal advice on any Stamp Duty payments that may be required.
If you want to know if this is an option for you, get in touch with us today at email@example.com
Approving a Purchaser
If you find a potential purchaser, either through Platform or an estate agent, we have to confirm their suitability for the Shared Ownership scheme, as well as any local connections that the property may be subject to.
Your purchaser will also need approval from a relevant Help to Buy agent. We have a number of contacts for Help to Buy agents across the country, which you can find below:
If you are based in the South of England, please contact:
Help to Buy Agent 3
Covering Bedfordshire, Berkshire, Bristol, Bath, Somerset & Mendip, Buckinghamshire, Cambridgeshire, Cornwall (including the Isles of Scilly), Devon, Dorset, East Sussex, Essex, Gloucestershire, Hampshire & Isle of Wight, Hertfordshire, Kent, Norfolk, Oxfordshire, Suffolk, Surrey, West Sussex, Wiltshire.