Selling Your Shared Ownership Home

Selling your Shared Ownership property is sometimes referred to as a resale and works similarly to selling a property through traditional means, albeit with some slight variations.

Platform can support you through the process of selling your Shared Ownership property, from marketing the property itself to finding the right buyer.

Advice for Selling a Shared Ownership Property

When you come to sell a shared ownership property you'll typicaly either be selling your share in the property or, if you have 100% ownership, selling the entire property itself.

The way you sell is decided by the terms of your lease, so it's always important to check the details first and if possible, speak with a professional.

In the majority of cases, the property will be sold at current market value, which is dictated by a RICS valuation. These are generally valid for around three months and must be valid at the point of sale completion. Unfortunately, an estate agent valuation is not valid when it comes to selling a shared ownership property.

The other key point of advice for getting started is contacting your housing provider and letting them know you're intending to sell.

Your housing provider will generally have around two months to maket and sell the property. If they don't find a buyer during this time, you'll then have the opportunity to sell the property privately or via an estate agent if that's preferable.

Get a RICS valuation

When you come to sell the property, you'll first need to obtain a written, independent RICS valuation. This is a mandatory part of the process and dictates the current market value, which then informs the sale price.

As mentioned previously, the valuer must be RICS-qualified or equivalent and an estate agent valuation is unfortunately not acceptable during the sale process.

You'll be required to pay the fee for the valuation but you'll be informed of the cost beforehand. In most cases, you'll liaise with the surveyor directly and they'll visit your home to carry out the survey. This valuation sets the sale price for the home and from this, they'll be able to work out the value of the share.

The details of this entire process will be laid out in your lease, so make sure to read through it carefully before you jump into the process.

How much will you sell your home for?

The valuation dictates the price of the property and thus, the share price of what you're selling.

This obviously relates to how much of the property you own. For example, if you own 100% of the property, you'll be selling at the full share price. Likewise, if you only own 50%, this will impact how much you're selling for.

Remember, you cannot sell or even market the property for more than the amount laid out in the valuation.

What else do you need before you start the resale process?

All properties advertised must have a valid Energy Performance Certificate (EPC). If an EPC has been carried out previously you may locate it at the following link https://find-energy-certificate.digital.communities.gov.uk/

If you want to know if this is an option for you, get in touch with us today at resales@platformhg.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 Platform Home Ownership.

How to Sell a Shared Ownership Property

If you're considering selling a property, it's important to understand the process so you're ready to ask the right questions and know what to expect. 

Below, we'll explore some of the main steps of the process when you're considering selling a Shared Ownership property: 

1. Check the lease

First things first, you'll want to check the rules for selling a Shared Ownership property, particularly our own rules around the process.

It's important you understand these rules so that you understand who pays for what and the restrictions that might impact you.  

2. Contact Platform

Get in touch with us to let us know that you want to sell your Shared Ownership property. We'll be able to confirm any specific criteria that applies to your property such as restrictions on staircasing, or local connection requirements.

3. Get a valuation and Energy Performance assessment

Once you've let us know what's happening, you'll have to arrange a valuation from a RICS-qualified surveyor. We have several recommended surveyors that we can put you in touch with. 

After the valuation comes back, we'll give you a 'total market value' of the property and help you understand how much your overall share of the property is worth. 

This valuation is valid for three months so once you receive it, it's important to send it over to us. Remember, if you don't sell in the three months, you'll have to arrange another valuation. 

During this time, it's worth arranging an energy assessment so that you can get an Energy Performance Certificate (EPC). If you already have one, it must be less than 10 years old. You can check the EPC register if you're not sure if you have one.

4. Complete your paperwork

Following the valuation and the confirmation that you want to go ahead with selling the property, there's some paperwork to complete. 

The first is the 'intention to sell' form which is completed and returned to us. 

You'll also want to show a copy of your lease alongside any other paperwork that you might find in a 'traditional' property sale.  

5. Start marketing the property

The advertising of your property will be managed by your chosen agent, and viewings will take place during this time.

Should you have a prospective buyer, we will check to make sure they meet financial and shared ownership eligibility, along with any local connection criteria where applicable.

6. Instruct a solicitor 

Once you've found the right buyer, it's time to formally instruct your legal support to continue the sale. Ensure that you stay in contact with your solicitor or conveyancer during this time as you want to make sure that things go smoothly while the valuation is valid.

7. What happens during conveyancing?

After instruction, the buyer will go through a process similar to your own initial purchase. After the buyer has financial approval, their solicitors will raise enquiries with Platform and your solicitor.  Once all enquiries have been satisfied the solicitors will liaise with each other and start exchanging contracts.

At this stage, you'll receive a completion date so you have a deadline for handing over the keys and can start paying any outstanding fees.