At Winfields Group, we help Housing Associations in the UK sell and market their Shared Ownership homes.
If you have any questions or need advice on Shared Ownership, our expert Thomas Winfield is just a call away on: 01803 320969.
If you own a shared ownership property and are considering selling it, it’s essential to understand the process involved. Selling a shared ownership property is slightly different from selling a traditional property, but with the right guidance, it can be a straightforward and successful transaction. In this guide, we’ll walk you through the steps involved in selling your shared ownership property.
Before you can sell your shared ownership property, you need to understand your current share. Shared ownership typically means you own a percentage of the property and pay rent on the remaining share. Your share will determine the portion of the property you can sell. You’ll need to contact your housing association or property developer to obtain this information.
Review your lease agreement carefully to understand any restrictions or conditions related to selling your shared ownership property. Some leases may have clauses specifying that you need to offer the property back to the housing association or property developer before selling it on the open market. Understanding these terms will ensure you comply with your contractual obligations.
Before putting your shared ownership property on the market, it’s advisable to get a valuation from a qualified surveyor or valuer. The valuation will provide you with an accurate assessment of the property’s market value, which will help you determine the asking price for your share. Dont worry contact Winfields Chartered Surveyors our Sister company and we will look after at http://www.winfieldssurveyors.co.uk
Once you’ve decided to sell your shared ownership property, you’ll need to inform your housing association or property developer. They will have a legal interest in the property and may have specific requirements or procedures you need to follow. They may also have potential buyers on their waiting list who are interested in purchasing shared ownership properties.
With the valuation in hand and approval from your housing association, you can start marketing your shared ownership property. You can use traditional methods such as real estate agents, online listings, and social media to attract potential buyers. Make sure to highlight the benefits of shared ownership, such as affordable homeownership and flexibility.
Once you’ve attracted potential buyers, you’ll need to find someone who meets the eligibility criteria for shared ownership. This typically includes having a household income below a certain threshold and being a first-time buyer or existing shared ownership owner. Your housing association can help you assess potential buyers’ eligibility and guide you through the sales process.
Once you’ve found a buyer for your shared ownership property, you can proceed with the sale. The buyer will need to undergo a financial assessment to ensure they can afford the property and meet the shared ownership criteria. Your housing association or property developer will handle the legal and administrative aspects of the sale, including transferring ownership and updating the lease agreement.
After completing the sale, you’ll need to make arrangements to vacate the property. Ensure you’ve packed your belongings and completed any necessary cleaning or repairs as per the terms of your lease agreement. Coordinate with the buyer and your housing association to arrange a smooth transition of ownership.
Selling a shared ownership property involves several steps, but with proper planning and guidance, it can be a straightforward process. By understanding your share, complying with your lease agreement, and working closely with your housing association, you can successfully sell your shared ownership property and move on to your next homeownership adventure.
For more information or assistance with selling your shared ownership property, feel free to contact us at your local branch.
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