Understanding the Process of Selling a Shared Ownership Property
Shared ownership properties provide an affordable way to step onto the property ladder, but what happens when you want to sell? Many homeowners wonder, Can you sell a shared ownership property? The answer is yes, but the process is slightly different from selling a fully owned home. In this guide, we’ll explore everything you need to know about selling a shared ownership property and how to maximize your chances of a successful sale.
Can You Sell a Shared Ownership Property?
Yes, you can sell a shared ownership property. However, since you do not fully own the home, the process involves additional steps compared to a traditional property sale. Typically, your housing association has the right to find a buyer before you can list the property on the open market.
Steps to Sell a Shared Ownership Property
1. Notify Your Housing Association
Before selling, you must inform your housing provider. They usually have the right to market the property first, often during the nomination period, which can last 4–8 weeks.
2. Get a RICS Valuation
A Royal Institution of Chartered Surveyors (RICS) valuation is required to determine the current market value of your share. This ensures that the property is priced fairly and aligns with market trends.
3. Marketing Through the Housing Association
Your housing association will attempt to find a buyer within the agreed timeframe. If they succeed, you’ll sell your share directly to the new buyer through their scheme.
4. Selling a Shared Ownership Property on the Open Market
If the housing association fails to find a buyer, you can advertise your property on the open market. This allows you to attract a wider audience and potentially sell faster.
5. Completing the Sale
Once you find a buyer, the process follows a typical property sale:
- The buyer arranges a mortgage (if required).
- Solicitors handle legal paperwork.
- The sale is completed, and funds are transferred.
Can You Sell a Shared Ownership Property and Buy Another?
Many homeowners sell their shared ownership property to move into another home, either upgrading to full ownership or entering a different shared ownership scheme. The process remains the same, but you may need to consider factors such as affordability, mortgage eligibility, and your current financial situation.
Best Platforms to Advertise Shared Ownership Property
Visibility is key when marketing your property. Here are some of the best platforms to advertise shared ownership property:
- Rightmove – A top UK property site with high traffic.
- Zoopla – Offers wide exposure and detailed property listings.
- Housing Association Websites – Many associations have dedicated portals.
- Social Media & Community Groups – Local property forums and Facebook groups can attract buyers.
- Estate Agents Specializing in Shared Ownership – These professionals understand the market and can help you sell faster.
Tips for Selling Shared Ownership Property Quickly
1. Price Competitively
Your property’s price must align with market conditions. A RICS valuation will help set a fair price, making it more attractive to buyers.
2. Improve Your Home’s Appeal
First impressions matter. Enhance your home’s curb appeal by decluttering, repainting, and ensuring everything is in good condition.
3. Use High-Quality Photos
Professional photos can make a significant difference in attracting potential buyers. Showcase key features such as spacious rooms, modern decor, and natural lighting.
4. Highlight Shared Ownership Benefits
Educate buyers about the advantages of shared ownership, such as lower deposit requirements and affordability compared to full ownership.
5. Work with Experienced Estate Agents
Choosing an estate agent who understands the shared ownership market can simplify the selling process and help you find the right buyer faster.
Finding a Shared Ownership Home After Selling
Once your sale is complete, you may want to purchase another shared-ownership home. Here’s how you can find a suitable property:
- Check Housing Association Listings – Many housing associations list available properties online.
- Use Property Websites – Rightmove, Zoopla, and Share to Buy offer detailed listings.
- Register for Alerts – Stay updated with new listings by subscribing to email notifications.
- Speak to Mortgage Brokers – If you need financing, brokers can guide you on eligibility and loan options.
Conclusion
Selling a shared ownership property is entirely possible, though it involves extra steps compared to selling a fully owned home. Whether you’re moving to a new shared ownership property or transitioning to full ownership, understanding the process is crucial. By leveraging the best platforms to advertise, pricing your property correctly, and working with experts, you can successfully navigate the sale and move forward with your next home purchase.
If you’re planning to sell, start by contacting your housing association today and explore your options!
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