How Do You Sell a Shared Ownership House?

Selling a shared ownership house or flat can be an easier and certainly faster process than selling a wholly owned property, but the steps required in order to do so differ greatly, which can make the process confusing. But how do you sell a shared ownership house? Different processes are required depending on what share of the property is owned.

Know What Shared Ownership Scheme You’re In

It’s important to know what kind of shared ownership scheme you are in when thinking about selling shared ownership property, so be sure to check your lease and the property’s key information letter/pack which should have been provided by the housing association or landlord when you moved in. This should set out the steps involved for your specific housing association (HA) or landlord.

Speak to Your Landlord or Housing Association

Generally, the landlord or HA will need to be contacted, who will then have a ‘nomination period’ to find a buyer, usually four, eight or twelve weeks. This does not apply if someone on the lease has died, or if the transfer of ownership has been ordered by a court. The landlord or HA may also buy back the share.

Understand What Charges You Need to Pay

If the landlord or HA does put the property up for sale, they may charge a marketing fee to the occupant for photography, listing and advertising. If the landlord or HA finds a buyer, then the sale price will be no more than the current market value of the share based on an assessment from a RICS chartered surveyor. If the nomination period elapses without them finding a buyer, then you are free to put your share on the open market via an estate agent.

Speak To a Professional If Needed

There may also be a fee for selling your share, charged by the landlord, which will be outlined in the initial information document for the property. If you wish to seek legal advice to discuss the contract of sale or other elements of the process, you will be responsible for paying legal fees, as well as those to solicitors who can organise the transfer of the lease as part of exchange and completion.

DFA Law can help with shared ownership legal questions and enquiries. Find out more here.