Selling a shared ownership home works differently depending on whether you own 100%. You can sell at any time, but there are a few extra steps compared with an ordinary home. This guide explains how it works and how to make it go smoothly.
Can you sell a shared ownership property?
Yes. You can sell your shared ownership home whenever you like. If you own part of it, you sell your share; if you have staircased to 100%, you usually sell the whole home. The process depends on your lease and your housing association.
How to sell a shared ownership home
Selling a share you part-own
If you own less than 100%, the housing association normally has a set period, often around eight weeks, to find a buyer through their waiting list before you can market it more widely. Your home is valued independently, and the buyer takes on your share.
Selling after staircasing to 100%
If you own all of it, you can usually sell on the open market like any home, unless it is in a designated protected area. Buying more shares first is covered in staircasing.
How easy is it to sell?
It can take a little longer than an open-market sale because of the nomination period and the smaller pool of eligible buyers. Pricing it correctly from the independent valuation and using a solicitor who knows shared ownership both help it move faster.
How to get out of shared ownership early
Selling your share is the usual way out. If you are struggling with payments, speak to your lender and housing association early, as there may be options before it reaches that stage. It is one of the trade-offs we cover in is shared ownership worth it.
Selling costs
Expect an estate agent or housing association resale fee, a valuation fee and legal costs. Check these against the rest of your shared ownership costs so there are no surprises.
Thinking of selling in Lincolnshire?
If you are moving on from a shared ownership home in Sleaford, Lincoln, Grantham or Boston, we can help with the mortgage on your next place, whether that is another shared ownership home or a full purchase. Talk to us about shared ownership mortgage advice. Resale rules vary by lease and change over time, so check the current terms with your housing association. Your home may be repossessed if you do not keep up repayments on your mortgage.
