Selling a shared ownership home means selling the share you own, and the process is a little different from a normal sale, so it helps to know the steps before you start.
First, tell your housing association you want to sell. Under most leases they have a set period, often up to eight weeks (check your own lease), to find a buyer through their waiting list before you can market the home yourself. You will also need a RICS valuation to set the price, and an Energy Performance Certificate.
If you have staircased to own 100% of a house, you can usually sell on the open market like any other home. Costs to budget for include the valuation, the EPC, a solicitor, and an estate agent fee if the housing association does not find a buyer. Some homes, such as those in designated rural areas, have restrictions on staircasing and resale, so your lease is always the place to check.
Thinking of selling and buying again, or staircasing first? We can talk through the mortgage side, whether that is porting your mortgage, a new purchase or a remortgage. Your home may be repossessed if you do not keep up repayments on your mortgage.
Still weighing it up?
Every situation is different. Have a free, no-obligation chat and we will give you a straight answer for your circumstances.
