You can sell your shared ownership home at any time if: 

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• you own 100% of your home, you can usually sell it on the open market. For example, through SoMoves

• you have not yet staircased to owning 100% of your home. You must inform your housing provider/landlord when you want to sell your home as there is usually an obligatory period of 4, 6 or 8 weeks (called a nomination period), that the property will need to be offered back into the shared ownership pool so that there are opportunities for other new homeowners to get on the ladder.

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You cannot sell your home on the open market if it has a 'designated protected area - mandatory buyback' lease. In this situation, the provider/landlord will either buy the home or arrange for someone else to buy it. Check the 'key information document' for your home if you're not sure what type of lease it has. We are happy to look over your lease and advise you if you wish, just get in touch with us to discuss. 

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What happens when you tell your housing provider/landlord you want to sell:

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When you give the landlord notice that you want to sell your home, the landlord has a ‘nomination period’. This means the landlord has a period of time (4, 6,8 or 12 weeks, depending on the lease) to find a buyer.

 

• The landlord will usually advertise your home on their own website whilst you are also marketing your home. 

• The landlord may offer to buy back your share, but only in exceptional circumstances and if they have the funds available.

• SoMoves are experienced in finding buyers both during the nomination period and will after. we will liaise with all parties to find you a buyer that is also acceptable to your housing association/landlord. 

The share sale price can be no higher than the current market value of your share. It will be based on a valuation by a surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS).

 

Getting a Valuation

 

You must get a valuation from a surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS). The sale price of your home will be based on this valuation.

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• you will need to arrange the RICS valuation. Speak to us about recommending a qualified valuer in your area. 

• you will  need to pay for the valuation

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Selling Costs: 

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• Solicitor fees. you will need to pay your own solicitor fees and, sometimes your housing provider/landlord's solicitor fees. You can find this out from your housing association/landlord.  

• Your housing association/landlord may charge you a fee when you sell your home. You can find out the cost from your housing association/ landlord. 

• you will need to pay for an energy performance certificate if you do not have a valid one. These are usually valid for 10 years so if your house is less than 10 years old you may already have one. 

• SoMoves fee of £999 or 1.5%  plus vat, whichever is the higher, of the share you are selling. this will include photography, for sale board, property brochure, applicant assessment, accompanied viewings, and listings across major property portals. 

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