Shared ownership is a type of purchase agreement where the buyer owns a portion of the home and pays rent on the remainder to an affordable housing provider, such as a housing association or local authority. Therefore, certain steps need to be taken to ensure that the sale goes through smoothly.
We will take you through these steps in this article so you can make sure your shared ownership property is sold with as little hassle as possible.
Can you sell shared ownership at any time?
You can usually sell shared ownership properties at any time just like a traditional property. The process you'll go through may be different than a typical sale; you may need to get permission from the landlord or housing association that owns the share in your property before any sale can take place. Additionally, the price of your property will be determined by an independent valuer; this person will assess what it's worth and set a reasonable market price for it.
Is it hard to sell a shared ownership property?
The answer to this question depends on how well you have planned and made use of various resources, including an estate agent or a financial advisor, available throughout the process. Taking your time to understand the process and having the right support can make all the difference. With that being said, there are certain steps you need to take when selling a shared ownership property.
Tips on how to sell a shared ownership property
1. Understand your options
Before you start the sale process it’s important to understand exactly what options you have available to you. Depending on how much of the home you own, as well as how long ago it was purchased, your options may vary. Speak with your housing provider or an estate agent for further information on what options are available for your particular circumstances.
2. Check your lease terms
It’s important that all parties are aware of the terms before committing to a sale, so its important to ensure that potential buyers understand exactly what is required of them in terms of lease payments, insurance and maintenance.
3. Have your property valued
Speak with an estate agent or property valuer who is experienced with shared ownership properties to ensure you get an accurate valuation for your home. Knowing exactly how much your property is worth will help when it comes to negotiating offers from potential buyers.
4. Prepare the legal documentation
Once you have found a buyer, it’s essential that the legal documentation is completed correctly and that everyone involved understands their obligations under the agreement. Your housing provider or a conveyancer should be able to provide guidance on what documents are required and can assist with preparing these or any queries you may have.
5. Keep your housing provider updated
Make sure that your housing provider or the relevant person depending on your circumstances is kept in the loop throughout the sale process so that they are aware of any changes and can ensure everything runs smoothly.
Selling a shared ownership property does not have to be difficult if you take the time to understand the process and make use of the legal and expert advice available to you. This step-by-step guide should help give you an insight into how to successfully sell your shared ownership property without hassle or difficulty. If you need further advice or would like to book a valuation appointment, please contact your local branch today.