Selling shared ownership properties: a step-by-step guide

As life unfolds, circumstances can change, and you may find yourself ready to move on from your shared ownership property. Selling shared ownership properties come with unique considerations, so in this blog, we'll guide you through the process. Whether you're relocating, looking for a larger home, or exploring new opportunities, we've got you covered on your journey to selling your shared ownership property.

Understanding your shared ownership agreement

Before putting your shared ownership property on the market, it's crucial to review your shared ownership agreement. This document outlines the specific terms and conditions set by the housing association or developer. Check for any clauses related to selling, such as restrictions on when you can sell or whether the housing association has the right of first refusal. Being familiar with your agreement will help you avoid any surprises and ensure a smooth selling process.

Getting a valuation and setting the asking price

The first step in selling your shared ownership property is to get a professional valuation. A RICS surveyor will assess the current market value of your property, considering factors such as location, condition, and recent property sales in the area. This valuation is essential for setting the right asking price that attracts potential buyers while ensuring a fair return on your investment.

Notifying the housing association or developer

As a shared owner, you must inform the housing association or developer of your intention to sell your property. They will have the opportunity to find a buyer for the share you're selling before you market it publicly. If they are unable to find a buyer within a specific period, typically around eight weeks, you are free to advertise your property openly.

Choosing the right estate agent

When it comes to selling your shared ownership property, selecting the right estate agent is crucial. Look for an agent with experience in handling shared ownership sales. They will be familiar with the unique aspects of the process, and may already have a database of buyers specifically looking for a shared ownership property that they can reach out to.

A skilled agent will also know how to market your property effectively, showcasing the property's unique features and its proximity to amenities, schools, and transportation links, as well as highlighting the benefits of shared ownership to potential buyers.

Coordinating viewings and negotiating offers

As interested buyers inquire about your shared ownership property, work with your estate agent to coordinate viewings that are convenient for all parties involved. It’s up to you if you want to be at the property when a viewing takes place. But if you are, it does mean you can answer any questions about your personal experience of shared ownership that potential buyers might have.

Completion and the next step

Once you've accepted an offer and agreed on the terms, the sale proceeds to completion. The buyer's solicitor, your solicitor, and the housing association or developer will carry out the legal process. Ensure you stay in touch with all parties involved for a smooth and timely completion.

Selling shared ownership properties, although slightly different from traditionally owned properties, isn’t the scary process that some people seem to assume it is. Remember, the path to selling your shared ownership property is unique but navigable, and with the right approach, you'll soon be moving forward to the next chapter of your life. Best of luck!

If you’re looking to sell your shared ownership property, why not get in touch with the SOWN Team for an initial, no-obligation chat?