This page will tell you everything you need to know about selling your Shared Ownership home – if you have any questions about the process you can contact our HomesHub team here for more details.
There are a few things you’ll need to do to give yourself the best chance of achieving a quick and smooth sale:
The first step on the journey to reselling your home is to let us know your intention to sell. At this stage, our HomesHub team will guide you through your next steps. You can do this by emailing us here.
As with selling any home, you will need to get a valuation before your home goes on the market. You will be able to sell your share or any other share amount which is larger than what you own.
If you own a 50% share of your home, and the full market value of your home is £200,000 when the time comes to sell, the sale price will be 50% of £200,000, which is £100,000.
Please be aware that we do not restrict the sale price of the shared owner’s share, this can be sold at whatever value it is deemed suitable. If the share were to be sold for more or less than the valuation, the amount you will receive will be equal to your share amount.
In order to help you with the sale of your home, we’ll need some details of your property, including:
Once you have collated all this information, please send it over to info@homeshub.co.uk and a member of the team will be in touch.
We aim to have your home on our website within 10 working days. We will get in touch with your estate agent to make sure they have everything they need.
Whether the applicant comes through our website or through the open market, your sales process will proceed in exactly the same way:
As with a traditional house purchase, you will arrange with potential buyers a suitable time for viewing your home.
If an applicant wants to apply for your property, they will need to complete an application with us.
Within 10 working days we will contact the applicant, informing them if they are eligible for shared ownership. If so, we will put them in touch with our chosen panel firm to make sure that they meet the affordability criteria.
Once they have passed the affordability assessment, we will let you know that you have an eligible buyer – at this point, their offer can be accepted.
Once you have an agreed sale, you need to confirm by emailing us, we will then send both you and your buyer a written confirmation, at which point you then need to instruct a solicitor to act on your behalf.
Once we have received the contact information for both sets of solicitors, we will then send out a memorandum of sale, which will have our solicitor's information.
Before the conveyancing process can start, our solicitors will get a signed undertaking from both solicitors, and then this will start the process.
Once the buyer’s survey has been completed, your solicitor will send a list of enquiries to us (LPE/Management pack). Please note – it can take up to 10 days for us to respond to these enquires, and there will be a fee for this. Please refer to our first email at the start of the sales process, which outlines the fees.
Here are some other useful things you might want to know when you're selling your Shared Ownership home:
Did you know the average timescale to sell a home is around 16 weeks from instructing solicitors? Be sure your estate agent is familiar with Shared Ownership before you agree to use them.
During the sale of your home, you also need to be aware of the costs you’ll need to pay to get your sale through to completion. These include:
The quickest and easiest way to find out if you have any restrictions on your lease is to check over all of the paperwork from when you bought your house. Any restrictions will have been documented in there.
Generally, for Shared Ownership homes, some restrictions can be that you can only staircase up to 75-90% of your home. This only applies to a small number of homes and you will have been told this by your solicitor when you purchased your home.
Some homes require buyers to have a local connection which can be work, family or living in the area. If you’re not sure if your home has any restrictions, get in touch with our HomesHub team who will explain everything to you in more detail.
If you’ve sold your home with an estate agent, you will need to leave the keys with them for the buyers to collect.
