Selling Your Shared Ownership Property
Selling Your Shared Ownership Property When you sell your home you are not just selling the share in the property you own but the lease with the association. A new lease is not created for every sale. The lease and its conditions are transferred to the new owner. How much you will get from the share depends on how much the property is valued at, not what you paid. For example if your property is valued at ÂŁ90,000 and you own a 50% share, you will get ÂŁ45,000 less any expenses involved with the sale. The value of a shared ownership home is the same as any other property value. The value can go up as well as down depending on market conditions. When you decide to sell we ask you to inform us in writing of your intention. We will then organise a valuation. This is to determine the market value and the selling price of the share you own. The valuation figure is legally binding and you can not sell your share for more than its value. You will be charged a fee for this valuation even if you decide not to move or the sale does not go through for any reason. When the valuation is made we will check our housing register, to see if we can identify someone who has shown an interest in purchasing a property like yours. If we cannot find a suitable purchaser you then have the option of instructing an estate agent. An agent will charge a fee for finding a purchaser for you. Any prospective purchaser they do find for you will have to fill in one of our shared ownership application forms and be approved by the association before a sale can be agreed.
Before a property can be marketed, an Energy Performance Certificate (EPC) and a Home Improvement Pack (HIP) must be in place. Prior to commencement you should take advice from your solicitor regarding the provision of an EPC and a HIP.
Frequently Asked Questions What are the costs involved with selling my shared ownership property? You will have to pay for the solicitors work, the cost of the valuation on your property and any fees your mortgage lender may charge.
How do I go about finding a suitable purchaser for my property? The association keeps a housing register of interested parties and has the option to nominate a suitable purchaser. If we have no one interested at the moment you have the option of looking for your own buyer. Anyone who you do find will have to be approved by the association and they will have to fill in a shared ownership application form.
What if I change my mind and decide not to move? You do not have to sell your home, but if the property has been valued you will have to pay the valuation fee and if solicitors have been instructed, any fees they may charge you. Where can I get a shared ownership application? You can get application forms from our offices, or by requesting a form via telephone or email.
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South Shropshire Housing Association The Gateway, The Auction Yard, Craven Arms, Shropshire SY7 9BW Tel: 01588 676200 Email: firstname.lastname@example.org www.shropshirehousing.org.uk
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