As a home owner, you have the right to sell your home. If you want to sell your shared-ownership home, you can do one of two things:
- Sell only the share you own. This means the buyer will own only your share and we will still own the rest of the property. Selling your share is called ‘assigning’.
- Sell 100% of the property. This means the buyer will own 100% of the property rather than just a share in it. To do this, we allow you to use the sale of the whole property to increase your share to 100% and then you sell that share on the same day. Of course, you will only get a percentage of the money from selling the property, depending on the share you owned. We will get the rest. Buying more shares is called ‘staircasing’. So this process is called ‘Staircase assignment’.
If you are interested in selling your share contact our Sales and Lettings team on 0300 2000 116
I Want To Sell My Shared Ownership Home
Let us know
Write to tell us, giving us your full address and phone number so we can contact you. We’ll email or write to you to acknowledge your letter.
Get your home valued
You’ll need to get your home valued so that we can work out the value of the share you own. The valuation needs to be done by an independent Chartered Surveyor, registered with the Royal Institute of Chartered Surveyors, who is not linked to an estate agent or lender.
- Do I have to arrange for the valuation? Yes.
- When you arrange the valuation you need to make sure it is done by an independent Chartered Surveyor, registered with the Royal Institute of Chartered Surveyors, who is not linked to an estate agent or lender. Tell the surveyor about any improvements you have made and ask them to give you two valuations:< >one valuation taking into account your improvementsone valuation not taking into account improvements.How long is the valuation valid for? Three months from the valuation date. This means the sale must be completed within this time, otherwise you will need to pay for another valuation. Having a valuation doesn’t commit you to selling your home.
Decide whether you want to sell
Once you have received your valuation and you have decided you want to sell, let us know in writing. In order to sell your property, the shared ownership lease provides a nomination period, which gives Wandle Housing Association a specific period of time to find potential purchasers. This is normally six to eight week, depending on the terms of your lease. If we have not been able to find a buyer within the nomination period you have the option of placing your home on the open market with an estate agent. Please not you will be responsible for any estate agent's fees. Administrationand continuing legal charges will be payable to Wandle Housing Association to oversee the sale.
Accepting an offer
You must not accept an offer that is less than the valuation given by the surveyor – this is a requirement of your lease. When you have accepted an offer, write to us giving us the name and full address of your solicitor. We will then contact our solicitor, who will deal directly with your solicitor throughout the legal process of the sale.
What are the costs?
- We charge a flat resale marketing and administration fee of 1%of the full market value plus VAT, unless otherwise stated in your lease. This covers the marketing, administration and Wandle's legal costs of selling your property and similar to (although may be less than) that of an estate agent.
- All properties require an Energy Performance Certificate (EPC) and this is your responsibility to provide. A survey by an assessor must be in place before we can begin to market your property and a copy must be sent to us within 7 days of marketing starting. It's worth checking to see whether you have a valid copy from your initial purchase before instructing an assessor.
- Visit https://www.gov.uk/buy-sell-your-home/energy-performance-certificates for more information.
Frequently Asked Questions
What about the money I have spent on improving my property?
When you sell your share in the property, your share will be worth a percentage of the ‘open market’ value that includes the improvements you have made. If you buy more shares and then sell 100% of the property, any improvements will not be taken into account when the property is valued.
What happens if I disagree with the valuation you have arranged?
All surveyors we instruct are completely independent from us, and the valuation report will be based on the actual sale price of similar properties in the area. If you wish to challenge the valuation, you will need to write to us, with evidence to back up your claim, and we will send this to the surveyor, who will have to justify their valuation.
If you are still unhappy, you can ask for another valuation, which you will have to pay for. If the value cannot be agreed at this stage, you can refer your case to the District Valuer, whose decision is final.
The valuation is no longer valid, and the sale of my home is not complete. What happens now?
If you have nearly completed the sale, we will ask the surveyor to extend the validity of the report. This is, however, their decision, and in certain circumstances you will have to get and pay for a new valuation. If this happens, the sale value will relate to the new valuation.
What happens if I am offered more for my property than the valuation figure?
The extra money will be divided between you and us in proportion to the shares owned.