The time has come. You bought a shared ownership property some years back, lived there for some time, but now you have different priorities. Perhaps you're ready to start a family or expand your current one and need a bigger place to stay.
One of the biggest concerns of shared ownership customers is whether it's possible and how easy it is to sell the share of your home. The good news is that it is possible indeed, and it's also only through a few simple steps. Important to keep in mind is that there is a nomination period, usually of 4-8 weeks, in which we promote your home solely on our website and our partners (e.g. Zoopla, RightMove etc.). After that, you'll be entitled to also sell it on the open market independently.
Step 1 - Get started online
Once you’ve decided you want to sell, simply start the process on the My SO Resi online portal. This helpful online portal will guide you step-by-step through your sale and keep you up-to-date with what’s happening.
A dedicated SO Resi resales consultant will keep you informed at every step of your sale – from the time your home is listed on property websites to completion. On the portal, you can also track your sale progress online; it gives you a detailed to-do list, shows all enquiries and viewings, and even lets you know feedback from potential buyers.
Step 2 - Get a valuation
To sell a Shared Ownership home, you need a written valuation report from an independent RICS surveyor. RICS is the Royal Institution of Chartered Surveyors. The sale price is based on the figure in your valuation report and cannot be negotiated. We have a list of recommended RICS surveyors for you to reference to.
Before you appoint a surveyor, it’s important to check the number of years left on your lease. Homes with a lease length under 85 years can be harder to sell because buyers may find it difficult to arrange a mortgage. You then have two options for extending your lease. You can choose pay the lease extension premium yourself. Or SO Resi can give the buyer the option to extend the lease when they buy your home. With this option, the buyer pays the cost of the lease extension when the sale completes.
To sell your home you need an Energy Performance Certificate (EPC). They last for 10 years, so if you received one when you bought your home, it could still be valid; you can check if there's a valid certificate at epcregister.com. If your EPC is not listed there, SO Resi can organise a visit from an EPC assessor at the same time as booking your photos and floorplans and add the cost of this to your sales fee.
Step 3 - Upload your documents
You can upload all these documents straight to the My SO Resi portal. Before we can market your property, we’ll need copies of your valuation report and EPC as well as photo ID and proof of address for all the property owners.
Step 4 - Tell us you want to go ahead
Shared Ownership leases say that your landlord has a certain length of time in which to find – or nominate – a buyer. This length of time is called the nomination period. Different leases have different nomination periods, but they are usually four or eight weeks. If your landlord has waived this nomination period right and you have chosen to use SO Resi as your estate agency, we will typically ask you to sign a 12-week sales and marketing agreement.
For more details about our sales fee, please see a complete fee breakdown on our website.
Step 5 - We find you a buyer
Our experienced sales team will help you sell your Shared Ownership home as quickly and smoothly as possible. We start by appointing a SO Resi resales consultant to look after your sale and answer your questions along the way.
Your My SO Resi selling dashboard is a quick way to see what’s happening, including enquiry activity and a diary of your property viewings. Just set up viewing slots in your My SO Resi online portal so that potential buyers can book viewings online. You can choose accompanied viewings, where SO Resi’s viewings partner – Viewber – shows potential buyers around your home. Or if you prefer, you can show them around yourself.
If a potential buyer wants to go ahead, they need to have an affordability assessment with an Independent Financial Advisor (IFA). We manage this process and if the buyer is approved, we send them an application pack to proceed.
When a buyer is chosen, SO Resi’s team checks all the paperwork to make sure they are eligible. We then send them an offer letter to sign. We’ll let you know your home is under offer and ask you for your solicitor’s details.
You can appoint a solicitor at any time – at the latest, you should choose one once a buyer is found. We have a list of recommended solicitors with experience of Shared Ownership. We strongly advise that you use one of these to help your sale go as smoothly as possible.
Step 6 - Your home is sold
Once there’s an approved buyer for your home, solicitors are appointed and work towards completing the sale. You can see a full breakdown of these last closing steps on our full guide.
If you're interested in selling your home, we advise you to take a look at our Selling your home section on our website and take a look at our guides Selling your home brochure and Selling on the open market brochure.
Whilst you're here, take a look at our other blogs for the latest interior trends and our favourite first-time buyer hotspots. You can also stay tuned by following us on Instagram, Facebook, and Twitter.
Written by the SO Resi In-House Team