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Selling on the
open market
If we don’t sell your home within the ‘nomination period’ set out in your lease, you can choose to sell through an estate agent of your choice
When can you sell on the open market?
If we don’t sell your home in the agreed ‘nomination period’ set out in your lease - usually 4 or 8 weeks - you can decide to sell it on the open market, through an estate agent of your choice. SO Resi also has a partnership with Leaders Romans Group, a national agent with extensive Shared Ownership experience, who can help you sell your home.
If you sell through an agent, you won’t pay SO Resi’s sales fee of 1% plus VAT of the full value of your home, but you’ll need to pay other fees, including estate agent, legal and administration costs.
What to do when you appoint an agent
When you appoint an estate agent to sell your home, you need to do the following:
- Send them a link to our PDF guide Selling Shared Ownership homes - a guide for estate agents
- Ask them to email us at resales@soresi.co.uk before they list your home. This is very important as there is key information they will need from us.
- Make sure you and your estate agent know the EWS1 status of your home
When selling your home with an estate agent, there are 2 options: Selling 100% of your home, or selling your share to another shared owner.
Option 1 - Selling 100% of your home (sim sale)
If your estate agent finds a buyer who wants to buy 100% of your home, there is an extra step to the process. You will need to buy all the remaining shares of your home at the same time as completing the sale. This is called a sim sale.
Our Aftersales team will be on hand to support you throughout your sim sale. The whole process can take around six weeks. To help make sure there are no delays, it’s important to let our team know as soon as you find a buyer.
The sale price
When you sell to a 100% buyer, the sale price can be higher or lower than the RICS valuation. The amount your landlord receives on completion will be based on their share of the market value or the sale price, whichever is higher.
What to do when you receive an offer
As soon as your home is under offer with a 100% buyer, you or your estate agent should email us at aftersales@soresi.co.uk to let us know. Your agent will also need to send us:
- A valid RICS valuation. Valuations are typically valid for three months from the date of the surveyor’s report. If yours has expired, you can extend it for another three months. by asking your RICS surveyor for an updated desktop report. The cost varies between around £85 and £120, including VAT
- The Memorandum of Sale
It’s very important that these documents are sent to us as soon as a buyer is found, in order to check the buyer’s eligibility, instruct the landlord’s solicitor and initiate the conveyancing process.
Once received, our Aftersales team will also send you a sim sale acceptance form to sign.
Costs when selling 100% of your home
When you sell 100% of your home through an estate agent, you will need to pay these costs:
- Your estate agent’s selling fee. Please read any contracts thoroughly to ensure you understand their terms and conditions
- The RICS valuation fee
- Your solicitor’s fees
- A fee for the leasehold management pack – £180 including VAT
- A fee for any additional enquiries by your solicitor – £60 including VAT
Option 2 - Selling your share to a another shared owner
Your estate agent may find a buyer who wants to purchase your share – or a higher share - of the property.
The sale price
The sale price cannot be more or less than the current market value of your share as determined by your RICS valuation.
What to do when you receive an offer
The potential buyer must create a SO Resi account and complete our application form to ensure they are eligible for Shared Ownership.
Your estate agent should email us at resales@soresi.co.uk and send us these documents:
- The Memorandum of Sale showing the share price, the percentage being bought, and the full value
- A valid RICS valuation. Valuations are typically valid for three months from the date of the surveyor’s report. If yours has expired, you can extend it for another three months. by asking your RICS surveyor for an updated desktop report. The cost varies but is usually between £85 and £120 including VAT
- A completed Homes England affordability calculator for the buyer from a qualified financial adviser
It’s very important that these documents are sent to us as soon as a buyer is found, in order to check the buyer’s eligibility, instruct the landlord’s solicitor and initiate the conveyancing process.
Costs when selling your share
When you sell your share of your home through an estate agent, you will need to pay these costs:
- Your agent’s selling fee. Please read any contracts thoroughly to ensure you understand their terms and conditions
- The RICS valuation fee
- Your solicitor’s fees
- A fee for any leasehold management pack requested – £180 including VAT
- A fee for any additional enquiries by your solicitor – £60 including VAT
- Our administration fee – £300 including VAT
More information
If you prefer, our PDF guide explains the details of selling your home on the open market.
