Selling Your Shared Ownership Home
Thinking about selling your shared ownership home? Learn about the process, your responsibilities and how Redwing can support your sale.
Moving From Shared Ownership
Thinking about moving?
Selling a shared ownership home works slightly differently to selling a property on the open market but don’t worry, we’ll guide you through the process and explain what happens at each stage.
Whether you’re moving to a larger home, relocating, staircasing before selling or simply exploring your options, our team is here to help.
How Does Selling A Shared Ownership Home Work?
Contact Us
Get in touch and let us know you’;re thinking about selling.
We’ll explain the process, answer your questions and talk you through what information we’ll need.
Arrange A Valuation
Most shared ownership homes require an independent valuation before they can be marketed.
This helps determine the current market value of your property and forms the basis of the asking price.
Nomination Period
Your housing provider may have a nomination period to find an eligible shared ownership buyer.
If a suitable buyer is identified, the sale can progress in the usual way.
Marketing And Viewings
If required, your property will be marketed and viewings arranged. We’ll manage enquiries and support buyers throughout the process.
Legal Processes
Once a buyer has been found, solicitors will carry out the legal work required to complete the sale.
We’ll keep everyone updated and help keep things moving.
Completion
Once contracts have been exchanged and the legal process is complete, it’s time to hand over the keys and start your next chapter.
What Shared Owners Need To Know
What Is Staircasing?
Staircasing is the process of buying additional shares in your shared ownership home.
Many shared owners purchase a smaller share initially and then buy more shares over time as their circumstances change.
Depending on your lease, it may be possible to staircase all the way up to 100% ownership.
Why Do People Staircase?
People choose to staircase for lots of different reasons. You might want to:
- Increase your ownership share.
- Reduce the rent you pay on the remaining share.
- Invest more in your home.
- Work towards owning 100% of the property.
- Improve your options when selling in the future.
What Is A Lease Extension?
A lease extension increases the length of time remaining on your lease.
Many shared owners won’t need to think about extending their lease for years, but it’s worth understanding your options and checking how much time remains.
Why Might I Need A Lease Extension?
Extending a lease can:
- Help protect the value of your home.
- Make it easier to sell in the future.
- Make mortgage applications easier for potential buyers.
- Provide long-term peace of mind.
If you’re unsure whether a lease extension is something you should be considering, our team can help explain your options.
Frequently Asked Questions
Our frequently asked questions provide you with answers to some of the most common questions on selling your shared ownership home.
Can I sell my shared ownership home?
Yes. As a shared owner, you can sell your share of the property, subject to the terms of your lease agreement.
Do I need a valuation?
In most cases, yes. Shared ownership homes usually require an independent valuation before they can be marketed.
What is a nomination period?
A nomination period gives the housing provider the opportunity to find an eligible shared ownership buyer before the property is advertised more widely.
Can I staircase before selling?
Yes. Some shared owners choose to purchase additional shares before selling. Whether this is right for you will depend on your circumstances and the terms of your lease.
How long does the process take?
Every sale is different. Timescales can vary depending on valuations, nomination periods, buyer demand and the legal process.
Need More Advice?
Thinking about moving but not sure where to start?
Our specialist shared ownership team can explain the process, answer your questions and help you understand your options.