If you own 100% of your home, you can usually sell it on the open market. For example, through an estate agent.
If you do not own 100% of your Shared Ownership home, you must tell your landlord when you want to sell your home. This gives the landlord the opportunity to find a buyer for your share. You will also need to obtain an independent valuation from a surveyor who is registered with the RICS, prior to sale, to determine the current value of the property.
When you give the landlord notice that you want to sell your home, the landlord has a ‘nomination period’. This means the landlord has a period of time (4, 8 or 12 weeks, depending on the lease) to find a buyer. If the landlord does not find a buyer within the nomination period, you can sell your share yourself on the open market.
If the landlord finds a buyer during the nomination period, the sale price will be no more than the current market value of your share. It will be based on a valuation by a surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS).
The landlord’s nomination period does not apply in some circumstances. This includes:
Getting a valuation
You must get a valuation by a surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS). The sale price of your home will be based on this valuation. Either you or your landlord will need to arrange the RICS valuation. Ask your landlord what their policy is. You’ll still need to pay for the valuation.
Selling costs
The landlord may charge you a fee when you sell your home. You can find out this cost from your landlord or check the key information document or lease for your home.
You are responsible for seeking legal advice when you sell your home. You’ll need to pay your legal fees.
You can sell your shared ownership home at any time and there is no minimum share percentage you need to reach first. However, if you are selling to another Shared Ownership purchaser, they will need to buy shares equal to or higher than what you currently own.
