Selling your shared ownership home

Selling Your Shared Ownership Home

You can sell your shared ownership home at any time.

Under the terms of your lease, we normally have eight weeks to find a buyer for your home. During this time, you are not permitted to sell your home privately or through an estate agent. We charge an administration fee of 1% plus VAT of the total value.

Valuing your home

First of all, write to let us know that you would like to sell your home.

We will ask you to choose a surveyor to value your home (we can provide you with a list of surveyors). You will have to pay a valuation fee, which is currently around £240.

The surveyor will arrange to visit your home to carry out the valuation, which sets the sale price for your home. From this, we can work out the value of your share.

Contract of sale

If you decide to proceed, you will need to complete, sign and return a contract of sale which includes details of the solicitor who will be acting for you once a buyer is found. If you bought your home with someone else and you are both named on the lease, both of you will need to sign the contract of sale.

Energy Performance Certificate

You will need to arrange for an Energy Performance Certificate (EPC) to be produced.

EPCs provide information on the energy efficiency of your home and recommend ways to improve its energy efficiency. You can only start the process of selling your home once an EPC has been commissioned. The EPC must be provided within the first 28 days of marketing your property.

Advertising your home

As well as on our own website, we will advertise your property on the specialist Share to Buy website. Please arrange for photographs to be taken that will be suitable for marketing your home. Make sure that your home looks tidy and presentable in the photographs.

Potential buyers will usually be asked to contact you directly to view your home.

The buyer

The chosen buyer will go through a similar process to the one you went through when you bought your home. They will need to attend a compulsory financial interview with an independent financial adviser.

If the buyer is approved and a sale is agreed, we will send you written confirmation. The buyer’s solicitor will then contact your solicitor to make enquiries relating to your property.

The buyer normally has 12 weeks to complete the purchase, although this needs to be flexible if you are buying another home. Both your solicitor and the buyer's solicitor will agree dates for exchange of contracts and completion. We are not usually involved in agreeing these dates.

You should keep in regular contact with your solicitor to make sure that the sale proceeds smoothly.

Frequently asked questions

What happens if I don't agree with the surveyor’s valuation?

If you think that the surveyor has either over or under valued your home, we can challenge the valuation on your behalf. We would need three examples of properties similar to yours that have sold within the previous three months at a price you consider more suitable.

We can also put you in touch with the surveyor to discuss your concerns directly.

When should I look for another home?

You should begin looking for another home to buy as soon as you decide to sell.

To avoid putting yourself under pressure, do not make an offer on another home until a buyer has agreed to purchase your home.

When you agree to buy a home, you should make everyone involved aware of the timescales outlined in this section.

How can I make sure the sale proceeds as quickly as possible?

With your agreement, we will put you in touch with your buyer so that you can discuss possible moving dates direct.

You need to stay in regular touch with your solicitor so that the sale can proceed smoothly. Once we have instructed our own solicitors, we would not normally be involved in the sale process, but we are happy to help if asked.

What if Inquilab cannot find a buyer?

If we cannot find a buyer for your home within eight weeks, we will write saying that you are free to sell your home through an estate agent at a price not less than that set by the valuer.

Can I sell 100% if I only own a share?

Yes. It’s called 'back-to-back' or ‘simultaneous’ staircasing and you have the option to do this if we have not sold your home within eight weeks.

You are allowed to sell for more than your valuation amount (but not less, unless you are prepared to cover the shortfall). You will increase your share to 100% and sell your home on the same day. You will not have to borrow extra money to pay for the remaining share.

On completion of the sale, you will receive your share and we will receive our percentage share of the current full market value.

What happens if I do not commission an EPC?

You cannot sell your home until you have commissioned an EPC, which is a legal requirement.

What if the buyer Inquilab finds does not proceed?

Both buyer and seller have the right to withdraw from the sale before contracts are exchanged. If this happens we will look for another buyer. If it is over eight weeks, we will allow you to go to an estate agent, but will continue looking for a buyer for your home.

Can I sell my share through an estate agent?

If we cannot find a buyer within eight weeks, you can sell your home, either through an estate agent or privately.

We must check that the buyer you have found is qualified to buy your home.

What if I have made improvements to my home?

The valuer will not value improvements separately. The share you are selling is a percentage of the full market value, including improvements you have made. If you staircase or back-to-back staircase and sell, improvements are excluded.

What if the valuation expires?

Valuations usually last three months. If necessary, we will try to arrange a time extension for the valuation but, if this is not possible, a new valuation will be needed and you will have to pay any valuation fee. You will need a current valuation to complete the sale.