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
We need a written notification from you confirming that you would like to sell your home.
You are required to get your home valued by a surveyor of MRICS or FRICS level. If you cannot find a suitable surveyor to value your home, Inquilab can instruct a local surveyor for the fee of £225 + VAT = £270.
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 once the valuation is complete, 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.
A report containing potential buyers will be circulated to yourself every 2 weeks after marketing for you to contact directly to arrange a viewing for your home.
Once all potential buyers have viewed your home, they will need to complete a Shared Ownership Application Form and a Budget Calculator.
Please note that the final decision for potential buyer’s rests with Inquilab.
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 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.