During an interview with City AM*, Head of Sales and Marketing Simon Neary clears up a few myths about selling your Shared Ownership home as part of Shared Ownership Week 2016.
Can I only sell my share or can I sell 100 per cent of the property?
When you want to sell, your housing provider will be responsible for marketing and selling the property on your behalf, for a certain period, under the terms of your lease – usually eight weeks.
What if your housing provider doesn’t find a buyer?
If they haven’t sold your home after the nomination period, you then have the option to sell via an estate agent on the open market. You will need to have your home valued and you will be entitled to a share of the selling price equivalent to what you own – so if you own 40 per cent at the time of the sale, you get 40 per cent of the price.
This means the greater percentage you own, the more profit you will make if the value of your home has increased, so there’s a benefit to staircasing your amount of equity.
What if I’ve already staircased to 100 per cent? Does the process change?
If you have staircased up to 100 per cent ownership at the time of sale, you can just list your property directly through an estate agent of your choice.
Notting Hill Sales has a dedicated resales service for residents looking to sell their share. With such high levels of demand for Shared Ownership homes, we are usually able to find another purchaser very quickly.
Our Shared Ownership properties give people the opportunity to get on the property ladder and become a homeowner.