Selling your home
There may come a time when you decide to sell your shared ownership home. The process is straightforward. Here is a brief summary of the steps:
» A survey will be carried out to establish current market value.
» We market your home to people who are approved/qualified for shared ownership during the “nomination period” (This is determined in the lease. It is usually two months).
» If a buyer is found during this period, a formal offer to purchase your share is made on behalf of the purchaser by us.
» On receipt of your agreement, solicitors are notified and the usual conveyance process begins.
» Your sale should complete in approximately six to eight weeks.
At the end of the “nomination period” if we have not nominated a purchaser, you can sell your home on the open market. You can instruct any estate agent you wish and simultaneously staircase (increase your equity share in your home) to 100% on completion of your sale.
Do you want to extend your lease?
As the number of years left on a lease decreases, it becomes harder to sell and it may become difficult to raise a mortgage.
To extend your lease, you'll need to make a one-off payment (known as a premium). The Leasehold Advisory Service have an online lease extension calculator, which will give you an indication of how much the premium for your home might be.
For more information, contact the homeownership team with your name and address.