Selling Your Shared Ownership Property

If you are currently a shared owner you can move on from the property at any time by selling your share. Below is a guide on how to do this, including information on how Time2Buy may be able to help.

Please be aware that the process may differ depending on your registered provider and you should seek confirmation of its particular process before proceeding.

1. You need to inform your registered provider of your intention to sell. Generally this will be required in writing.
2. You will need to obtain an open market valuation of your property from a suitably qualified chartered surveyor to value your home. This will be at your own cost (approximately £100-200), however your registered provider may arrange this for you. We can provide you with a list of surveyors who may be able to help. Click here to download the list.
3. You will need to provide a copy of the valuation report to your registered provider, if it has not already received one, and your provider will need to approve the sale price (please note some leases have restrictions on the selling price to ensure the property remains affordable). Generally the sale price can not exceed the valuation although some registered providers may allow you to accept a lower price. Normally you will need to confirm you wish to go ahead at that price within three months of the valuation, otherwise another valuation may be required at your cost.
4. You will need to have a valid Energy Performance Certificate (EPC) for your property. You may already have one; if not your registered provider may be able to help you or there is help and advice available at www.direct.gov.uk.
5. Once the selling price has been agreed, your registered provider may wish to nominate a potential purchaser from its waiting list and may have a specified period of time to do this, after which you will be free to market your property through an estate agent if you wish. You will need to provide the estate agent with details of the rent and service charges payable. Please note you will be liable for any selling fees.
6. Time2Buy can market your property to help you find a potential buyer. We will search our database for any suitable applicants and the property details will be placed on our website. Time2Buy does not currently charge for this service, however please note if you are also using an estate agent you may still be liable to pay fees if Time2Buy finds a buyer.
7. When potential purchasers are found you will be contacted to arrange appointments for them to view the property. Potential purchasers will need to be assessed to ensure they are eligible to buy your share.
8. Once you have found a suitable buyer and have a sale agreed on the property, you will need to appoint a solicitor to act on your behalf. This is at your own cost. Your solicitor will carry out the necessary legal work in order to complete your sale. We can provide you with a list of solicitors who may be able to help. Click here to download the list.

Some registered providers may let you sell 100% of the property. If this was permitted the transaction would involve you purchasing the remaining equity from the registered provider and selling the whole property to your buyer on the same day.

The purchase of the remaining equity would be an ‘on paper’ transaction only and does not require you to obtain a further mortgage. To find out if this is possible please contact your registered provider.

Please note if you have already staircased to own 100% of your property and now wish to sell, you may need to give first refusal to the registered provider you originally bought from. Please contact your provider to confirm this.

Click here to download a pdf document about Selling your Property.

If you need any financial advice we recommend you speak to an independent financial advisor, a list of these can be downloaded here.

If you have further queries or would like to advertise your property with Time2Buy, please contact us on 0845 604 2942 or email us at enquiries@time2buy.org.uk