HOW DO I SELL MY SHARED OWNERSHIP PROPERTY?
Q I’ve just read that if I want to sell my shared ownership property, I have to allow the housing association to sell my share for eight weeks. Why can’t I go straight to an estate agent to sell my property?
A Assuming that you own a share in the property and have not bought the full 100%, you can’t go straight to an estate agent to sell your home because most leases for shared ownership properties say that you have to let the housing association find a buyer first. You will be free to go to an estate agent only if it fails to find a suitable buyer within what’s called a “nomination period” of eight weeks (although some leases may have a different nomination period).
It’s also worth knowing that the nomination period does not usually start from when you tell your housing association that you want to sell the property you share with it. Rather, it starts from the date it receives your signed contract of sale, which won’t happen until you have had your home valued by a surveyor from a list provided by the housing association, paid the fee for the valuation and the association has sent you the contract setting out its fee for selling your home along with details of how it will be sold.
Giving your housing association eight weeks to find a buyer rather than going to an estate agent can work in your favour. Your property is likely to be advertised on its website and details sent to eligible buyers on its waiting list, which means that potential buyers are more likely to be approved by the housing association – they have to be before any sale can go ahead. Any prospective buyer found by an estate agent will still have to fill in a shared ownership application form and if found not to be eligible will not be allowed to buy.
This will not be the case if you have bought out the housing association since first buying the property. Once you own 100% of the property you are not bound by the shared ownership rules and will be able to go direct to an estate agent to sell.
For more information please call Belvoir Grantham Sales on 01476 542100
