Everything you need to know about resales
At Southern Home Ownership, we like to remain flexible and we appreciate that your circumstances may change. As with buying a home on the open market, you can sell your share in your home. We want to arm you with all the facts, so you know exactly how resales work and where you stand.
If you’re looking to sell your share, then it’s simple. You notify us and we’ll look for a buyer to purchase your share in your Shared Ownership home. You can sell your share at any time. As per your lease, we’re given a nominated period in which to find you a buyer. We do this in order to assist other first time buyers to purchase a home with Shared Ownership. We have a large database of potential buyers at our disposal, which should aid in an efficient transaction.
When selling your share, you’ll need a RICS (Royal Institute of Chartered Surveyors) valuation. This valuation will confirm how much your home is worth, including any improvements you’ve made. This will determine the value of your share.
The next stage is arranging the sales material. We will arrange for a marketing specialist to take photographs and create a floor plan. This information will then be shared with potential buyers. Any potential homeowners will be referred to a financial advisor. If successful, the buyer is invited to reverse your property. This confirms that they wish to buy your home and provides us with details of their solicitor, in order for us to progress the sale.
If we fail to find you a buyer within the agreed nomination period, you have the option to place your home on the open market with an estate agent. However, we will always continue to market your home unless you instruct us otherwise.
Once you’ve sold your share, you have the opportunity to purchase a London property with our Second Steps scheme. It not only allows you to purchase your second home with Shared Ownership, but it also gives you to opportunity to purchase from the open market. Contact our Second Steps team for more details.
Are you looking to sell your shared ownership home?
If you’re interested in selling your home, then please contact us to request ‘Your Guide to Resales’. Our team will be happy to help guide you through this process.