www.redwingliving.co.uk T 0344 7360063 Selling your shared ownership home
If you want to sell your shared ownership property, you can do so at any time. There is no minimum term that you have to stay in your home. When you re ready to sell, you must get in touch with us. Step 1 The valuation When you are ready to sell your home, you need to get in touch with us. We will arrange for a RICS surveyor to value your home. You will have to pay a fee for the valuation and will be informed of the cost before proceeding. The surveyor will arrange to visit your home to carry out the survey. The valuation sets the sale price for your home. From this, we can work out the value of your share. Carrying out the valuation does not commit you to selling your home. Page 2
Step 2 Selling your home Under the terms of your lease, as your housing provider, we normally have between four and 12 weeks to find a buyer for your home. During this time, you cannot sell your home privately or through an estate agent. If we find a buyer for your home, we will normally charge an administration fee. This is usually a percentage of the share you are selling, or a percentage of the full market value, plus VAT. If we do not find a buyer during this time, you can either continue to market the property through us or sell your home privately or through an estate agent. There is a fee for either of these options. When selling your home, you need to ensure that the buyer meets the criteria for shared ownership, as you did when you bought your home. Page 3
Step 3 Marketing the property If you decide to sell your home after the valuation has been completed, you will need to complete and return a contract of sale, and include details of the solicitor who will be acting for you. If you bought your home with someone else and you are both named on the lease, you will both need to sign the contract of sale. We will explain each step of the process and arrange a management pack for you, which will contain all the legal documents your solicitor will need to sell your home. We will arrange for one of our sales team to come and take details of the property, including taking photographs that will be used to market your home. We will instruct an Energy Performance Certificate (EPC) provider to produce an EPC. EPCs provide important information on the energy efficiency of your home, and make recommendations on how it could be improved. You will be charged for this service. The EPC is a legal requirement and must be provided within the first 28 days of marketing your property. We will provide marketing materials for you home, including floor plans and a brochure. You can also arrange for audio tours and additional marketing at an extra cost. Your property details will be added to our website, Rightmove, Zoopla and dedicated shared ownership sites. We will send details to potential buyers registered with us and Help to Buy North West. Anyone interested in your property will arrange a viewing. Page 4
Step 4 Assessing the buyer All interested potential buyers will be prioritised, and a buyer will be nominated by us. The nominated buyer will go through a similar process to the one you went through when you bought the home. They will be to have a financial assessment and be able to meet the eligibility criteria for shared ownership. Step 5 Legal details Once a buyer is approved and the sale is agreed, we will send you written confirmation of all the details. Their solicitor will contact your solicitor. In some cases, the buyer may decide to buy further shares in your home, and we would ensure this transaction ran alongside your sale. Step 6 Completing the sale Once all the legal work has been done, your solicitor will agree a date with your buyer s solicitor to exchange contracts. At this point, the buyer is legally obliged to buy the property but is not yet the owner. You are legally obliged to sell. The buyer will pay your solicitor the full balance for the property, and they become the legal owner. Your solicitor will arrange for you to receive your share of the money, minus our fees and costs. Page 5
Contact Redwing Living Sales team T 0344 7360063 info@redwingliving.co.uk www.redwingliving.co.uk