A shared ownership property is owned via shared ownership, a government scheme that enables low earners to be part of a flat or house. The rest of the house is owned by a developer or a housing association.
Shared property ownership is an excellent way to get on the housing ladder, but most individuals mostly outgrow their first home. Click the following link for more information https://moathomes.co.uk/county/Shared-Ownership-Kent/Medway.
Selling shared ownership property is the same as selling property the old school way. It will help to hire a professional conveyancer and a removal firm. However, below we discuss some key differences;
Homeowners should get a valuation before selling their shared property, which is not popular in traditional sales.
- First refusal
The developer or house association will most likely have the right to purchase your property before it is presented to somebody else. This is commonly known as the “first refusal, ” meaning you should first offer the property to the developer.
A timely submission gives them enough thinking time, and this should happen even if a buyer has staircased their entire property.
- Eligibility criteria
Even if a seller sells their house on the open market, they are probably selling it to an ownership buyer. This means buyers meet the eligibility criteria and can secure an ownership mortgage.
These factors can cause a sale delay and should be considered when moving.
Selling a Shared Ownership Property
Selling a shared ownership property should not be as complex as we make it. Below we discuss how to sell this property;
- Inform Your Housing Provider
The first thing to do when selling a shared ownership property is to inform your housing provider. Buyers are not obligated to go through the sale at this point legally, as it is the initial selling process.
- Get a Valuation
A valuation is optional in an ordinary property sale. Still, it is essential when selling a shared property since the provider should ensure your share’s value for the proper pricing. Variations are conducted by Charted Surveyors who assess the similar property’s value.
- Sale Contract
The following thing after getting a valuation is to complete and return the sale contract. Buyers should employ solicitors before doing this because they must provide all details on the form.
It will also help to get an EPC, depending on how long you have stayed on the property. This informs potential buyers of your home’s energy efficiency levels, enabling them to estimate their monthly bills. EPC has a ten-year lifespan and should be updated whenever homeowners change their property.
- Take Photos
Your provider might enquire with you about this. It will help to make your property more presentable and ensure it is marked the best way to attract buyers. Specific property sales rules might be in place, including using white paint, and you should contact the housing association.
Selling a shared property should not be as hard as we make it. The above article has outlined the best way to achieve this, and you can reach out for more information.