Selling your Shared Ownership Home
Shared Ownership homes are perfect for getting first-time buyers onto the property ladder, but eventually there may come a time when you’re ready for a new space. Find out more about the Shared Ownership selling process. As a shared owner you are free to sell your property at any time and our fantastic team will be on hand to aid with every step of the process.
How does the process usually work?
If you decide that you’re ready to sell your Shared Ownership property, you’ll firstly need to let your provider know. Under the terms of your Shared Ownership lease you will have a nomination period (usually 8 weeks) in which we aim to find another Shared Ownership buyer for your home. This is to help in retaining the property under affordable home ownership so it can be similarly passed onto to someone else who is also looking to get onto the property ladder.
We hold a unique database of people who are currently looking for Shared Ownership homes and we have a great track record of finding buyers within the set nomination period.
If, however, we are unsuccessful in finding a buyer for your property within the nomination period, you are allowed to sell your Shared Ownership home on the open property market at a 100% share. This transaction is known as a “Simultaneous Staircase and Sale”. When you have a buyer ready to complete the purchase, you will simultaneously staircase to 100% and complete the sale.
Second Steps Scheme
If you are living inside London, you will likely be eligible for our award-winning Second Steps scheme, which allows Shared Ownership owners to not only sell their home but also buy another property within London on the open market.
Our team will assist you with every step of selling your current property as well as the transitional purchase of your new property under the terms of the Shared Ownership initiative. This means you can transfer the value of your share from a Shared Ownership property into another home that doesn’t have to be a Shared Ownership home. This offers greater freedom, as you aren’t restricted to only buying a new-build property or a home designed for Shared ownership. Speak to our Sales Service team to check availability.
Are you looking for a stylish and modern Shared Ownership home in London or the South East?
Southern Home Ownership (Now Southern Housing) provides stylish, high quality and contemporary new homes, for sale on a Shared Ownership basis in a number of great locations such as Hove, East London and Surrey.
If you're a first-time buyer and interested in purchasing a property through Shared Ownership in London or the South East, then take a look at our collection of developments.