Shared ownership homes: buying, improving and selling
Selling your home
You can sell your shared ownership home at any time.
If you own 100% of your home, you can usually sell it on the open market. For example, through an estate agent.
If you do not own 100% of your home, you must tell your landlord when you want to sell your home. This gives the landlord the opportunity to find a buyer for your share.
You cannot sell your home on the open market if it has a 鈥榙esignated protected area - mandatory buyback鈥� lease. In this situation, the landlord will either buy the home or arrange for someone else to buy it. Check the 鈥榢ey information document鈥� for the home if you鈥檙e not sure what type of lease it has.
What happens when you tell the landlord you want to sell
When you give the landlord notice that you want to sell your home, the landlord has a 鈥榥omination period鈥�. This means the landlord has a period of time (4, 8 or 12 weeks, depending on the lease) to find a buyer.
The landlord may offer to buy back your share, but only in exceptional circumstances and if they have the funds.
If the landlord does not find a buyer within the nomination period, you can sell your share yourself on the open market.
If the landlord finds a buyer during the nomination period, the sale price will be no more than the current market value of your share. It will be based on a valuation by a surveyor who is registered with the .
The landlord鈥檚 nomination period does not apply in some circumstances. This includes:
- if you or someone else on the lease dies
- if the court has asked you to transfer your ownership
Contact your legal adviser if you鈥檙e not sure.
Getting a valuation
You must get a valuation by a surveyor who is registered with the . The sale price of your home will be based on this valuation.
Either you or your landlord will need to arrange the RICS valuation. Ask your landlord what their policy is.
You鈥檒l still need to pay for the valuation.
Selling costs
The landlord may charge you a fee when you sell your home. You can find out this cost from your landlord or check the key information document or lease for your home.
You are responsible for seeking legal advice when you sell your home. You鈥檒l need to pay your legal fees.