There are a couple of options when it comes to selling your shared ownership home.
You can sell:
- The share you own
- 100% of your home – this is called back-to-back staircasing
Whichever option you choose, contact us to start the process.
What happens next?
If you choose to sell the share you own
Once we’ve started the process, you can ask an estate agent to advertise that you’re selling the share of your home that you own. If you’re only selling the share you own, we must approve the new buyer to check they meet the shared ownership criteria. You can choose the price you sell your share for but it’s worth getting guidance from an estate agent and looking online at websites like Rightmove and Zoopla to get an idea of the local property market.
If you choose to sell 100% of your home
We’ll need to get a RICS valuation to find out how much our share of your home is worth. We’ll arrange and pay for this.
You can choose the price you want to sell your share for. Our share must be sold at the RICS valuation price. The combined total of your share and our share is what your buyer pays.
You’ll need to seek legal advice from your own solicitor regarding back-to-back staircasing and what happens on the day of completion if you choose to sell 100% of your home. They should be able to provide advice about the transaction and the costs associated with the sale. This is not something we can advise you on.
Once you’ve told us that you’re selling your shared ownership home, and have decided which option to take, we’ll run through the process in more detail.