What happens if I want to sell my share of the shared ownership property?

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What happens if I want to sell my share of the shared ownership property?

If you intend to sell your share of the home, you will need to contact the housing association / local authority / social landlord who owns the other share of your home. These organisations have set procedures and rules regarding the sale of properties which you will have to follow. The rules usually state that the social landlord has a right to first refusal.If they do then the housing associations will have a maximum of four week to nominate a potential buyer. If by the end of this four week period they have failed to nominated any potential buyer, then you will be free to sell your share of the home on the open market. However the purchaser will need to be approved by the housing association before any sale can be made. If your purchaser wants the whole property , it will be up to the original agreement to see if this is possible.If it is then the value of the share which does not belong to you will be determined by an independant valuation, (which you have to pay for).

Shared Ownership Mortgages Frequently Asked Questions

What are the main Disadvantages ?	Can I make any changes to the property?
What percentage can I purchase ?	What are the different types?
What happens if I want to sell ?	How do I find a Shared Ownership property?
What are the main Advantages ?	Can I buy more share of the property?
Do I qualify for a shared ownership?	What are the up front costs ?

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