Steps to Successfully Sell Your Shared Ownership Home

Comprehending Shared Ownership

Understanding shared ownership is essential when you’re planning to sell your property. This scheme allows you to buy a portion of your home, while a housing association owns the remainder. Typically, you pay a mortgage on your share and rent on the portion owned by the association. This arrangement makes owning a home more affordable, particularly for first-time buyers.

When considering selling your shared ownership home, it’s important to familiarise yourself with the specific terms of your lease. Leases can vary, and some may have particular stipulations that you need to follow. For instance, many shared ownership leases include a clause which requires owners to first offer the property for sale through their housing association.

Another key aspect to consider is the staircasing process. Staircasing allows you to buy additional shares in your property, potentially up to 100%, which can then make selling the home more straightforward, as it removes the need to involve the housing association in the sales process. However, this option may not be available to everyone, depending on the terms of the lease and your financial circumstances.

When you decide to sell, you will also need to obtain an independent valuation of the property. This valuation must be conducted by a chartered surveyor and is required to determine the current market value of both your share and the entire property. This is different from a standard property valuation and is necessary to ensure the sale complies with the rules of the shared ownership scheme.

It’s also worth noting that marketing a shared ownership property can be slightly different from selling a standard home. Since you’re selling only your share of the property, the potential buyer must meet the eligibility criteria for shared ownership. This usually involves a means test to ensure the buyer cannot afford to purchase a property outright. The housing association often manages this process, which can simplify things for you as the seller but may also extend the sales timeline.

Finally, be prepared for some additional administrative tasks, such as obtaining consent to sell from the housing association and ensuring all relevant paperwork is in order. This may include providing evidence of your current mortgage and rent payments, as well as any service charges.

Getting Your Home Ready for Sale

Before listing your shared ownership home for sale, it’s crucial to ensure it presents well to prospective buyers. Start by conducting necessary repairs and making small improvements to enhance the property’s overall appeal. Simple tasks like applying a fresh coat of paint, repairing any leaks, and replacing worn-out carpets can significantly increase the attractiveness of your home.

Consider the importance of first impressions. The exterior of your home is the first thing potential buyers will see, so make sure it’s tidy and well-maintained. Clean the windows, mow the lawn, and, if applicable, attend to any communal areas to ensure they are presentable. Small touches like potted plants or a freshly painted front door can create a welcoming atmosphere.

Inside the home, decluttering is essential. Remove personal items and excess furniture to make rooms appear larger and more inviting. Consider organising cupboards and storage spaces, as buyers often look inside them. A well-organised home gives the impression of ample storage and efficient use of space.

Lighting can greatly impact the feel of your home. Ensure all rooms are well-lit, either with natural light or adequate artificial lighting. Clean windows and open curtains to maximise natural light, and replace any dim or broken bulbs. Additionally, consider the colour temperature of your lights; warm lighting can create a cosy and inviting atmosphere, whereas cool lighting is often suitable for functional areas like kitchens and bathrooms.

Staging your home can further enhance its appeal. Arrange furniture to highlight the space and flow of each room. You might want to add some tasteful decorations, such as fresh flowers or strategically placed cushions, to create a homely feel. Highlight the best features of your home, whether it’s a spacious kitchen, a cosy living room, or a well-kept garden.

If your budget allows, consider investing in professional cleaning services to ensure your home is spotless. A thorough cleaning can make a significant difference, especially in areas like kitchens and bathrooms, where cleanliness is a top priority for buyers.

Finally, think about the small details that can make a big difference. Fix any minor issues like squeaky doors, loose handles, or dripping taps. These small tasks might seem insignificant, but they can influence a buyer’s perception of how well the home has been maintained.

By putting in the effort to prepare your home for sale, you can attract more interest and increase the likelihood of a successful transaction.

Your Shared Ownership Property

It’s also wise to consider any unique features or improvements you’ve made to the property, as these can add value. Whether it’s a recently renovated kitchen, upgraded bathroom, or a well-maintained garden – make sure to highlight these features in your property listing and during viewings.

Another important aspect to consider is the condition of your home. Properties in good condition tend to attract most interest, so it’s worth investing in minor repairs and cosmetic updates before viewings. Ensuring your home is clean, well-maintained, and aesthetically pleasing can positively influence the surveyor’s assessment.

Next, its worth reviewing the terms of your shared ownership lease. Specific restrictive clauses might affect the perceived ability to resell your home; being aware of these terms and addressing any potential concerns beforehand can make the appraisal process smoother.

Once you have the valuation and have agreed with your housing association, consult with your estate agent to market your home. An experienced estate agent can provide additional insights based on their knowledge of the local market and current buyer behaviour. They can also advise on the best strategy for marketing your property to attract the right buyers.

Marketing materials should be clear and detailed, providing potential buyers with all the necessary information about the shared ownership scheme, property details, and any unique selling points. High-quality photographs and a well-written description can make your listing stand out, increasing the likelihood of attracting serious buyers.

By meticulously preparing for the sale and taking into account market trends and property specifics, you can ensure that the right buyers are attracted to your shared ownership home.

Managing the Sales Process

When selling your shared ownership home, understanding your legal obligations and managing the required paperwork is essential. The sales process typically involves multiple steps, from accepting an offer to the final transfer of ownership. For shared ownership properties, buyers usually need to pay a deposit ranging from 5% to 10% of the share they are purchasing.Throughout the process, you’ll need to work closely with solicitors and estate agents to ensure everything is in place. Once an offer is accepted, your solicitor will handle the contracts and help finalise the sale. This involves conducting searches, drafting the contract, and ensuring all legal requirements are met. Your estate agent can assist in managing communications between you, the buyer, and the housing association.  During this stage, the buyer will likely need to undergo eligibility checks for the shared ownership scheme, which the housing association typically manages. This can add some time to the process, so it’s important to be patient and prepared for potential delays.  You may also need to provide the buyer with an information pack that includes details about the property, such as the lease, service charges, and any recent maintenance work. This helps ensure transparency and can smooth the sales process.  It’s important to be proactive and responsive during this time. Promptly addressing any queries from your solicitor, estate agent, or the buyer can help keep the process moving forward. Regular updates and clear communication can prevent misunderstandings and delays.  Lastly, ensure you have all the necessary consents from the housing association before proceeding with the sale. This may include consent to sell and approval of the buyer. Failing to obtain these consents can result in delays or complications.  By staying organised and working closely with professionals, you can navigate the complexities of selling a shared ownership home efficiently, leading to a successful sale and a smooth transition to your next chapter.