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How do I sell my Shared Ownership Property?

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Corner How do I sell my Shared Ownership Property?

15 September 2016

Selling any property can seem daunting and shared ownership is no different. At Hyde New Homes, we understand the challenges faced by our customers and endeavour to improve your experience.

We do this by offering the services of our specialist resale team, who will take care of everything from the initial sale enquiry, through to the completion of the shared ownership home.  We are proud of our high success rate in finding eligible buyers for our existing shared ownership resales and take pride in the sales service we offer our customers.

For ease of reference, I have put the process into 5 easy steps below:

1.        A RICS valuation is carried out to determine the sales price of your home.

2.       Marketing material will be prepared and the property will be advertised on the Housing Association’s website as on the local Home Buy website. 

3.       The property is marketed for the nomination period contained within the shared ownership lease (normally between 4-8 weeks).  Housing Associations have a high success rate in finding buyers for our existing shared ownership properties so that shared owners are in a position to sell quickly and move on.

4.   Viewings are then arranged at the property with potential buyers, normally through one open day, depending on demand.  Prior to viewing, your resales consultant will ensure that all potential buyers are eligible and meet the criteria for shared ownership. If there is more than one buyer who wishes to reserve the property, we will prioritise according to whoever has the greatest housing need.

5.       Once a buyer has been found for your home and it is under offer, we progress the sale with all solicitors to ensure that the sale goes smoothly and completes as quickly as possible.

Most Associations do charge a fee for the shared ownership resale service (normally you will find this in the shared ownership lease), however, this fee is normally less than you would pay to market the property through a local Estate Agent. To assist you with more detailed information about selling your property through Hyde, download our step-by-step guide.

Hyde New Homes recognise that high house prices can make it difficult for shared owners to move home as their housing needs change, especially in certain  areas of London. To help with this, we have recently introduced a new product called ‘Second Steps’, which offers our existing shared owners the opportunity to buy their second shared ownership home on the open market in any of the London Boroughs up to a capped maximum market value. Hyde and the Greater London Authority are working together to fund the Second Steps programme which is proving popular with our shared owners. Download ourstep by step guide for more information.

We currently hold a selection of shared ownership homes for resale and second steps and I would welcome the opportunity to be able to assist you with the reselling of your home or the purchase of a new one to suit your needs. Please call on 03456061221 or visit www.hydenewhomes.co.uk for more information.

Sue Bourke – Resale Manager

Hyde New Homes