Shared ownership - Re-sale process and application

What happens if I want to sell my share?

Step 1

First, you must get an independent open market valuation on your property from a qualified surveyor who must be a member of the Royal Institute of Chartered Surveyors (RICS). An estate agent's valuation or valuation carried out by a bank or building society for mortgage purposes is not acceptable, as it is not classed as an independent valuation. Listed below are two RICS accredited surveyors:

Ian S Parr Chartered Surveyors,
Tel: 01204 886785,
E-mail: surveys@iansparr.co.uk.

Miller Metcalfe Surveyors,
Tel: 01204 525252,
E-mail: survey@millermetcalfe.co.uk.

Step 2

Complete the 'Application to Sell' below (you will need to upload a copy of your RICS valuation). We will review the valuation and write to you to confirm the maximum amount that you may sell your share for. Please note, the valuation report may only be valid for 12 weeks from the date it was written. If this period lapses and exchange of contracts is not imminent, a further, up-to-date report may be required.

Step 3

Once the price has been agreed, we will try and help you to find a buyer by advertising the property for sale on our web pages to potential buyers on the Affordable Housing Scheme. You may also commence offering your property for sale through a reputable estate agent. Once a prospective buyer has been identified to purchase your property, it is important that you contact us immediately, so that we can determine whether they are eligible. This is to ensure that neither you nor your potential buyer incurs any unnecessary costs should the potential buyer be rejected. We have to approve all buyers before a sale can proceed.

Step 4

Once we have approved a buyer, we will need the solicitor's details for all parties so that we can instruct our solicitors in the matter. If you are using an estate agent to help sell your share of the property, they should provide you with a Memorandum of Sale which will include this information.

Are there any costs?

You will be responsible for any costs involved in selling your share of the property. These include the cost of a RICS valuation, legal fees and an administration fee to the Council for processing the application and assessing new applicants etc. You may also be responsible for the payment of legal fees incurred by the Council. Please also check with your solicitor, as there may be additional fees payable under the terms of the lease.

Apply

Please complete the online form below.

Shared ownership - Application to sell

Contact for Affordable Housing