Selling your shared ownership home

 

Selling your share

You can sell your shared ownership home at any time. This is called a resale. You must advise Muir of your intention to sell your property by completing the Request To Sell Your Shared Ownership Home form below.

You will need to arrange an independent RICS open market valuation to determine the sale price of your share. You are responsible for this cost. A panel of surveyors can be found here:  Panel of Surveyors.pdf [pdf] 138KB

You can contact a valuer directly to book an appointment and pay for the valuation. We cannot accept an Estate Agency Valuation.

After we have received your form and valuation, we will check your lease. This is the legal agreement between us.

This may give Muir and sometimes the local authority the right to nominate a buyer for your property.

We will check if your buyer needs to meet any local connection criteria.

We will also cconfrim the maximum % share which can be sold, as the property may be marketed as shared ownership.

Sometimes you may wish to market the property for 100% of its value. However, you cannot sell a lower % share than you own.

We will send you an offer letter confirming our requirements on receipt of your valuation.

 

Shared ownership home Marketing your property

We do not offer an estate agency service.  Once you have our offer letter you may then advertise your home through an estate agent and pay their fee.

 

How much can I sell the share for?

The property cannot be sold for more than the open market value during the first eight weeks of marketing.

The valuation must be carried out by an independent surveyor registered with the Royal Institute of Chartered Surveyors (RICS) This is different from an estate agent's market appraisal.

Once a sale is agreed, if the buyer requires a mortgage our written agreement to the mortgage will be needed.

We will not agree to a mortgage for more than the RICS value of the share.

 

Your buyer

Once a buyer is found we will ask your estate agent to provide a Memorandum of Sale.

We need to make sure your buyer is eligible for shared ownership. They will be asked to register with a Help to Buy agent by completing an online application form.

We will check their local connection if one is required and arrange for an affordability check to be carried out.

 

Solicitors

Both you and your purchaser will need to instruct solicitors.

Muir will respond to enquiries raised by solicitors for which administration fees will be charged.

We will also need to provide our written consent to the sale and approve a buyers mortgage offer.

 

Next steps

Please complete the following form. A member of the Home Ownership Team will contact you.

Request to sell your shared ownership home

Note: Questions marked by * are mandatory