When you decide to sell, a qualified RICS valuer will value your shared ownership property and Aster will list and market this for you, this is usually charged at 1.5% + vat of the agreed sale price of your share when Aster has sold your property.
The legal process of selling your share of your shared ownership home is similar to selling any other home. The main difference is that Aster needs the opportunity to search for a suitable buyer for your home, e.g. earning under the minimum income of £80,000 and within the nomination period of 4-8 weeks (depending on the lease). Your lease agreement sets out the key requirements to be aware of before selling.
Selling a shared ownership property is similar to selling any other property, but there are some key differences. Aster has the right of first refusal. This means that they have the opportunity to find a buyer within a nomination period which is usually between 4-8 weeks, depending on the lease, if they are unable to find a buyer in that time, then you can sell the property on the open market through an estate agent.
The sales process for a shared ownership property typically involves the following steps:
Checking your lease: Your lease will outline the procedure for selling your property, including any specific rules or regulations that you need to follow.
Contacting your housing association: You will need to notify your housing association of your intention to sell your property, and they will guide you through the process.
Valuation: A RICS qualified surveyor will value your property to determine its market value.
Marketing: The housing association will market your property to potential buyers. If needed, you can also market it yourself or through an estate agent - once outside of your nomination period.
Offers: Once an offer is received, the housing association will check the buyer’s eligibility and ensure that they meet the shared ownership criteria.
Exchange and completion: Once the sale is agreed, the buyer’s solicitor will exchange contracts with your solicitor, and the sale will be completed.
If we are unable to find a buyer within the nomination period, in most cases and if the lease permits, you will then be able to market the full 100% on the open market.
Aster will allow you to market your shared ownership property with another estate agent of your choice.
The value of the property could increase or decrease based on housing market conditions, so you may find your home is valued at more or less than the original price you first paid for it. Any significant improvements you’ve made to your home will be included in the full market value.
We will do our best to ensure the property is sold through Aster and if we can’t this will be our last resort, but we will keep you informed every single step of the way and throughout this process.
For further information, have a look at our guide around shared ownership resales.
For more information about shared ownership, read our helpful resources to find out what is shared ownership and how does shared ownership work.
At Aster, we're proud to offer beautiful new shared-ownership homes across the South of England and London. Our homes are perfect for those looking to make a great start on the property ladder and take advantage of all that this incredible area has to offer.
Our aim at Aster is to find you a home, not just a house – and with our fab shared ownership approach, you can find a home in a lovely location that may otherwise be out of your reach, just get in touch!
Finding your dream shared ownership home is as simple as giving us a call and letting us walk you through the steps you need to take. With this guide and guidance from the team at Aster, we can try and make the process as simple as possible.
At Aster, we’re committed to making the process as smooth and stress-free as possible. We feature a range of shared ownership properties, each with its own unique characteristics and features. Our knowledgeable and friendly sales team are always on hand to provide expert advice and guidance, helping you to find your perfect shared ownership home.
Whether you’re a first-time buyer or a seasoned homeowner, we’re here to help you every step of the way.
We can help! Speak to our team today!
Contact Us 01380 735 480
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