Selling Your Shared Ownership Property
If you are currently living in one of our shared ownership homes and wish to sell your property then please follow the steps below:
Before you can agree a sale on your share of the property, you will firstly need to let the Association know your intentions and you will need to be sure of the following points:
- Your account should not be in arrears although if we have an assurance from a Solicitor that the arrears will be paid we will consent to the sale
- The property will need to be valued by an independent Chartered Surveyor. The cost of this will be met by you, BPHA can arrange this for you at a cost.
- An Energy Performance Certificate (EPC) has to be carried out on the property. The cost of this will also have to be met by you. BPHA can arrange this for you at a cost.
- If you are aware that the property is in negative equity you must make contact with your Building Society to arrange how you will pay the shortfall back on the share you own
Once these points have been dealt with the property can be marketed:
- The Association does have a nomination period in which to find a buyer this is predominantly 6 weeks. If we are not successful you can choose an Estate Agent, the cost of which is your responsibility or we will be able to up load your property onto the website along with all of our other shared ownership properties for sale.
- Please note that any costs charged by the Estate Agent are your responsibility along with Solicitors fees.
- It is worth noting that all prospective buyers have to be approved by the Association. This is to ensure that they meet the criteria of shared ownership.
- If your prospective buyer wishes to buy the whole of the property it is essential that you let us know, because although the process is similar we will obviously have to take a more involved role as we will be selling our share.
If you have any queries please contact us on 0845 456 6757 option 2 or email email@example.com