Selling Your Home

There are 2 ways in which most shared owners will be able to sell on to someone else. The legal term is “assignment of the lease”.

You can either:

buy the remaining shares through staircasing and then sell your home outright, or
you can sell only your part-share in it.

The conditions attached to the sale are set out in your lease. In the case of part-share sales, the lease requires you to allow the City Council to nominate a new purchaser and limits the purchase price to that assessed by our valuer. You must pay the cost of the valuation. If you own 100% of the property and there are no other sales restrictions in the lease, you can sell your property on the open market.

What happens when you die?

It is very important that you make a will. This means that the solicitor dealing with your estate knows who to pass your possessions onto. This includes your share of your shared-ownership property.

Your benefactor (the person your shared-ownership property passes to, for example your spouse or children) would have the shared-ownership lease assigned to them. This would then make them responsible for the property. They would have to pay the rent and mortgage payments on the property, as well as any upkeep costs for the house. They would then have the option to live in the property, or to sell it on, as explained in the section above.