Information for shared owners
Buying and selling shares in your home
Your rent goes down as your share increases. However, in some rural areas we may restrict your ability to buy further shares in your home or reserve the right to buy back the property (at full market value). This allows us to continue to provide low-cost housing in these communities. We will tell you if the home you want to buy is one to which these restrictions apply.
If you sell your home
If you want to sell your home, you may do so at any time. But please let us know in writing first. We will then have your property valued, for which we ask that you pay a valuation fee in advance. You are also required to pay some legal cost when you sell your share of the house.
Unless you own the property outright there is typically a nomination period written into your lease. This is a period of one or two months in which we try to find a buyer for your home from our prospective purchasers register. There is a fee for this service – normally one percent of the property’s value.
If we can't find a purchaser within the nomination period, you can put your home on the open market. However, there may be a clause in your lease which enables us to restrict the sale price. This is so that the property remains available to the people for whom Shared Ownership is intended. For more information, please contact the Service Centre on 0300 303 1771.