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selling your SO home header

Your shared ownership home is just that – jointly owned between you and us, so when you’re ready to sell and move on, we’re here to help. 

As part of your lease, we have eight weeks to help sell your share to someone looking for home like yours with shared ownership.

During these eight weeks, we’ll advertise your home on our website and the Help to Buy website to help find you a buyer. If after this time we haven’t found a buyer for your share, we’ll still market your home – but you’ll also be able to market your share, either yourself or through an estate agent of your choice. 

To help you understand what a typical shared ownership sale might look like, we've put together some simple steps below to selling your shared ownership home:

1

So that we can advertise your property on the Sovereign Living and Help to Buy website we’ll need the following information and documents:

  • Energy Performance Certificate 
    We require a copy of the current EPC for your home 
  • RICS Valuation 
    A copy of the current up-to-date RICS valuation 
  • Photos of your home 
    We've put together a quick guide to getting great photos here
  • Property Listing Form 
    You can request this from our resales team by emailing resales@sovereign.org.uk 
  • Consent from joint owner if applicable
    We need confirmation in writing that they also wish to sell 
  • Evidence of any name change if applicable
    e.g. Marriage Certificate/Deed Poll 

Once you have gathered the above, please email this over to resales@sovereign.org.uk 

2

Once we’ve received all the information to advertise your home, our team will need to do a few checks. These checks can take up to 10 working days and include:

  1. Remaining time on lease
  2. Local connection and requirements
  3. Staircasing restrictions

As soon as these are done, we will email you to confirm we have everything we need to market your property. 

3

Our marketing team will get your property listed on both the Sovereign Living website and on the local Help to Buy website so that homehunters in your area will see your home listed in their searches. We’ll send you the link to your listing as soon as it's ready to view!

4

You know your home better than anyone else. To make it easier for you, interested potential buyers will contact you directly so you can arrange a convenient date and time to show them around your home.

5

Great news, you’ve found a buyer! The first step they will need to take is to register with the local Help to Buy agent and complete a financial assessment with one of our Independent Financial Advisors to make sure shared ownership is right for them. The steps that your buyer will need to take to apply for your home can all be found here.

Still have questions? 

We've answered below some of our most Frequently Asked Questions. If you'd like to discuss anything further you can contact the Resales team on resales@sovereign.org.uk or 0300 330 0718 

 

What is an EPC and where do I get one?

Energy Performance Certificates (EPCs) are needed whenever a property is sold. An EPC gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and it is valid for 10 years.

Does my home have an EPC already? 
If you bought your home less than 10 years ago, an Energy Performance Certificate may already exist. Please check the governments register and download this for free here.

How do I get an EPC?
You’ll need to find an accredited assessor. They will assess your property and produce the certificate. Some of our customers have told us that they have used Nationwide EPC and found their prices competitive. This is not a recommendation and you should check whether you are happy to proceed with them.


What is a RICS valuation?

The Royal Institute of Chartered Surveyors (RICS) is the UK’s leading professional body for qualifications and standards in land and property.

To sell your home you will need to instruct and pay for a RICS Valuation which is used to determine whether the value of your share has changed since you bought the property, and therefore defines the price your share needs to be sold at.

In accordance with your lease you cannot sell your share for more than the RICS valuation.

How do I get a RICS valuation?
You can search for a local RICS qualified surveyor on the RICS website www.ricsfirms.com.

How long will a RICS valuation last?
The valuation must not be more than three months old. Should the sale not complete within three months you’ll need to update your valuation. We suggest asking your surveyor whether they’ll issue updates to the valuation report every three months for little or no cost.

Who can buy my property?

Before we can market your home, we’ll need to check your lease and any planning documents to find out if there’s any requirements which affect your sale.

This could be making sure any future buyer has a Local Connection to the area or is approved/nominated by your Local Authority.

We’ll also check to see how long is left on your Lease and if there are any equity restrictions which may affect someone’s decision to purchase or ability to obtain a mortgage on the property.

When your advert goes live, we’ll let you know so you can see a copy of your finished advert on our website and Help to Buy.

What if I've been married or divorced since I bought my property?

If your name has changed since you purchased, we’ll need to update your records to make sure your legal documents are issued in the correct names.

If you haven’t already provided Sovereign with a copy of your marriage certificate, decree absolute or deed poll records, please make sure you send this to us as part of your application.

How can I make my property listing stand out?

Take great photos of your home...
We find that the better photos you are able to take, the more successful you will be in selling your home quickly. Here are a few hints and tips: l Make the most of natural light by pulling back curtains or blinds l Mix daylight and artificial light – if you have smaller lighting like table-lamps, use these to add additional focal points and a more homely feel to your photo l Tidy rooms to make the most of the space available l Dress your rooms if you can; a kitchen table laid for breakfast will look a lot more appealing to a perspective buyer l Avoid your own reflection whilst taking photographs near shiny surfaces or mirrors l Be patient; generally the more time you can put in to making your rooms look ‘just right’, the better your results will be.

Write a detailed description...
Start by describing your home, try and capture its unique selling point in your introduction; is it ‘a modern two bedroom home close to the local train station’, or ‘a stylish apartment on the edge of woodlands’ for example. Make sure you detail all of the rooms, and describe each room as best you can, including features like flooring, fireplaces, built-in wardrobes, or fitted appliances. Detail any outside space, and describe what it’s like, for example ‘rear garden laid to lawn with large established flower beds’ or ‘driveway with space for two cars and access to local footpath’. Finally make sure you appeal to your audience, things like ‘child friendly garden’, or ‘close to local shops and nightlife’ can help your potential buyer understand what life might be like if they buy your home.

Will I pay a fee to Sovereign to sell?

Sovereign will charge a maximum of 1% of the value of your share if we nominate a buyer. This fee is indicated in your shared ownership lease. You can read more about the fees structure here for if you decide to sell your home through an agent. 

Buying more shares 

Did you know you can own more of your home by staircasing?

Find out how
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