Selling your home

Selling a Shared Ownership home is known as a resale, and you are able to sell at any time. If you own 100% of your property, you can advertise on the open market via an Estate Agent.

If you own a share of your property, under the terms of your lease Family Mosaic has eight weeks to find a buyer. We do this so we can help other first time buyers on to the property ladder and we are able to offer you an expert sales service at a competitive rate.

Any potential buyer of your share needs to meet the set eligibility criteria for Shared Ownership. So, they must be in a household earning £90,000 or less, with sufficient deposit to at least buy the share you are selling.

After eight weeks, if we are unable to find a buyer, you can choose whether to continue marketing with us or you can sell your home through an Estate Agent, but paying their fees. The buyer they find must meet the affordable homes requirements.

Like staircasing, the price you sell your home for will be based on the market value at the time. This will be determined by an independent RICS qualified valuer. Like any home, the value of a Shared Ownership property can rise and fall according to the housing market. When selling your share of the home you must advise Family Mosaic in writing of your intention to sell your property. The Resident Sales team will then assist you through the process of selling your home.

Download our full guide to selling your Shared Ownership home here

Selling your home with Family Mosaic

Selling your home with Family Mosaic

How do I sell my Shared Ownership home?

Step 1 - Complete the 'Request to sell your home' registration form.

The first step is to complete a 'request to sell' registration form. You'll find a link to this at the top of the page.

Step 2 - Meet your Sales Executive

The Sales Executive who will be working on your sale we arrange a visit to your home. They will collect some paperwork from you (see the guide for details) and take pictures of your property.

A marketing fee of £350 will be required before booking.

Step 3 - Request a valuation

You need to next chose a RICS qualified surveyor from our panel. The valuation they provide will determine the sale price of your share.

When you've chosen your surveyor you'll need to complete our 'request a valuation' form. We will then contact you to arrange payment for the valuation.

And if you haven't already done so, you'll need to arrange for an Energy Performance Certificate (EPC) at this stage.

Step 4 - Offer approval

An offer letter will be sent to you along with a copy of your valuation report. You should read through the report and sign if you are happy to proceed.

Step 5 - Instruct your Solicitor

We recommend using the solicitor who originally dealt with your purchase as they are most likely to have a lot of your details available regarding your property. If this is not possible we can provide you with a list of our client-recommended panel solicitors.

Step 6 - We put your home on the market

We produce a sales particulars sheet that tells potential purchasers all they need to know. Once approved we then put your property on our website and the Share to Buy property portal and invite interested parties to complete an application form, so we can determine their eligibility before inviting them to view.

Step 7 - Viewings

Our Resident Sales Team will arrange a maximum of 12 viewings and provide you with a list of attendees who will each be given their own allotted time.

See our guide for some top tips for you to consider on the day of the viewing.

Step 8 - The offer

Once the allocation period has completed an offer will be made to the applicant with the highest priority within two weeks of the viewing date. Once accepted, the successful purchaser is required to pay a non-refundable fee of £250 to reserve the property.

We will issue a memorandum of sales (MOS) and you and the purchaser are then required to give a formal instruction to your own solicitors.

Step 9 - Completion day

Please remember that you are selling direct to your buyer and will need to meet them again on the day of completion. We will adjust your account to show the new owner of the property.

 

How can I ensure that the sale progresses as quickly as possible?

It is advisable that you allow Family Mosaic to pass your contact details on to your buyers so that you can discuss possible moving dates. It is also important to liaise with your solicitors on a regular basis so that they can progress the sale with your buyer’s solicitors. If you are buying another home, you should try and ensure this sale progresses as quickly as possible.

Once a buyer has been found and we have instructed solicitors, we will help you to progress the sale to completion.

When should I look for another home?

You should begin to look for another home to buy, as soon as you decide to sell. However, to avoid putting yourself under any pressure, you should not make an offer on another home until a buyer has agreed to buy your Shared Ownership home.

When you agree to buy a home, it is in your best interests to make everyone involved aware of the timescales outlined in this leaflet. Remember that you and your buyer could decide not to proceed at any time up to exchange of contracts.

What if I have made improvements to my home?

When you sell your home the surveyor will value the property in its current condition including all home improvements. You will sell the share you own which will be a percentage of the full market value including home improvements you have made.

Not all home improvements will increase the value of your home, but may make it easier to sell. Items such as a conservatory or high range kitchen may increase the value of your home. If you have done any major home improvements you will have needed permission from our Housing Management and Asset Management departments. If you have done this let us know and provide copies of the estimates/receipts for the work to the surveyor who will advise us if the works have increased the value of your home or not.

For more information on selling your Shared Ownership home, contact the Resident Sales Team by email resident.sales@familymosaic.co.uk.

Please get in touch with us if you would like to sell your home.

How do I sell my share of my Shared Ownership property?

The actual legal process when selling your share of your Shared Ownership property is no different from selling a non-Shared Ownership property.

How Easy Is It to Sell a Shared Ownership Property

We explain why it isn’t as difficult as it seems to sell your Shared Ownership property with expert help and guidance from Family Mosaic.

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