Written by Affordable Housing Team Manager,
Matthew Walsh
As a manager here at PLS, I often speak to clients who are unsure about what a Shared Ownership re-sale is and how it works. Buying or selling a Shared Ownership property can feel daunting, but with the right guidance, it doesn’t need to be complicated. In this article, I’ll walk you through the essentials of Shared Ownership re-sales, covering both selling your share and purchasing a share in a re-sale property.
What Is a Shared Ownership Re-Sale?
A Shared Ownership re-sale happens when the current owner of a Shared Ownership property decides to sell their share. Instead of buying directly from a developer, a new buyer takes over the share from the existing owner.
It’s important to remember that this is still a Shared Ownership transaction. You’ll need to follow the same process as you would with a brand-new Shared Ownership home, including applying through the housing association and meeting eligibility criteria.
Selling a Shared Ownership Property
If you own a Shared Ownership home and want to sell your share, there are a few key steps:
- Obtain consent – You must get permission from your landlord, as stated in your lease.
- Valuation – The housing association will arrange for a valuation to determine the correct price for your share.
- Marketing – Once the valuation is agreed, your property can be marketed to potential buyers.
This process ensures that the property is fairly priced and that new buyers meet the eligibility requirements. At PLS, our specialist team supports sellers through every stage, making sure the legal process is handled smoothly and efficiently.
Buying a Shared Ownership Re-Sale Property
For buyers, the process of purchasing a re-sale property is very similar to buying a brand-new Shared Ownership home:
- You’ll need to apply to the housing association.
- You must meet the eligibility criteria, which are set out on the GOV website.
- Once approved, you’ll go through the same conveyancing process as any other Shared Ownership purchase.
The advantage of buying a re-sale property is that you’re purchasing a home that has already been lived in, which often means the property is already decorated, furnished, and part of a thriving community.
Why Work With PLS?
At PLS, we have a dedicated team that focuses solely on Shared Ownership and Re-Sale transactions. We understand the unique requirements of these sales and purchases and can guide you step by step. Our goal is to make the process as clear, stress-free, and efficient as possible for both buyers and sellers.
Whether you’re moving on to your next home or getting onto the property ladder for the first time, our team is here to help.
Shared Ownership re-sales are a fantastic option for both buyers and sellers. They provide affordable access to home ownership while offering sellers a structured way to move on. With the right legal support, the process can be straightforward and stress-free.
If you’re considering buying or selling a Shared Ownership re-sale, get in touch with our team at PLS today. We’d be delighted to help you on your property journey.
