Selling your Shared Ownership home
If you decide to sell your home, United Welsh need to be involved from the start of the process.
Here, we’ll talk you through the process of selling your Shared Ownership home.
Please be aware that:
- You cannot sell your home without the prior knowledge or consent of United Welsh
Please let us know in writing if you wish to sell or remortgage your home, or staircase (increase the percentage of ownership you have in). You must provide written official notice of your intentions together with a current valuation report.
To find out the current value of the property, a valuation survey is required.
You can arrange this with qualified valuation surveyor, or we can arrange the survey on your behalf via an independent valuation surveyor.
If you arrange the valuation survey, you must provide us with a copy of the valuation report.
If you or United Welsh disagrees with a property value, an independent valuation will be obtained at the joint expense of you and United Welsh.
The valuation report must be valid at the time of agreeing a sale, remortgaging or staircasing. If the validity period has expired, this may be extended by up to three months if agreed by the valuation surveyor, at no extra cost. Beyond three months, a revaluation is necessary.
Once you let us know that you would like to sell your home, United Welsh have eight weeks to either:
- Buy back your percentage share and accept a surrender of the lease
- Market the property and nominate a qualifying purchaser to purchase your percentage share. We will market the home on our website and send application forms to interested buyers. We will assess and approve applicants and identify suitable buyers to introduce to you.
If United Welsh choose not to exercise the above options, then you can sell the property on the open market for 100%. You will bear any associated costs, for example, estate agent fees and legal fees.
If the home is sold for above the open market value, you will repay United Welsh the shared ownership percentage of that value.
If the home is sold for below the open market value, you will need to pay the shortfall between the proceeds of the sale and the valuation.
Once the sale is completed, the property will convert from Leasehold to Freehold and United Welsh will no longer have an interest in the property.
If after 12-months the property hasn’t been sold, the process starts over again.
Please read this breakdown of everything you need to know about selling, remortgaging or staircasing your home for more details.
