Right to Shared Ownership: buying a share of your rented home
Selling your home
You can sell your shared ownership home at any time.
If you own a 100% share of your home, you can sell it on the open market. For example, through an estate agent.
If you do not own a 100% share of your home, you must tell your landlord when you want to sell your home. This gives the landlord the opportunity to find a buyer for your share.
What happens when you tell the landlord you want to sell
When you give the landlord notice that you want to sell your home, the landlord has a ‘nomination period’. This means they have 4 weeks to find a buyer.
The landlord may offer to buy back your share if they have the funds.
If the landlord does not find a buyer within the nomination period, you can sell your share yourself on the open market.
If the landlord finds a buyer during the nomination period, the sale price will be no more than the current market value of your share. It will be based on a valuation by a surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS).
The landlord’s nomination period does not apply in some circumstances. This includes:
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if you or someone else on the lease dies
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if the court has asked you to transfer your ownership
Contact your legal adviser if you’re not sure.
Getting a valuation
You must get a valuation by a surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS). The sale price of your home will be based on this valuation.
Either you or your landlord will need to arrange the RICS valuation. Ask your landlord what their policy is.
You’ll still need to pay for the valuation.
Selling costs
The landlord may charge you a fee when you sell your home. You can find out this cost from your landlord or check the key information document or lease for your home.
You are responsible for seeking legal advice when you sell your home. You’ll need to pay your legal fees.