Selling Your Home (Shared Owners)
If you wish to sell your property, the terms of your lease will specify a nomination period whereby your share can be marketed for sale by the housing association you originally purchased through. This means the property can be 'recycled', allowing other people in housing need to benefit from affordable home ownership.
There are lots of people on the Help to Buy Agency lists waiting for a chance to get on the property ladder and your housing association can help you sell your home. Their charge to do this may be cheaper than if you were to sell through an estate agent. The property is resold at the market value of the property at the time of resale. If your housing association is unable to find a buyer for your share, it may be possible to sell your home on the open market but you will have to pay the full cost of the estate agent fees yourself.
Please contact your housing association for details of their charges, however standard costs will include a fee for the resales service, a valuation report, an Energy Performance Certificate and solicitors fees.
Selling Your Home (Equity Loan Holders)
If you bought your home through a scheme which gave you an equity loan to help towards the purchase, then when you sell you will need to repay the loan. This is usually calculated as a percentage of the value when you sell. Some schemes offered a fixed loan, so you should contact the housing association or developer to advise them that you are selling. They will advise you of the amount you need to pay to redeem your loan. Usually you will pay for a valuation to confirm the value of the equity loan.
If you bought with Help to Buy Equity Loan, FirstBuy, HomeBuy Direct or the First Time Buyers Initiative, you should contact Target at myfirsthome for all enquiries: Tel 0345 848 0235.