Selling a shared ownership property (Fairhive)

Selling a shared ownership property is a little different. If you’re in shared ownership it’s likely the first home you’re planning on selling.

Now, I’m no Stefan Cork (Excellent mortgage advisor) but, I can hopefully give you some insights into selling a shared ownerships property from my own experience.

Selling a property, and borrowing more money, and moving house, are all pretty big moves.

The best thing to do is break everything down into steps.

Anxiety is feelings rooted in the future after all. So let’s go step by step.

How to sell a shared ownership property

Step 1: Tell your housing association that you’re interested in selling your property. They will give you a form to fill in. On the form you’ll find bank details to transfer £282 for the RICS surveyor. You can find your own, but it’s unlikely you’ll find it cheaper.

Step 2: Organise a date with the RICS surveyor. They will provide his details. Or you can contact him through Christopher Pallet Estate Agents. He’s very nice.

Step 3: Show the surveyor around your home. He’s not here to put it on the market, so no need to repaint. But it’s good to have your house clean and clutter free so he can see what he’s working with. The appointment takes 20-30 minutes.

Step 4: Receive the valuation. Fairhive, or your housing association will send you an email with the surveyors report. This will include details of the rooms, floor plans, and images. With this email, you’ll receive a form. If you wish to sell your shares, the owners of the property need to sign this and send it back.

Step 5: Send the form back. Fairhive will give your details to their estate agent. This agent has eight weeks to sell the property, at a cost of £2,000. This is much cheaper than the usual agency fees.

Step 6: Meet the agent at the property. When the agent contacts you, you’ll arrange a date to meet at your home. The agent will take photos and explain everything about the process. From here, they’ll market your property.

Step 7: Book in viewings! The buyers will be vetted using Fairhive’s strict criteria. This means you won’t have loads of viewers. Just the really, really serious ones who are likely to proceed.

Step 8: Make a sale. Fairhive choose who buys the property. They also don’t budge on price, so you know you’ll be getting X% of the asking price, and not a penny less. You’ll likely conduct the viewings too.

How to prepare your Shared Ownership home for sale

For both viewings and photographs, you want to show your property in the best light. There’s nothing worse than looking on Rightmove and seeing houses that still have their washing out for the photos.

Here’s a few tips on preparing your shared ownership home for sale.

Fresh paint.

While you don’t own 100% of the house, taking care of it is 100% up to you. This means you can decorate it however you like. It also means that you need to freshen it up, particularly when you’re about to sell. If your colours are bold or an acquired taste, consider toning it down for the sale. People love a blank canvas.

Move shoes.

Ever been to someone’s house where they store ALL the shoes they ever need in the hallway or porch? It’s gross. You don’t want people smelling football feet as soon as they open the door.

Put stuff away.

I’ve got two kids. And they’ve got a corner of the living room where we keep their toys. I’ll be taking the lot and putting it in the boot of my car during viewings and the photographs!

Wash up, and put it away.

Even if dishes are clean, don’t leave them on the side.

Think of the smells. You don’t want anything over powering, but you also don’t want potential buyers getting a whiff of dog. Invest in a nice reed diffuser.

Take the dog out. During viewings and the photographs, remove evidence of a dog. Not only will the dog be annoying during viewings, but it might be something that puts people off (non dog lovers is my guess!)

Let the light in. Pull back the curtains. Roll up the blinds. Make use of all the natural light you have. Low on light? Use strategically placed mirrors to bounce light around the room.