Even if you have not yet staircased your property to the full 100% you are permitted to sell your share of the property to another party provided that the buyer is eligible to purchase under the Shared Ownership criteria.
Usually Shared Ownership Leases contain a requirement that when you are selling a Shared Ownership property that the Housing Association has the option to introduce a buyer to the property from their own list of prospective buyers (known as “nominees”). If the Housing Association introduces a nominee, generally the Lease sets out a requirement for you to pay the Housing Association a fee similar to that charged by an estate agent for finding a buyer.
If the Housing Association does not nominate a buyer within the time limit stated in the lease, however, you are then free to sell the property on the open market using an estate agent or by advertisement yourself.
You are, of course, only entitled to sell that part of the property that you own and you must sell at the price authorised by a valuation provided by the Housing Association. This valuation is generally only valid for a period of 3 months and if the property sale has not been completed within that time you may need a new valuation although usually the Housing Association will agree to extend the valuation for a further period.
Please also note that we cannot exchange contracts on your sale until the Housing Association has authorised us to do so.
Please also note that some Housing Associations have a practice of instructing their own solicitor to look after their interests which does, unfortunately, increase the costs of the transaction for you as you are responsible not only for your own solicitor’s charges but also those of the Housing Association.