If you own the whole lease of a property, unless it is under a protected lease, you will be able to sell your home on the open market and Soha will need to get involved only once you have found a buyer – to complete management information for your solicitor.
If you are a shared owner, your lease will require you to ask Soha to locate a buyer for you initially. Please follow the guidance below.
Guide to selling your shared ownership home
Shared ownership homes help people who otherwise could not afford to get onto the housing ladder. When selling, current shared owners are therefore required to give Soha time to find a new shared owner. Written into our leases, this is usually a period of eight weeks. After that time, if a buyer hasn’t been found the home can be marketed on the open market.
- You will need to arrange for a RICS (Royal Institute of Chartered Surveyors) valuer to carry out a valuation of the property. You can find details of local RICS surveyors here.
- Send your RICS valuation to us at sales@soha.co.uk
- Please complete the Resales Enquiry Form below. We will check your lease, advise you of the next steps and request payment of an up-front Resales Marketing Fee of £250.
- Our 8 weeks starts from when we have received all the marketing material and we go live on all our portals with your property.
- When our sales team receive enquiries, they will ask the potential buyers to complete an Application Form and to go through a financial & eligibility assessment. Once the potential buyer has been signed off, we will contact you to arrange a viewing.
- When the potential purchaser wishes to move forward with purchasing your home, we will ask you to instruct a solicitor to complete the legal process.
- We will monitor the sale, informing you of the key milestones reached along the way.
What costs will I incur when selling?
You will be required to pay:
- RICS Valuation Fee – £300 (approx.) This is the mandatory cost for RICS valuer to visit to assess the value of your property.
- Admin Fees – £250. This up-front fee will cover all admin and marketing expenses (photographs, an EPC (Energy Performance Certificate) and a floorplan) Our website Share to Buy & Rightmove.
- Soha Legal Fees – £500-£700 (approx.) This is a fee paid to Soha and our solicitors for a comprehensive management pack plus other legal requirements such as the Certificate of Compliance, Deed of Covenant and Notice of Transfer.
- Nomination Fee – 1% plus VAT of your selling price. This is stipulated in your lease and is the fee we charge for successfully selling your property.
