Whether you are a shared owner or own 100% of your lease, find out how to go about selling your property.
Shared owners – selling your share
If you have a Shared Ownership lease, there are steps you need to follow to sell your home.
Please contact us at the very beginning so we can check your lease and have a conversation with you about your options and what you need to do next.
If you have a Shared Ownership Wales lease, these are specific steps involved:
- You will need to get a RICS surveyor to value your home to confirm the price your share can be sold for. We’ll need a copy of this. Find a RICS surveyor.
- You will need to instruct an estate agent to market your property – we will provide your estate agent with information as only people eligible for shared ownership will be able to go ahead with a purchase.
- We will need to carry out an assessment on any prospective buyer to ensure they meet the Shared Ownership scheme criteria and can afford to purchase. Only a buyer who we have approved can go ahead with buying your home.
- When we have approved a buyer, we will need details of solicitors and we’ll send out a Memorandum of Sale to you, your buyer and both your solicitors – this summarises who the seller and buyer are, the property details and sale price.
- We need to approve your buyer’s mortgage offer before the sale completes so that their lender is protected by clauses in the lease.
For all Shared Ownership sales, read our 'what happens during a sale' section below.
Get in touch with us by emailing commercial@newportcityhomes.com or by completing the general enquiry form.
Leaseholders with full ownership
If you own 100% of your property, you should consider the following information.
Firstly, you may need to offer your home back to us first; your lease will say if you have to do this. Get in touch with us if you’re unsure.
You will need to repay the discount you received if you bought your home through the Right to Buy or Right to Acquire schemes in the last 5 years. Get in touch with us if you’re unsure and we can confirm the amount, if required.
If you have a lease that has a term that ends in less than 80-85 years, you may struggle to sell if you don’t extend the lease. Read our guidance on extending your lease.
For any questions or further information, contact us by emailing commercial@newportcityhomes.com or by submit a general enquiry form.
What happens during a sale
If you’re a shared owner, you will initially speak with us about selling and discuss your options.
If you're a Shared Ownership Wales customer, your buyer has to be approved by us before you can go ahead with the sale, which includes their mortgage offer.
Your solicitor will ask us for information about your property, the building, and the service charges or rent payments. We charge a fee for providing this information.
Your account needs to be clear with no money owed to us. We’ll let your solicitor know if any rent or service charges are owed and this will need to be paid before the sale completes.
When the sale has completed, your buyer’s solicitor needs to send us a formal notice to tell us and they may need a certificate from us for the Land Registry. We charge a fee for this.
There may be service charges due for a period when you were the owner that haven’t been invoiced for by the time you sell. We’ll tell your solicitor about these and they should ensure they agree with the buyer how this will be dealt with. Often the buyer’s solicitor will hold some money back to cover invoices that are yet to be issued.
You can get in touch with us by emailing commercial@newportcityhomes.com or by completing the general enquiry form.