Home > Home Ownership > Selling your shared ownership home

You may sell your shared ownership property at any time at its current market value. 

Your first step should always be to tell Hexagon that you plan to move. You have two choices when selling. You can sell the part of home that you own to someone nominated by Hexagon, or you can buy the remaining share, and then sell the property outright.

Check your lease

 The rules on selling are set out in the Shared Ownership Lease given to you when you bought your home.  Leases can vary, but normally they give a ‘nomination period’ to enable us to find a new buyer for your share of the home.  If we cannot find you a buyer within this time, you can then sell your home on the open market.  

If you own your home outright you can sell it on the open market.  However, Hexagon has the right to buy the property back at the current market value at anytime that it comes back onto the market in the 21 years after it has gone into 100% ownership.  This is in order to keep a good stock of affordable housing available for local people.

You should talk to Hexagon or your legal advisor about these and any other clauses in your lease that affect the sales process.

You cannot sell your home if you are behind with rent or service charge payments
  
Valuing your home

You will need to have your home valued by an independent qualified surveyor.  You will benefit from any rise in value of your home, according to the share you own.  Remember that you will also be affected by any fall in property values.

Finding a buyer

Once you have confirmed in writing that you want to sell, Hexagon will start looking for a buyer for you

We will interview anyone interested in buying to check that your home is suitable for them, and that they can afford to buy.

If they are suitable buyers, and you wish to go ahead, you must first settle our solicitor’s costs and administration fee.  We will handle the sale for you and liaise with the buyer.

If we do not find a buyer for you within the nomination time of eight weeks, you are free to find your own buyer on the open market.  You will not have to pay Hexagon an administration fee, but you may have to pay an estate agent. In the event that you are just selling your share, the new buyers will be asked to complete an application form and attend an interview; this is to ensure that they are entitled to buy, just like you did.

Your costs

When you sell your home your costs include:

• The valuation fee
• Any mortgage payments due to your bank or building society
• Your solicitor’s fee
• Hexagon’s solicitor’s fee, for transferring the lease to a new owner.
• Hexagon’s fee for finding your buyer and arranging the sale.

How long does it take?

It takes about three months to sell your home – possibly longer if your buyer drops out and a replacement has to be found. 

Rent and service charges

You are responsible for paying these charges until you leave your home.  If you need to claim money back, you should take it up with your solicitor. 

What’s my next step?

Get in touch with Hexagon.  We can tell you more about shared ownership and the new homes we are selling.  We can also help you to work out the finances to see if this is the best option for you. 

Call The Sales Team on 020 8778 6699, email: MGarcia@Hexagon.org.uk
130-136 Sydenham Road, Sydenham, London SE26 5JY

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