Shared ownership homes to become easier and quicker to sell
It could soon be easier for people in shared ownership homes to sell their property.
The government funded schemes enable people to buy a share in a property, with a registered housing provider owning the rest. Typically, a purchaser may buy a 50% share in the home with the option of increasing their stake if and when they can afford to do so.
Under the current system, when someone wants to sell a shared ownership home, they have to offer first refusal to their housing provider. This can often lead to delays in the sale process.
New proposals now being considered would enable a person to put the home on the open market at the same time as offering first refusal to the provider. It’s thought this would take months off the average time taken to sell.
People who have managed to buy extra shares to own their home outright could ignore the first refusal requirement entirely.
The government hopes to implement the proposals before the coming General Election.
We shall keep clients informed of developments.
Please contact Gurjit Dhadar if you would like help with the legal aspects of buying and selling a home.