If you want to sell your shared ownership home, you’ll need to speak with Oxford City Council as they own a proportion of the property. What you’re able to sell is your share in the home, not the entire property as part of it will still be owned by Oxford City Council.
Oxford City Council has a resale service and a team who will help make sure the person who buys your home meets the criteria, just as you had to. They will ensure the home is made available to other people eligible for shared ownership in Oxford so that local people can carry on benefitting from affordable home ownership.
There will be a fee for arranging the sale, just as if you were paying an estate agent. Fees are kept reasonable though so speak to Oxford City Council to find out how much they are likely to be.
If we don’t secure you a buyer within 8 weeks, you will then be able to sell your home as shared ownership through a local estate agent if you wish to, with the new buyer purchasing your share, not the entire property. Oxford City Council will remain part-owner and the organisation the new buyer will pay rent to.
You’ll need a solicitor who knows about buying and selling shared ownership homes we can help with this.
How easy is it to sell a shared ownership home in the future?
Demand for affordable home ownerships in Oxford is many times higher than the number of homes available. So you should always be able to sell your share of your shared ownership home.
The actual sale is a little more complex than if you were selling a home you owned outright (or with a mortgage) but that’s not a barrier to people wanting to buy shared ownership homes – it wasn’t to you, was it?
What’s the value of my share when I want to sell?
The property will be valued at the current market rate, and the value of your share will be linked to this. So if you originally paid £150,000 for a 40% share of your home based on it being valued at £375,000, and the house is now valued at £425,000, your share will be worth £170,000. Whilst unlikely, property can decrease in value as well as increase, and if it does, your share value would decrease.
I want to sell, what should I do?
You will need to speak to Oxford City Council if you want to sell your home. Click here to find out more
If you want to sell your shared ownership home, your home will be valued at the market rate, and the value of your share will be linked to this. So if you originally paid £150,000 for a 40% share of your home based on it being valued at £375,000 (100%), and your home is now valued at £425,000 (100%), your share will be worth £170,000.
You will need to speak to Oxford City Council if you want to sell your home bought through us.