As some of you may know I live in a shared ownership property and have been there for just over six years now. Ever since I met Luke we’d openly spoken about living/ getting a place together and when he moved in together at the start of the year we knew we’d be looking for our own place eventually. We plan to move back in with my parents in order to save more for 6-12 months and also make our buying plan much easier which just left selling up my shared ownership flat. I had planned to wait until the start of 2019 to start the process but I thought why wait when I know the process might be pretty long.
With shared ownership not only is it you and the buyer but you have a third party involved which is the housing association who own a slight majority of your property. The first part of my process was to call the housing association and be sent the pack about selling which explained the process and what to do next. This was pretty simple and I got the pack through quickly and step one was to sort out a valuation. When you sell a shared ownership property the housing association will put up the property for sale at whatever it is valued at and there’s no room to accept higher or lower than this which is why it’s so important.
I did a whole post on my experience of my valuation which you can read here. I knew in advance what other flats in the building have sold for which are the same as mine and thankfully my valuation came in the same which was really good. The time between contacting the housing association and having the valuation completed was 1 week and then getting the valuation through was a further 1 week.
After my valuation
The next step after getting the valuation documents was to forward this over to the housing association along with some signed paperwork which included information such as how far it is from public transport, any modifications which have been done to the property etc which may affect how it is described. Then I had to take images of the property myself which I’m going to be honest was pretty tricky to do as I don’t know how these types of images should look, I had assumed they’d send someone round to do this.
I tackled each room separately and moved a few bits out to make it look less cluttered and I took multiple images of each room from different angles to properly show the size and shape which when you have a triangular shaped kitchen/ living/ dining space can be tricky. I did the best I could and sent this all over the housing association. It was 3 days later by the time I had sorted all the images and paperwork so now we’re 2 weeks and 3 days in.
As someone who works in Content and has a career writing I had hoped that I could do the description but the housing association source this out themselves so I had to wait a week for someone to send over the initial description for me to sign off and say I was happy with. I ended up only taking 5 days to send over which I was happy about, the quicker the better. The description itself was pretty basic but it was absolutely fine for my property so I signed it off a few hours after it was sent and I was told that it would take a few days to get onto the system and I would be sent a link when it was live on the site.
By the point of signing off the description I was 3 weeks and 1 day in, but by 3 weeks and 5 days it was live on the Shared Ownership Network sites.
From going live online
To ensure that no time is wasted anyone who is interested needs to pass eligibility checks with the housing association before my contact number is passed on. Considering this I had my first call about it just 2 hours of it going live and a viewing was organised for a few days later. The viewing was booked for a Sunday evening and the couple were so lovely, commenting on how hard it is to come by shared ownership properties. They loved the flat so much that I got an email from the housing association the next day to say they wanted to get the property, just one working day after it went up! This whole process was 4 weeks from my initial conversation.
I initially wrote this all out as one blog post but it as 2,000+ words and no one wants to sit through that so that’s the end of part 1 and part 2 will be coming in the next month or two.