Understanding Your Exit Options
Shared ownership can be a fantastic way to step onto the property ladder, but circumstances change. Whether you’re ready to move on or want to free up capital, these strategies will help you plan your next move.
1. Staircasing to Full Ownership
- What it means: Gradually buy additional shares—usually in 10% increments—until you own 100%.
- Benefits: More equity, increased freedom to sell or remortgage.
- Considerations: Property valuation fees and lender criteria.
2. Selling Your Share
- Notify your housing association or provider.
- Obtain a professional valuation and marketing guidance.
- Agree on a sale price and find a qualifying buyer.
- Complete conveyancing and settle any outstanding fees.
Key Takeaway: Selling can take 12–16 weeks from valuation to completion. Plan finances accordingly.
Alternative Routes to Exit
Additional Strategies
- Rent back part or all of your share temporarily.
- Mutual exchange with another shared owner.
- Negotiate with your association for a buyer outside the scheme.
“Over 80% of shared owners choose staircasing as their primary exit strategy.”
Important Considerations
- Valuations: Arrange an RICS-certified surveyor.
- Mortgage Advice: Consult a specialist broker early.
- Legal Fees: Factor in solicitor and administrative costs.
- Notice Periods: Providers often require 4–8 weeks’ notice.
Pro Tip: Always review your lease for clauses on selling, staircasing, and stamp duty exemptions.
Statistic: Nearly half of shared ownership sales involve staircasing within five years.
Next Steps
- Review your lease and provider’s policies.
- Get a professional valuation.
- Speak with a mortgage specialist.
- Submit your notice of intention.
- Complete conveyancing and finalize the transaction.
Exiting shared ownership requires foresight, reliable advice, and clear planning. By exploring these routes, you’ll be empowered to make the right choice for your financial future.
