Shared ownership sale

Marde82

Hello. I have few questions regarding shared ownership sale.
My husband and I decided to separate. We have a shared ownership house 50/50. I can't afford mortgage on my own so need to look into renting.
How long does the whole process of selling takes? We had it valued by estate agent 2 months' ago and there is a waiting list of potential buyers so there is no issue with the buyer.
When would the money be released? I would need money for house deposit etc. I have 2 little children so would need enough time to find suitable accommodation and schools. How long have I got to move out after the money release?
Many thanks

System

So many of those questions rely on different variables I'm afraid.

The sale will come down to the buyers ability and desire to purchase at speed, the sets of solicitors involved (in my experience they are never in a rush and will need daily management to get moving in anything approaching a decent speed)

The shared ownership charity/organisation if they are involved will also probably be painfully slow and need daily chasing.

That's my best advice - if you are in a rush be prepared to spend a lot of time, on a daily basis chasing various people and making sure they are working.

Regarding the time to move, that's usually down to agreements in the contract - ask the solicitors involved to be clear to you on timeframes.

National_Debtline

Hi Marde82,

Marde82 wrote: »

Hello. I have few questions regarding shared ownership sale.
My husband and I decided to separate. We have a shared ownership house 50/50. I can't afford mortgage on my own so need to look into renting.
How long does the whole process of selling takes? We had it valued by estate agent 2 months' ago and there is a waiting list of potential buyers so there is no issue with the buyer. Have you actually got the property on the market and a sale agreed or has the estate agent just said this will not be a problem? You may need to get the housing association involved in this stage of the process if it is a shared ownership. I am not aware that the sale of shared ownership would work much differently to any other sale, other than what I have said above, which means unfortunately, you can’t guarantee a sale until the exchange of contracts. Up until that point, either party can pull out.
When would the money be released? I would need money for house deposit etc. I have 2 little children so would need enough time to find suitable accommodation and schools. How long have I got to move out after the money release? Money is released on the day of completion and that is the day that you would move (again I am not aware of shared ownership being any different to a standard sale). I appreciate there are some financial logistics here that need to be worked out.

So, what I would suggest is that you start looking for rental accommodation to move into now and talk to the estate agents/ landlords about the deposit and how flexible they could be about when you need to pay this. They may be happy to accept it on the day you are due to move in, or they may ask for it in advance. If they want it in advance and you won’t have it until the moving day then you may have to consider other options, such as, staying with family/ friends very short term. You need to get some specifics from the rental market and may even benefit from talking to your housing association for more guidance. Good luck, Many thanks

Laura
@natdebtline