If you're looking to buy a Shared Ownership home from a current owner, our resale opportunities offer a more affordable way to take your next step onto the housing ladder.
These homes are being sold by their existing owners and are available to purchase as part of the Shared Ownership scheme.
How Shared Ownership resales work
When a Shared Ownership homeowner decides to sell, Raven Homes has the opportunity to find a new buyer for the share they are selling. You buy the same share the current owner holds and pay rent on the remaining portion, just like with a new Shared Ownership home. Over time, you may be able to buy more shares in the property through staircasing, and potentially own it outright in the future.
Am I eligible?
To purchase a resale Shared Ownership property, you must meet the same eligibility criteria as for a brand-new Shared Ownership home:
- You must be at least 18 years old
- Your annual household income must be below £80,000 or £90,000 in London
- You must be unable to buy a suitable home on the open market
- You must not currently own another property
- You’ll need a good credit history and the ability to secure a mortgage and cover regular housing costs
What to expect
- Explore available properties: View our current resale listings and choose a home that suits your needs
- Check your eligibility: Our team will support you through the application process and affordability checks
- Arrange a viewing: If you’re shortlisted, we’ll arrange for you to view the property
- Secure your mortgage and appoint a solicitor: Just like with any home purchase, you’ll need to organise legal and financial support
- Complete your purchase: Once all the legal steps are completed, you’ll get the keys and can move into your new home
Available properties
Shared Ownership: Time to sell
When you’re ready to sell your Shared Ownership home, the process is similar to selling a home you own outright. To help you navigate everything, we’ve got some handy resources for you below.
Selling Shared Ownership FAQs
You should find the answers to all of your questions about selling your Raven Homes Shared Ownership home below. However, if there’s still something you need help with, don’t hesitate to get in touch with us and we’ll do our best to support you.
You are free to sell your Shared Ownership home whenever you choose. The first step is to contact Raven Homes’ sales team and notify them of your intention to sell. We will have a nomination period – which is dependent on your particular lease – which means we have the right to ensure your home is made available to buyers who are unable to afford to buy outright. This means we will market your home for Shared Ownership sale during this time.
There is a fee in accordance with your lease. This is usually up to 1% of the value of your home plus VAT, but the exact amount will depend on your lease. You can check this with our sales team. You'll be liable to pay for your own, and Raven's, legal costs.
The fee is charged for approving the nominee and administering the sale. This includes marketing, finding a buyer, assessing criteria and eligibility of applicants, production of the management pack, our solicitors’ fees, and assistance with progressing the sale.
You will need to obtain an RICS valuation of your home to determine the price. We will be able to provide details of qualified surveyors you can use at competitive rates, but if you choose to use your own then we will need to approve them first. You will be responsible for the cost of this. The surveyors are fully independent from Raven, so we have no influence over the valuation figure. An estate agent’s valuation is not acceptable.
You will need to provide a copy of the valuation to us, and your property will be marketed at this figure. The valuation is only valid for three months but must have at least eight weeks remaining when you instruct us to sell your home.
The period of marketing will commence from the date stated on your signed consent to market form. This confirms your instructions for us to proceed and must be signed by each legal owner on your lease. We will try to find a suitable buyer and look to maximise the share they can afford to buy; this may consequently involve a staircase to a larger share percentage. The length of time we have to nominate is detailed in your individual lease.
The property is listed on the Share to Buy and Raven Homes websites, along with any other portals in use by Raven Homes at the time. We will produce marketing information and will require internal and external photographs of your home. You will need to confirm the accuracy of the details to ensure they can be relied upon by a potential buyer.
We will advise you if someone would like to view your home, but we will not permit this until the applicant has passed the initial affordability for Shared Ownership and has demonstrated the ability to afford the property. You will be responsible for all viewings. We will provide you with a viewing update within 24 hours and if the applicant would like to proceed, we will ask our brokers to carry out the final affordability assessment to ensure they meet the Shared Ownership criteria. Providing they do, we will then request your solicitor’s details and raise the Memorandum of Sale.
You may choose to continue marketing with Raven for an extended period, or you will be entitled to market the property yourself if you prefer, through an agent of your choice as an “open market property” at full price or Shared Ownership. You would need to make your agent aware this is currently a Shared Ownership property with us. If you sell as open market, there will be a simultaneous staircase to 100% ownership and resale to the new owner, in which case a new RICS valuation will be required by our Home Ownership Team. Your agent would need to advise Raven once a potential buyer has been found.
A RICS valuation will not be required to determine the price at which you wish to sell the property. There will however be a fee to Raven for their Management Pack and Raven Homes’ legal fees. The buyer will still need to meet the criteria for Shared Ownership and the Sales Agent must present the nominated buyer to Raven Homes’ sales team to receive applicant approval, prior to any offer acceptance. A valuation report will be required if there is any staircasing involved.
If Raven fails to nominate in the nomination period, there is still the management enquiry pack and Raven Homes' legal fees to be paid for.
Our solicitors will provide your solicitor with a completion statement setting out any rent, service charge and fees payable. When the solicitors have confirmed completion, you may give your new buyer the keys. Remember to take final meter readings on the day and pass these to your utility providers so they can let you have a closing account.
You can cancel your Direct Debit to Raven Homes as soon as the sale completes or when your solicitor advises you to do so. We will update our records and adjust rent and service charge accounts.
The sale usually takes around 12 to 16 weeks once the Sales Memorandum has been raised and both parties have instructed their solicitor, however this will be affected by the length of the chain involved.