Selling your shared ownership home
If you want to sell your shared ownership home, you’ll need to speak to us at Oxford City Council as we 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 us.
We work with So Resi who provide our re-sales service. They have a dedicated team of specialists who are on hand from the moment a referral is made to them. With years of experience, they are skilled at working in harmony to make your experience seamless, from start to finish.
There will be a fee for arranging the sale, just as if you were paying an estate agent.
If So Resi, on behalf of us, 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 and service charges to.
You’ll need a solicitor who knows about buying and selling shared ownership homes and So Resi can help with this.
SO Resi have created a short video to explain the process.
View the SO Resi - Selling your home and moving on video on YouTube.
Buying more shares in your home (staircasing)
You can usually buy more shares in your property after moving in. This is known as staircasing. Most mortgage providers consider re-mortgaging to fund share purchases.
For some schemes, you can only buy additional shares in 10% increments:
- The Oval
- 40 Harefields
- Plough House, Between Towns Road
- Bridges Cross, Speedwell Street
In other schemes, you can buy as little as 1% more each year for 15 years from the purchase date.
The cost of the new share is based on the current market value, not the original price. Additional costs like solicitor's fees will apply for each purchase.
Before staircasing, ensure you can afford the extra shares. Contact your lender for advice on managing the additional costs.
Most valuations are valid for about 3 months, so act quickly if you can afford it. Make sure you have sufficient funds before requesting a valuation. Your rent will decrease as you buy more shares.
So Resi also provides our staircasing service, offering guidance throughout the process.
Reaching 100% ownership
As a house owner, achieving 100% ownership means becoming a freeholder. You'll no longer pay rent, only your mortgage and service charges, and you'll need to arrange your building insurance.
As a flat owner, reaching 100% ownership turns you into a leaseholder. You'll no longer pay rent, just your mortgage and service charges.
Interested in buying more shares?
Contact your Home Ownership Officer at Oxford City Council on 01865 249811 or landlordservices@oxford.gov.uk for guidance.
