Our Shared Owners are able to ‘resell’ their share if they need to move and also ‘staircase’ if they are able to afford to buy further shared in the property.

Reselling

To kick off the sales process, firstly you will need to get an RICS Red Book valuation carried out to set the value for the sale, we are happy to accept the valuation in the form of a letter rather than a full report so long as;

  • The property is physically inspected by the surveyor
  • Valued in line with the RICS Valuation Global Standards (Red Book)
  • Surveyor confirms they are competent to value this property
  • Makes reference to at least 3 sold comparables
  • Grainger Trust are expressly permitted to rely on the valuation
  • It makes the assumption of Vacant Possession and is expressed as the 100% Freehold value

We do have trusted surveyors in each area and may even be able to offer a discounted rate, please enquire with the Grainger Trust Team, [email protected], if you are considering getting a valuation done.

Once you receive the valuation and have decide you want to sell, please serve us with the valuation and your written notice of your intention to sell.

Our colleagues in the sales team will need to check the valuation and ensure it meets the criteria etc. Grainger Trust isn't big enough to run the sales ourselves but we do have a responsibility to make sure that the property is given an 8 week priority window to sell to people registered for Shared Ownership. Therefore you are free to sell with any agent but we do need to vet them first to check they know how the process works – we do have pre-approved agents for each area listed below:

  • Waterlooville – Jeffries Estate Agents, 02392 231100
  • Aldershot  – Bridges Estate Agents, 01252 361501 
  • Basingstoke - Bridges Estate Agents, 01256 880001

You are able to engage the agents before getting the valuation but a sale cannot be agreed until the valuation is approved to set the sale price. If after 8 weeks they can't find any eligible person to buy your existing share or more (we can do a simultaneous staircasing with the sale if a buyer wants a bigger share than you are selling) then you are free to offer it at 100% ownership to the wider market (in which case we staircase to 100% simultaneous with the sale).

Once a buyer is found then you will each need to instruct your solicitors and we will instruct ours who need to ensure that the sale is compliant with the Shared Ownership scheme.

Administration costs apply that we have to recharge to make the scheme viable, please find the details here.

 

 

Staircasing

To start a staircasing transaction you will need to get an RICS valuation done. We have trusted surveyors in each area and may even be able to offer a discounted rate, please enquire with the Grainger Trust Team, [email protected] if you are considering getting a valuation done.

Once you have the valuation you may need to speak to your mortgage advisor to ensure you are happy with affordability, as the valuation will set the price that you need to pay. Then notify us (an email to Grainger Trust Team, [email protected] will suffice) that you wish to staircase an additional X% and attach the valuation and details of your solicitors – our colleagues in the sales team will need to check the valuation and ensure it meets the criteria below:

  • The property is physically inspected by the surveyor
  • Valued in line with the RICS Valuation Global Standards (Red Book)
  • Surveyor confirms they are competent to value this property
  • Makes reference to at least 3 sold comparables
  • Grainger Trust are expressly permitted to rely on the valuation
  • It makes the assumption of Vacant Possession and is expressed as the 100% Freehold value

All being well we will then instruct our solicitors to begin the legal process in conjunction with your own and they will each take it from there. The whole process should be complete within 3 months.

Administration costs apply that we have to recharge to make the scheme viable, please find the details here.