Selling a Shared Ownership property differs to selling a property on the open market, Peabody has up to 8 weeks to find a buyer for your share of the property. If no buyer is found within that period, you’re then free to market your home through an estate agent, either for your share or for 100% of the property value.
In some cases, Peabody may offer you the option to waive your lease nomination rights at the start of your transaction. This would allow you to sell 100% of your property via an estate agent straight away.
This option is subject to Local Authority restrictions. Your Post Sales Executive will confirm whether this option is available once you’ve returned your documents to begin the resale process.
Are there any restrictions on selling Shared Ownership?
There are some restrictions when selling a Shared Ownership property. If you own less than 100%, Peabody normally has a nomination period of up to eight weeks to find a buyer for your share. During this time, the property is marketed to the public, but only eligible Shared Ownership applicants who meet the required income and ownership criteria are able to apply.
The sale price must be based on an independent RICS valuation, and the buyer must be approved by the housing provider. In some cases, Local Authority restrictions may apply, such as limiting buyers to those who live or work in the area.
If you own 100% of your home, you can sell it on the open market like any other property.
If you own less than 100%, you can usually only sell your share, although Peabody may sometimes allow you to waive their nomination rights and sell 100% of the property via an estate agent, depending on eligibility and local restrictions.
The costs of selling your property
There are several costs involved in selling your Shared Ownership property and these include:
Marketing fee
The marketing fee is a non-refundable fee of £350 which covers the costs of us trying to sell your property. The fee is deducted from the total proceeds from the sale on completion. For this amount, you will get:
Sales Assistance
The resales team will assign a sales executive and coordinator to assist you with the sale of your home. They will provide advice throughout the sale, help you coordinate viewings, and allocate an eligible and affordable buyer for your home.
Marketing your property online
We will market your property by:
• Publishing your listing on the Peabody New Homes website
• Publishing your listing on the Home for Londoners and Share to Buy websites (websites dedicated to Shared Ownership in the UK)
• Sending your listing to thousands of interested buyers on our database
Valuation fee
Before selling your home, it will need to be valued to determine a fair market price. You will need to choose a Peabody-approved valuer from our panel of RICS-qualified surveyors, who cover the whole of London and Essex. Valuation fees range from £240 to £500.
The valuation is valid for three months, after which an extension fee may apply if your property has not sold. You also have the option to appoint your own independent RICS/FRICS valuer, provided they meet Peabody’s requirements.
Legal fees
You will need to pay Peabody’s legal fees, which typically range between £450 and £1,500, as well as your own solicitor’s fees, which can vary depending on the complexity of your sale.
If your property is managed by an external management agency, there may be an additional fee for them to provide necessary information. Your solicitor will also advise you on any other disbursements you are responsible for.
Leasehold Information Pack
The Leasehold Information Pack is a collection of documents you will need to purchase to pass on to the buyer. The Pack contains important information about your property such as ground rent, service charges, information about the freehold manager, and the like. The Leasehold Information Pack costs £210.
Energy Performance Certificate
The Energy Performance Certificate is a document containing information about a property's energy usage and typical energy costs as well as recommendations about how to reduce energy use and save money. An EPC gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and is valid for ten years.
If your property is under ten years old, EPC can usually be retrieved online. For older properties, you will need to have somebody come and look at your property.
When we send our initial letter to the seller instructing them on what they need to do before we visit their property, we include details of companies we work with that offer EPC service. The cost of getting a new EPC ranges from £50 to £100.
Assignment fees
The assignment fee is payable when we find a buyer for your property. On completion of the sale, the seller pays an assignment fee of 1% of the total value of the property (plus VAT), minus the £350 marketing fee which they had paid in the beginning.
What is the process for selling your Shared Ownership home?
The resales Enquiry pack includes useful information, forms and contacts for the initial part of your reselling journey. In addition to downloading the pack, we recommend that you look at how much similar properties in your area are on the market or recently sold for. You can do this by visiting websites such as Zoopla and Rightmove or contacting a local estate agents who may give you a free estimate of your home’s value.
Once you are happy to proceed, you will need to instruct an independent RICs registered surveyor to carry out a valuation of your home. The Surveyor will provide a full valuation report of the condition and value of your home.
If you would prefer, you can instruct your own Independent RICs registered surveyor. Please note that they must adhere to our set criteria which can be found on the below ‘Find a Surveyor’ button.
Your valuation is valid for a period of 3 months, if your property has not sold after that point you may incur a valuation extension fee.
Before instructing Peabody to proceed, it is best to select a solicitor, so that you are ready to act promptly when you receive the valuation report. We recommend using the solicitor who originally dealt with your purchase as they are most likely to have a lot of your details available regarding your property. Alternatively, you can select a solicitor from the Peabody Panel who offer a fixed fee for their services.
Obtain a quotation before instructing your solicitor and choose a solicitor with knowledge and experience of Shared Ownership leases.
Once you are ready to begin the process, please return all documentation details on the checklist below to the Post Sales Team:
- A Completed Intension to Sell form
- A copy of your full signed and dated lease agreement
- A copy of your Register and Title
- If you have previously bought more
shares of your property, a copy of the
memorandum of Staircasing
- A valuation from a RICs qualified
surveyor
Once we have received the required documents, your case will be assigned to one of our Post Sales Executives who will be in contact to talk through your next steps and to take payment of your initial admin fee of £350.
Your Post Sales Executive will process your valuation for approval, they will also check to see if your local authority has any nomination rights or if these can be waived to allow you to sell 100% via an Estate Agent. Post Sales Executive will confirm your options and how you would like to proceed.
If Peabody will be marketing your
share then the Post Sales Executive will request that you send in photography, floorplan(s) and an Energy Performance Certificate (EPC) to start the marketing.
Selling your share via Peabody
Once you have sent in photography, floorplan(s) and an Energy Performance Certificate (EPC) the Post Sales Executive will work with our marketing team to prepare your sales particulars. These will the get sent to you along with an Intension to Proceed. Once we received your signed form back the marketing of your property will be made live on all relevant marketing channels.
We will arrange with you for any prospective buyers to view your home, this will be at a time convenient to you. You will be notified by email of all requested viewings. You will then show prospective buyers your home, buyers will be allocated on first come first served.
Prospective buyers will need to have completed the online application from, the reservation form, along with their initial affordability assessment from the allocated mortgage advisor. The above must be emailed to the Post Sales Team for the buyer to be allocated.
Selling 100% via an estate agent
If you have the option to sell 100% via an Estate Agent then you would need to provide Peabody with the contact details of your chosen Estate Agent, your Estate Agent must provide a copy of your property’s sale particulars before marketing can commence.
Once a 100% buyer is found they must complete and send a signed reservation form to the Post Sales Team at Peabody.
Once a buyer has been found, your file will be passed over to a Stage 2 progression Post Sales Executive.
The Memorandum of Sale will be
created, and this will be sent to:
- Peabody’s Solicitors
- Your & your Solicitors
- The Buyers Solicitors
Once the Memorandum of Sale has been sent you should contact your solicitor to confirm they are formally instructed and pay any outstanding fees.
Once your solicitor has received all relevant information and monies from you, they will commence the legal paperwork for the sale.
A management pack will be required in order for you to sell your property, we have a dedicated team at Peabody that are responsible for collating all the relevant information that your buyer’s solicitor may need in order for them to progress the sale.
The management pack will include information from us such as three year’s audited accounts, building
insurance documents, fire safety reports and other key information about your property and the building.
If the freehold is not owned by us or if there is a managing agent, your solicitor may need to contact the them to request additional information. There may be a cost for this information from the freeholder or managing agent which will be payable by you.
Keep in touch with your solicitor for updates. You may need to provide additional documents at this stage. The buyer’s lender will be instructing a valuation for your property. We will give your details to the surveying company so that the surveyor can contact you for access to your property.
Once your solicitor has collated all information about your property which includes the forms you completed and the ‘Management pack’ from us, they will send these papers with the draft contract to the buyer’s solicitor. The buyer’s solicitor will review the papers and raise any enquiries to your solicitor. In the meantime, the buyer’s mortgage offer will be issued and will need to be approved by our solicitors.
Your solicitor will send you the contract which sets out the terms of the sale. Having reviewed the contract, you should sign and return the contract to your solicitor A proposed completion date should be discussed with your solicitor who will be liaising with the buyer’s solicitor to confirm completion dates. If you are purchasing another property please ensure all matters have been resolved so that you can exchange contracts.
Once exchange happens, you will have entered into a legal agreement with the buyer. You will not be able to withdraw from the sale at this stage without incurring significant penalties. You will receive a completion statement from your solicitor which details the monies due from the buyer as well as any outstanding fees that are payable by you. If there are any arrears on your Peabody account, the monies for these are taken as part of your completion funds. Your solicitor will deal with any outstanding legal paperwork. They will arrange for any money payable to us by you (including the Peabody sales fee) to be sent to us on the day of completion.
What if I own 100% of my property?
If you own 100% of your Shared Ownership property, you are free to sell it independently on the open market, without needing to go through Peabody. This gives you full flexibility to choose your own estate agent, set your asking price, and market your property as you see fit.
Because you own the property outright, potential buyers do not need to meet the eligibility criteria for affordable housing. This can widen your pool of buyers and may help you achieve a faster sale at market value.
Even if you are selling independently, you may still want to consider having a professional valuation, arranging an Energy Performance Certificate (EPC), and preparing a Leasehold Information Pack to make the process smoother and more transparent for buyers.
It’s also worth noting that selling independently may involve additional costs, such as estate agent fees, marketing costs, and solicitor fees, so it’s important to budget for these.
Frequently asked questions about selling a Shared Ownership property
First of all, notify Peabody that you wish to sell by completing the ‘Intention to Sell’ form and providing a copy of your lease. You will then need to appoint a Peabody-approved surveyor to value your home. Once the valuation is approved, you can pay the marketing fee and start the process of marketing your property to eligible buyers.
You may need to pay several fees, including:
- Marketing fee (£350, non-refundable)
- Valuation fee (£240–£500, depending on the surveyor)
- Legal fees (Peabody: £450–£1,500 plus your solicitor’s fees)
- Leasehold Information Pack (£210)
- Energy Performance Certificate (EPC) (£50–£100 if a new one is required)
- Assignment fee (1% of the property’s value plus VAT, minus your marketing fee)
Additional costs may apply if your property is managed by an external freeholder or if your solicitor requires extra disbursements.
Only buyers who meet the government criteria for Shared Ownership can purchase your home. They must apply to Peabody and be approved before completing the sale. If you own 100% of your property, you can sell on the open market, and the buyer does not need to meet these criteria.
You can sell your Shared Ownership property independently through an estate agent at any time or market it through Peabody to access pre-approved buyers. Using Peabody offers support and a pool of eligible buyers, while independent selling gives more flexibility with price and agent choice. In either case, any buyer of a Shared Ownership share must meet eligibility requirements.
