A ‘re-sale’ is a former New Build
HomeBuy or Shared Ownership property that has been
put on the market to sell. The purchaser may initially
purchase only the percentage share that is being
offered for sale. In most circumstances, the purchaser
may ‘staircase’ and purchase additional
shares of the property, at the prevailing market
value, after a year. However, not all re-sales have
this ability to ‘staircase'.
In a ‘Fixed Equity’ re-sale, the share
being offered for sale is the maximum that may be
purchased. However, generally with Fixed Equity
properties no rental is payable but you will need
to check with the vendor.
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| Points to remember |
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- For previous key worker specific shared ownership
properties, key workers will receive priority.
- For other re-sales, applicants who free up
council or housing association rented social
housing will receive priority.
- When you wish to sell your property you must
inform your landlord housing association who
will nominate someone from their list to purchase
it, or you may staircase to 100% and sell it
in the normal way.
- You may not have a gross annual household
income of more than £60,000.
- Minimum gross annual household income is
generally £15,000 but each case will be
judged individually against household size,
available savings and affordability etc.
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| If the property comes up for sale and is not owned
outright, the landlord may purchase the property
back at market value or nominate another purchaser. |
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