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Shared Ownership Sales

Shared Owners with Riverside Home Ownership can sell their share of their home at any time. Buyers of these 'resale' properties must be assessed against our eligibility criteria in the same way as if they were purchasing the property from new. We must approve the new purchaser before the sale can progress.

We also have homes specifically for people aged 55 and over - Shared Ownership for the Elderly/Older Persons Shared Ownership (SOFTE/OPSO) and Leasehold Scheme for the Elderly (LSE).

As a guide, a buyer must be at least one of the following:

  • a first time buyer, or buying for the first time after a relationship breakdown
  • renting their current home from a council or housing association
  • unable to afford a home in a suitable location on the open market
  • able to afford the purchase and ongoing costs associated with owning a home
  • in need of a more suitable home due to ill health or disabilities
  • have an annual household income below £80,000
  • where the lease requires, above the minimum age limit

The total cost per month of the mortgage repayment, rent and service charge must also be below 45% of the buyer's monthly take-home income.

There are also a number of requirements within the lease which must be fulfilled before we can consent to the transfer of the property. The new leaseholder will not be able to register their transfer at Land Registry without this.

We will carry out the eligibility assessment of purchasers and liaise with solicitors for the buyer and seller, to ensure these requirements are met. We charge an administration fee for the work that we carry out during the sale.

Generally, we will require -

From the seller:

  • a sinking fund payment based upon the sale price, where applicable
  • payment of service charge up to the date of completion, including any arrears
  • payment of our administration fee

From the purchaser:

  • A Shared Ownership application form plus supporting documentation
  • a completed and signed Deed of Covenant if applicable
  • Notice of Transfer and Mortgage where appropriate
  • evidence of age where the are any age restrictions
  • payment of our administration fee

Contact us if you have any further queries.

We're a not for profit organisation

Read more about Riverside

Riverside Home Ownership

We're the specialist leasehold and affordable home ownership division of The Riverside Group Limited, one of the UK's largest housing associations. As well as building, selling and letting a wide range of property types, Riverside Home Ownership provides services to, and manages the leasehold of over 4000 homes across the UK.