Stepping onto the property ladder is a huge milestone, but what happens when you’re ready for your next move?
The process depends on how you purchased your property, whether through traditional sale or through Shared Ownership, in both cases there are clear options available.
If you sell a home bought through Shared Ownership with L&Q, their Resales team supports you through the process, including marketing the property, qualifying buyers, and guiding the sale from offer to completion, while arranging an independent valuation. A ‘nomination period’ of four to eight weeks follows, during which your home is marketed to eligible buyers to maintain affordable housing access, with promotion across property portals and buyer databases. If no buyer is found after two weeks, the property can also be advertised at full market value to attract more interest, and if it still doesn’t sell within the nomination period, you may be able to list it on the open market depending on your lease terms. For more detailed guidance on the selling process, you can visit our website here.
If you own your home outright, the process works much like any other property sale. You can appoint an estate agent, agree a sale price and market your home in the usual way. Your solicitor will manage the legal side of the transaction.
As with any property sale, there are some costs to factor in. If we find a buyer for your home during the nomination period, an administration fee will apply. This is lease-dependent and is typically 1% or 1.25% of the full market value of your home, plus VAT.
You’ll need an up to date Energy Performance Certificate (EPC). Should this have expired, L&Q have this covered along with all marketing material for us to list your home. You are responsible for covering solicitors fees, your pre-sales management pack, and keeping your RICs valuation up to date until completion. The pack is requested by the buyers solicitor and includes key information about your property, such as service charges, insurance details and any planned major works.
If you’re a Shared Owner, selling isn’t your only option. You may also choose to staircase, meaning you purchase additional shares of your home over time. Some buyers staircase gradually, increasing their ownership as their financial situation changes. Others choose to staircase to 100% ownership. There’s no fixed right time to do this, it often depends on factors such as savings, mortgage rates or changes in income. You can find out more about Staircasing on our website here.
Before staircasing, your home will need to be valued to determine the cost of the additional share. To help you understand what staircasing could look like financially, you can use the Share to Buy staircasing calculator, which provides a helpful estimate based on your current share and property value.
