Selling or assigning your shared ownership lease

What is assignment?

Assignment is the term given when you sell your shared ownership lease. When you sell your shared ownership lease, the purchaser is agreeing to take on the terms and conditions within the lease. This transfer of responsibilities from one party to another is the ‘assignment’.

You can only sell your share of the lease. For example, if you own a 50% share, then you can only sell 50%. You may wish to consider options of staircasing fully prior to the sale, depending on your financial circumstances and the terms of your lease.

How does the process work?

In order to sell your shared ownership lease, you need to formally notify Warwick District Council by completing the ‘intention to assign’ form, which is linked at the bottom of this page.

How do I find a buyer?

We will advise if we intend to nominate a buyer depending on the terms of your lease, and the policy in place at the time of the intention to assign.

If we do not intend to nominate a buyer, It is your share that you are selling, and we are not party to the sale, although our consent is required. Remember, that your purchaser must be eligible for shared ownership, and provide information to us to prove eligibility and affordability prior to being approved as a buyer. More information on national eligibility criteria is available on the Government Website at Shared ownership homes: buying, improving and selling: Who can apply - GOV.UK.

You should ensure any estate agent and conveyancer instructed by yourself has appropriate knowledge and experience to complete the shared ownership sales process.

The valuation of your share of the property must be agreed between yourself as the seller and your buyer. The purchaser should be aware that this valuation will not affect the value of the rent charged, which will remain as detailed in the lease. Nor will it directly affect any subsequent staircasing costs.

I have found a buyer, what happens next?

Once you have found a potential buyer to sell your share to, you should provide us with the purchaser’s name and contact details. We will then outline what they need to do in order to obtain our consent. They will be assessed to ensure they are eligible for shared ownership. They will need to provide evidence of identity and affordability to an Independent Financial Advisor, and will be required to provide a copy of their mortgage offer once available. Upon receipt and satisfaction of our required documentation, we will issue formal consents to the sale to all parties.

Is there anything else I will have to pay for?

You will be responsible for administration fees, the valuation fee, your solicitor’s fees plus any costs due to your mortgage lender and estate agent fees.

Do I need to do anything at completion?

Once you have completed the sale and any balance on the accounts have been cleared, you should ensure any regular payment arrangements are cancelled to prevent over-payment. The purchaser’s solicitors will forward the Notice of Transfer to Warwick District Council to confirm the assignment has taken place.

Intention to assign

Please complete this form if you wish to start the assignment process:

Shared ownership resale, staircasing or remortgaging application