Can property shares be sold on the open market?
Shared ownership exists to help people who cannot afford to buy their own home outright on the open market. Therefore the RSL will want to continue to offer this opportunity to other people so that the property remains in the sector, and will probably have a clause in their contract permitting them to offer a share in the property to other suitable registered applicants. The RSL will have a ‘nomination period’, as stipulated in the lease for the property, which is the time that they have to find a purchaser (usually twelve weeks). Should the RSL be unsuccessful in securing a buyer during the nomination period, the owner will be free to sell it on the open market via an estate agent. Any potential purchasers will need to be approved by the RSL.
