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With shared ownership, what happens if the shared owner wants to move?

April 26, 2017happens owner ownership Shared wants

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With shared ownership, what happens if the shared owner wants to move?

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The shared owner may sell their property as soon as they are the legal owner of it. Selling the share is known as an ‘assignment’ (assigning the lease to someone else). If the shared owner wants to move, they will benefit from any built up equity from their share when they sell it. Most RSLs will require the shared owner to give them a written request of their intention to sell. An independent valuation will have to be carried out to establish the price at which the property can be sold.