Resale shared ownership

Clarion Housing Group utilises Urban Moves as its nomination service provider for shared ownership resales and has done so for a number of years. We asked Erin Alexander, Head of Customer Journey at Clarion, all about shared ownership resales and the beneficial impact of using Urban Moves for leaseholders, buyers and for Clarion. Urban Moves is now the single largest reseller of shared ownership properties in England and estimates to have helped registered providers sell almost a billion pounds’ worth of resale properties to date

Q: Who is Clarion and what is your role?

Clarion is the UK’s largest housing association, owning and managing 125,000 homes. Our mission at Clarion Housing Group is to provide homes for people who need them most, with 350,000 people calling a Clarion home their home. We are a developer as well as a landlord, building thousands of affordable homes every year.

As Britain’s largest housing association, our residents are at the heart of what we do and we are committed to doing our best by them. We’re committed to providing good, affordable homes for those that need it the most, and a great service to all residents.

My role is Head of Customer Journey, and I look after the Clarion resales and staircasing team. Our team works with existing shared ownership customers to assist them with their onward journey in homeownership from buying additional shares in their home, to selling and moving elsewhere. We work collaboratively with internal and external teams to ensure a quick, efficient and straightforward service, working to achieve the highest possible customer satisfaction.

Q: Where does Clarion have shared ownership resale properties?

We have properties in most regions across England; including London, the South, East and Central and in the North. You can find properties as far south as Plymouth up to Leeds in the north and anywhere in between.

Q: How can I find a resale property with Clarion?

Depending on which marketing option you have chosen and the location of your home, Clarion resale properties can be found on Share to Buy, the relevant Help to Buy websites, or Urban Moves.

Q: What are the eligibility requirements?

Shared ownership is designed to help those who can’t otherwise afford to buy on the open market. You can buy with shared ownership if your combined household income is £80,000 a year or less (£90,000 in London). There are some restrictions and eligibility criteria to ensure the scheme benefits those who need it most. To purchase a home with shared ownership you need to be within the household income threshold and also: 9 Be 18 or older 9 Not own a property or part of a property (in the UK or abroad) at the time of completing your purchase 9 Not have enough money to buy a property outright 9 Have a good credit history 9 Have a regular income to cover your mortgage and rent 9 Have enough money to cover the deposit for the share you’re buying.

Q: What do you feel are the benefits of choosing resales over new build shared ownership?

With resale properties, you can see exactly what you are getting for your money. You are able to view the property and envisage yourself living there. Resale properties come with their own characteristics, with a range of different architectural designs from the era they were built in. They are often located within already established and thriving communities.

Q: What is a “nomination period” and what are shared owners’ obligations

The nomination period is the time frame the housing association has to find a new buyer for the share of the property on behalf of the seller. This period of time varies, historically being eight weeks on average, but going forward, this time period will reduce further to four weeks to give the seller more control over the sale of their home.

Q: What happens during a nomination period when you don’t have a nomination service provider?

Clarion currently has a nomination service provider in place; Urban Moves. Our customers have the choice to market either through Urban Moves or Clarion. If customers opt to market with Clarion, we will prepare the advert and advertise the property on either Share to Buy or Help to Buy websites, depending on their location. We then collate any interest expressed and help the seller arrange viewings. Subject to an affordability assessment, we hope to be able to prioritise and allocate the home to a suitable buyer.

Q: How do you feel the customer journey has changed since you have been working with Urban Moves?

Working with Urban Moves has improved the options available to our customers, which I am sure they have appreciated. It has allowed our customers to have professional pictures and floor plans produced, and a rep to arrange and hold viewings for them. Selling can be quite a daunting process, so I think having a more hands-on approach when marketing and liaising with the buyers on your behalf benefits the customer massively.

Q: How is the process of buying/selling a resale shared ownership property different to a new build?

With resales, the property is already available and owned by someone else, You are likely going to be in a chain of people who are all buying and selling. Buying a resale property may take slightly longer

GEORGE ELLISTON ROAD

Ipswich, Suffolk IP3 8XQ

DEPOSIT £18,000 £18,000 FMV £360,000

ASHMEAD HOUSE

Tewkesbury Road, London W13 0DP

DEPOSIT £14,850 £14,850 FMV £330,000

A great chance to buy a spacious, recently constructed, shared ownership family home in Ipswich. This beautifully presented property forms one end of a short, three-house terrace and is part of the Ribbans Park development by Bovis Homes. The three fl oors provide almost 1,200 sq ft of accommodation and feature an attractive open-plan kitchen/dining/reception room which opens on to the rear garden and a second reception room, with Juliet balcony, on the fi rst fl oor. There is a main bedroom with built-in wardrobe and en suite shower room, a generously sized second bedroom, smaller third double or large study, a stylish, high-spec bathroom and a ground fl oor cloakroom. Well- insulated walls, roof and fl oor, high-performance glazing and gas central heating have resulted in a very good energy effi ciency rating. The house comes with the use of two parking spaces.

sharetobuy.com/properties/213475 An attractive one bedroom shared ownership apartment in Ealing which features a reception room with large window, balcony and a stylish, open-plan kitchen with integrated appliances. The bedroom includes a fi tted wardrobe, and the bathroom is spacious and high-spec. Ashmead House is a recently built development which benefi ts from the high energy effi ciency standards that modern construction demands. There is a wide range of shops on the local high street and supermarkets, including a Sainsbury’s and a Waitrose, nearby. West Ealing station is only a short walk away for the new Elizabeth Line between Heathrow and Paddington with the full Crossrail route expected in the autumn. Northfi elds station, for the Piccadilly Line, can also be reached on foot, via bus or by a brief cycle ride.

sharetobuy.com/properties/212116

than when you buy a new build home as there are more parties involved; the buyer, the seller, Clarion and each party’s solicitors. As resale homes may be older, you may find more information is required to be provided to the solicitors for the conveyancing process. Most things can be resolved relatively quickly and the process is very similar to that of buying a new build home. We work to get resale sales completed within three months.

Q: What happens if a buyer isn’t found in the nomination period?

If neither Clarion nor Urban Moves have been able to find a buyer within the nomination period, our customer has the option to continue marketing or they can opt to market directly with an estate agent on the open market.

Q: Why is it important to keep as many properties as possible as shared ownership?

It is really important to try to retain shared ownership homes so that we can continue to offer affordable homeownership to buyers who are keen to get on to the property ladder, but aren’t quite ready for the open market. Clarion has over 10,000 shared ownership customers and is building more than 1,000 shared ownership homes a year to ensure we are continuing to do our part in ensuring there is enough supply of affordable housing to meet the evergrowing demand.

DEPOSIT £19,775 £19,775 FMV £565,000

LOWE HOUSE

12 Hebden Place, London SW8 2FT

A well-proportioned and smartly presented shared ownership London apartment that occupies a favourable position in the development – the balcony providing a very pleasant view of the attractive communal garden. Internally, the property has an open-plan kitchen/reception room with sleek, creamcoloured units and integrated appliances. There is a spacious bedroom and a stylish bathroom. A generous amount of built-in storage has been included in the entrance hallway. Lowe House is part of a recently constructed development within the extensive Nine Elms regeneration area – an ambitious, multi-billion-pound project predicted to have a transformational effect on what is already a desirable central London location. The brand new Nine Elms Northern Line station is just minutes away and Vauxhall station is also within easy reach. Modern insulation standards and underfl oor heating supplied from a communal system make for a very good energy effi ciency rating. The development has a concierge, gym and a residents’ lounge with private dining room and cinema room.

sharetobuy.com/properties/213943