If it is your intention to move home then prior to any form of marketing it would be advisable to contact the Housing Association first so that they can advise you on your next steps.
Irrespective of whether there is an option for the Housing Association to purchase your share or whether they require a certain time period to consider selling the property it is likely that under the terms of your lease you will need to have a valuation carried out by an independent RICS surveyor. This is known as a Shared Equity valuation or indeed a Shared Ownership valuation but the principal of valuation will be to determine 100% of the market value from which the percentage split for the homeowner and the Housing Association can then be considered.
The majority of Housing Associations will have some very specific rules regarding the valuation process – for example some of the Shared Equity valuations that we have carried out have required us to disregard any improvements to the property since it was originally acquired.
Other Shared Equity valuations request specific information to be provided by the surveyor regarding comparable evidence and the details to be provided within the valuation report. In the majority of the cases the Housing Associations will require the RICS surveyor to be registered as a valuer and also that the firm is regulated by the RICS directly.
Ideally you will need to provide the Surveyor with specific information regarding your lease and in particular the length of lease that you have remaining as well as any associated charges such as ground rent, service charge, building maintenance, insurance etc.
The comparable evidence the surveyor will compile should relate to properties of a similar style, layout and accommodation also of a similar age and all having recorded sales evidence within ideally a six month period. The specific details of what the surveyor will require should be determined prior to the inspection.
The Shared Equity valuation would then be provided to you in a PDF format but is most likely to require addressing to the Housing Association itself. This again will need to be a confirmed to the surveyor so that the report is not rejected at a later date. Once you have received the Shared Equity valuation then you will need to provide this to the Housing Association along with any necessary documentation.
Once your valuation is agreed then the specific process relating to that Housing Association regarding buyback or marketing directly through themselves will need to be confirmed. It is likely that if the property remains unsold over the required marketing time then you will be given the opportunity to market the property directly yourselves.