Selling your home
There may come a time when you decide to sell your shared ownership home. Here is a brief summary of the steps:
» A survey will be carried out to establish current market value.
» We market your home to people who are approved/qualified for shared ownership during the “nomination period” (This is determined in the lease. It is usually up to two months).
» If a buyer is found during this period, a formal offer to purchase your share is made on behalf of the purchaser by us.
» On receipt of your agreement, solicitors are notified and the conveyance process begins.
» Your sale should be complete in approximately two to three months from the buyer introduction.
At the end of the nomination period if we have not introduced a purchaser for your share, we will provide you with permission to sell your home on the open market. You can instruct any estate agent you wish and simultaneously staircase (increase your equity share in your home) to 100% on completion of your sale.This is financed with funds from your purchaser on completion.
If you would like to proceed with a resale, you will need to inform us. Please email email@example.com
Leaseholders re-sale process
The first stage of selling your home involves instructing a surveyor to obtain a current market valuation of the property. The terms of your shared ownership lease require an independent valuer, qualified by the Royal Institution of Chartered Surveyors (RICS) to carry out the valuation.
This will establish the current price at which you can sell your share of your home. We will provide you with a list of approved surveyors to select from and we will instruct them on receipt of your written request and payment confirmation.
The surveyor will contact you directly to arrange an appointment to visit your home. During the survey room measurements and photographs are taken for marketing purposes.
Valuation reports can take a couple of weeks to prepare and are valid for a three month period only. Once this has been received together with your ‘confirmation to proceed with sale of equity share’ form, we will prepare documentation in order to start marketing your home.
The nomination period for the resale transaction is as specified within your lease. This is usually two months, during which time we will endeavour to find a suitable buyer for your property. Once this period has elapsed, if no suitable buyer has been found, we will send you permission to sell on the open market. You can sell on a shared ownership basis, or you can simultaneously staircase to 100% and sell outright on the open market through your choice of estate agent.
Any arrears of rent or service charge on your account must be cleared prior to completion.
On completion of the sale of your share, you will be required to pay a Sales & Marketing fee of 1% of the full property value (plus VAT) and any disbursements towards our solicitors fees if we have introduced the buyer.
For further information or an informal discussion, please call the team 020 8996 4200 or email firstname.lastname@example.org.
Extending your lease
As the number of years left on a lease decreases, it becomes harder to sell and it may become difficult to raise a mortgage. To extend your lease, you'll need to make a one-off payment (known as a premium). The Leasehold Advisory Service have an online lease extension calculator, which will give you an indication of how much the premium for your home might be.
For more information, contact the homeownership team with your name and address.