The following guide is to help those who currently live in a Grand Union Living Shared Ownership home and are now looking to sell and move on.
Your shared ownership lease explains how you can sell your home, sets the price you can sell for based on a current market valuation and the process you go through to sell. Just like any other home-owner, you may sell your home whenever you choose. To ensure that your home is made available to others we will, for a short period, have the right to find a buyer for your home. This is known as the ‘nomination period’ which gives us up to eight weeks to find a suitable buyer. If we are unable to find a buyer within the period specified within your lease, then you are permitted to sell the property on the open market at the price stated by a Registered Institute Chartered Surveyor (RICS). However please note if you find a buyer they will still need to be approved by us.
If you decide to sell an independent RICS certified valuer will need to be instructed to determine the new value of your home. The value of your home may have changed since you purchased your initial share. As with any other property the value of your home may have gone up or down. The value of the share you own will be based on the ‘current’ market value at the time you wish to sell.
Please inform us in writing (letter or email) of your intention to sell your property. Email: firstname.lastname@example.org
You are required to obtain a valuation from a Registered Institute Chartered Surveyor (RICS). The valuation is valid for three months and you must complete your sale within this period otherwise the property will be re-valued. We are able to instruct a Surveyor on your behalf if you prefer, in this case you will need to pay the fee of £198, please use the sales email above for payment details.
Once the valuation has taken place we will receive a report stating the current market value of your home and we will confirm the valuation to you in writing and send you an 'Intention to sell your home' form. The valuation figure is not negotiable and is valid for a period of three months, after which time a new valuation will be required. You must therefore confirm your intention to sell as soon as possible to avoid paying extra surveyors fees.
Estate agents are unable to provide you with an independent valuation as they are looking for you to employ them to sell your home. The value they quote may be inflated as they will usually take into account offers of 10-15% less than the asking price. Under the terms of your lease, we are unable to take offers on your share as the property must be sold at full market value. RICS surveyors are professionally trained and qualified to give an independent full market value of a property.
EPCs were introduced to help improve the energy efficiency of buildings and are required by law.
Please ensure you have an up-to-date EPC for your property as this will be required by the buyers.
To check if your property has an EPC, or to find an assessor in your area, visit www.epcregister.com.
Once you have received the valuation, please write to us confirming you wish to go ahead with the sale of your property and complete the 'Intention to sell your home' form ensuring you have provided solicitor details.
Our ‘nomination period’ (stated in your lease) will start on the day that we receive confirmation to proceed with the sale of your property, provided we have all the necessary information (Intention to sell your home form and photographs).
In order to market your property, you will need to supply us with photos.
When completing the 'Intention to sell your home' form please ensure you state any key selling points (for example location, private parking, garden etc) on the reverse of the form.
Tips for taking photos
- Open curtains and blinds.
- Turn on lights and turn off the TV.
- Focus on interesting details like the condition of a wood floor or a fireplace.
- Remove rubbish and ensure cupboards, wardrobes and toilet lids are closed.
- Emphasise space by trying to catch as much of the room size as possible.
- Tidy any garden areas and mow lawns.
- Remove evidence of pets.
- Tidy children's toys.
We will advertise your home on a number of websites including local Help to Buy agents and our website. We will also contact people already registered with the Help To Buy agents.
If we are unable to find a suitable purchaser within the marketing period, you will be able to market the property yourself or through an estate agent at the price stated by the RICS certifed surveyor. Please note, you are not able to add a premium to the property price. We will also continue to market the property. If you find a potential buyer, we will still need to approve them and they will be asked to complete our online application form to allow us to carry out relevant eligibility checks.
Once a buyer has been found and you, and the buyer, have instructed a solicitor, your solicitors will forward all draft documentation to the buyer's solicitors.
The buyer's solicitors will forward a copy of the Mortgage Offer to us for approval. Once this has been done we have no further involvement as both parties' solicitors will deal with the sale and completion. As we are not directly involved with your sale, please contact your solicitors for regular updates as they will communicate with the buyer's solicitor.
Before sale completes:
Valuation fees £198
EPC, if applicable, around £75
After sale completes:
Sales pack admin charge £250 + VAT (provided by the Associations solicitors)
Solicitor fees £1,000 to £1,500 (approx)
Estate agent fees (if used for additional marketing) approximately 1.75% of the property value