Selling your shared ownership home
You can sell your shared ownership home, although it must be sold to someone who qualifies for shared ownership.
Your first step
If you’re thinking about selling shares, your first step is to get in touch with us to let us know. Email sales@brighterplaces.co.uk. We will be able to explain all of the steps you need to take, and answer any questions you may have.
If you decide to go ahead, we’ll ask you to complete our property form and provide images so we can get ready to list a full sales description of your home.
How much is my share worth?
- The price that you can sell your share will be a percentage of the full market value of your home.
- You must get your home valued and this must be carried out by an independent surveyor registered with the Royal Institute of Chartered Surveyors (RICS). This is known as a RICS ‘red book’ valuation and is different to an estate agent’s market valuation.
- You are responsible for paying for the RICS valuation fee.
Energy Performance Certificate
- You will need to give us a copy of your Energy Performance Certificate (EPC). If you don’t have a copy of this, you can visit the government’s website to see what you need to do next.
- You are responsible for paying for your EPC.
Instructing a solicitor
- You will need to instruct a solicitor to handle legal matters for you, and you will be responsible for their fee.
What else do I need to know?
We will tell you :
- If there are any restrictions in place on the sale of your property; for example, the property may only be sold to people living or working in the local area
- The maximum percentage share in your property that can be purchased
- How long we have to sell your home. Your lease will usually give Brighter Places the first option to sell your home. We usually have 8 weeks to do this from the date we receive your property details form and RICS valuation. This is known as the ‘nomination period’. We will confirm this with you.
- Using an estate agent: if we have not found a buyer during the nomination period, you will be able to put the property on the market with an estate agent.
Finding a buyer
Advertising your home
- As soon as we receive your property details form and RICS valuation, we will list your property on Help to Buy South.
Viewings
- We will let interested people know how to arrange a viewing with you, and what they need to do next.
- You will be responsible for arranging and carrying out viewings in your home.
Approving a buyer
- Your buyer must qualify for shared ownership and register with a Help to Buy agent.
- We are required to approve the mortgage offer for any buyer and consent to the purchase as this is usually a condition of the lease.
- A buyer is found on a ‘first come, first served’ basis once we have confirmed they are eligible, and once we have received a copy of their ‘Mortgage in Principle’
Completing the sale
- The conveyancing process will begin between your solicitor and the buyer’s solicitor. Your solicitor may ask us to complete a Leasehold Enquiry Pack: this is an extra charge.
- You and your solicitor will agree a completion date once the legal requirements have been met.
- You completion date is also your moving day – congratulations, your home is sold!
Fees
You are responsible for paying the following:
- RICS valuation fee
- Energy Performance Certificate (EPC) cost
- Brighter Places administration fee. This covers our costs for listing the property during our nomination period and our administration costs including responding to questions from your solicitor and your buyer’s solicitor; assessing the purchaser and approving their mortgage offer.
- A Leasehold Enquiry Pack, if requested by your solicitor, is an additional charge
- If we confirm that you can instruct an estate agent you will also be responsible for their fees An agent will typically charge you 1 – 1.25% of the market value for their marketing services
- Your own solicitor fees.
This information is correct at the time of publication but may be subject to change. Please ask your sales adviser for further information, or email sales@brighterplaces.co.uk