Moving on - selling your share
When you decide to move on and sell, there are variations to how this needs to happen, depending on your tenure.
Selling the share in your property is often referred to as a ‘re-sale’. You are actually assigning your lease to someone else.
The first thing we need is a valuation of the property. It has to be carried out by a valuer who is a member of the Royal Institute of Chartered Surveyors (RICS) and it will be your responsibility to pay for this. We can help arrange it and details will be in the seller's pack. You will also need to provide a current Energy Performance Certificate (EPC).
Your lease will set out details of the process and we work with the Help to Buy agency to promote the property to a wide audience.
Any potential purchaser will have financial checks carried out on them and may need approval by the local authority before we refer them to you.
Contact us for a seller's pack and read the Guidance on Re-sales here.
Freeholders / Leaseholders
You may be able to sell your property on the open market under the terms of your lease / transfer document, please check them or speak to us if you need clarification. If you wish to sell your property, we need you to tell us in writing as we will need to liaise with your solicitor.
Leasehold schemes for older people (LSE schemes)
If you wish to sell your property, also known as surrendering the lease on your property, we need you to tell us in writing.
We have to find a buyer for your home and guarantee you will receive payment at the end of 26 weeks even if we have not found a suitable buyer at that point.
Your property was bought with a 30% discount and so will be sold in the same way.
The current open market value of the property is set by an independent FRICS/RICS valuer. If you disagree with the amount, you can by agreement with us, instruct and pay for another valuation by a suitably qualified valuer. That valuation will be binding on both parties even if it is lower than the original.
Government legislation requires that an Energy Performance Certificate (EPC) is compiled before we can market your property and this will be your responsibility to arrange.
We will charge you up to a maximum of 2.5% of the selling price for fees incurred in finding a purchaser for you. This fee covers the costs of advertising and administration.
If you want to sell your property please contact Home Ownership Services by calling 0300 303 8535 for more information or using our form.