Owing to a change in personal circumstances you may wish to sell your share in your home. The process is as follows:
- The terms of your lease will specify a period of time (usually 6 - 8 weeks) when your property will be marketed for sale by Bromford on the Help to Buy South website.
- You will need to complete an application form and return to Bromford (email@example.com) stating that you wish to sell your share of the property; this will need to be signed by all parties. You will also need to obtain a valuation report from a RICS chartered surveyor and provide a copy of the EPC Certificate. We will provide you with a guide for Valuation of Shared Ownership Properties which you can supply to the Valuer you instruct.
- The valuation will need to be approved and a price for your share will be determined. We will then provide you with this information and give our consent for the property to be marketed on the Help to Buy South website for the required period.
- Once the initial marketing period is over, if no purchaser has been identified then you can (with our permission), place the property with an Estate Agent to sell. The cost of which will be borne by you as per your lease.
- We will require the name and address of the estate agents that you choose so that we can contact them directly to advise of the conditions and also the process should they have an interested party.
Once an applicant has been found they will be required to go through our affordability, eligibility and financial qualification checks, similar to the ones you went through when you initially purchased the property.
IMPORTANT NOTE: Please be aware that all valuations are only valid for three months. Should the property take longer than that to sell we will require a confirmation from the RICS Valuer that the valuation is still current.
Please be aware that some of the costs that you may incur when you sell are as follows, for more in depth costings we advise you to speak to your solicitor. Please note that if you are a customer of Gloucestershire Rural Housing these costs may differ and you must contact us or refer to your lease for details.
Are there any costs involved?
You will need to pay for the valuation, our administration fees, your solicitor’s fees, our solicitor’s fees and any disbursements. These will be explained in advance by your solicitor and Bromford where applicable.
It is important to obtain professional advice when buying/selling a property, there are however non-refundable costs (such as solicitor, valuation and financial adviser fees) that may be incurred if a purchase/sale does not go ahead.
We hope that this has helped to explain the process in a clearer light and if you have any questions please do not hesitate to contact us (Commercial Property Team) on 0330 1234 034 or firstname.lastname@example.org