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Selling your Shared Ownership home
Sell 100% of your shared ownership home with a local estate agent of your choice or choose an on line estate agent like 99Home.
When it comes to selling your Shared Ownership home you have a couple of options available to you; Selling 100% on the open market or sell your share to another Shared Ownership buyer.
If you decide to sell your Bromford Shared Ownership home, you are free to appoint your own local estate agent or if you decide to choose an on line estate agent you may like to consider 99Home.
What are the advantages of selling 100%?
Selling 100% instead of your share means you can sell your home to a broader range of buyers, as they will not be restricted to the affordability criteria, and you're more likely to achieve a quicker sale.
Commonly known as 'back-to-back staircasing' or 'simultaneous sale', the benefits are:
- You can use a local estate agent of your choice;
- Your buyer will not be assessed for Shared Ownership as they will be purchasing outright;
- You can accept an offer higher than the RICS valuation**
**Where a home is sold above its RICS valuation outright through a back-to-back staircasing transaction then the value that the Bromford received for the staircasing element will be based on the RICS valuation of the home as per the staircasing schedule in the lease.
FAQs
If you appoint your own estate agent and you are not successful in selling the 100%, you can proceed to sell just your share – see Buying a pre-loved Shared Ownership home.
We recommend that you instruct a solicitor who has experience in simultaneous sales to avoid any delays.
Our panel of solicitors are familiar with our shared ownership products and conveyancing process.
Please feel free to contact one of our approved solicitors from step three on the process below. You can also find a solicitor near you qualified to offer conveyancing on The Law Society's register.
Find out more about 99Home by checking out their website here.
You may prefer to get an idea of the value of your home before making a decision to go ahead, please feel free to use a valuation site like Zoopla. With Zoopla, you can get a rough assumption of what your home may be worth on the open market, however, we would always encourage you to consult an estate agent for a more accurate valuation.
Follow the link to discover what your home may be worth on the Zoopla website.
Five steps to selling your home
When you have decided to sell your home, get in touch with a valuer who is registered with the Royal Institution of Chartered Surveyors and arrange for a RICS valuation report to be carried out. This will give you an accurate open market value of your home, which is a requirement of your lease.
We have a panel of surveyors detailed below who understand our requirements for your RICS valuation report, or you can choose a surveyor near to your home by searching the RICS website.
Whitestone Commercial Ltd
Sussex Place
Widcombe
Bath
BA2 4LA
Contact: Tess Lambert
E: tesslambert@whitestonecommercial.co.uk | T: 01225 436464
Property Services (Midlands) Ltd
8 Wolverhampton Road
Cannock
WS11 1AH
Contact: Ben Greaves
E: survey@jayman.co.uk or survey centre@jayman.co.uk |
T: 01543 505566
You will need to pay the fee for the valuation report directly to your chosen company.
Obtaining an Energy Performance Certificate ( EPC )
Before your home can be marketed, you will need to show proof of your EPC certificate. Depending on the age of your home, you can obtain this by simply searching the EPC register online using your postcode. If your EPC has expired, you will need to arrange one. Simply search EPC assessors on the EPC register website.
Selling your home
We are happy for you to choose how to market your home and whether you want to sell 100% or just your share.
So, you can now choose between a local estate agent or an online agent like 99Home.
Benefits of selling 100% of your home
- You can accept an offer higher than the RICS valuation.** Please ensure the valuation is in date when the sale is ready to complete.
- Securing an offer for more than the RICS valuation means there will be additional funds.**
- On completion of the simultaneous sale, the freehold will be transferred to your buyer at no additional cost (if applicable).
When you have a copy of your RICS valuation report and EPC certificate, please complete the online form here remembering to upload the RICS valuation report and the EPC certificate.
**Where the lease permits simultaneous staircasing and ongoing sale the property may be sold for more than its open market value. Where a home is sold above its RICS valuation outright through a back-to-back staircasing transaction then the value that the Bromford received for the staircasing element will be based on the RICS valuation of the home as per the staircasing schedule in the lease.
The customer will not get any allowances for alterations or improvements made to the property.
If the property is sold for less than the market value, Bromford will require the designated % share of the market value of the property and will not accept less than the share to which it is entitled through the terms of the lease. In accordance with the Bromford Anti-Money Laundering Policy, the purchasers solicitors will be asked to evidence identity of the purchaser and source of funds before completion.
Once you are happy you have secured an offer from a buyer, you are free to accept the offer for the 100% as you have already had our approval to sell. Your estate agent will then need to confirm the buyers details to Bromford by supplying a memorandum of sale.
We recommend that you instruct a solicitor who has experience of shared ownership sales to avoid any delays.
Our panel of solicitors are familiar with our shared ownership products and conveyancing process. Please feel free to contact:
Talbots Law
New Enquiries Team
E: newenquiries@talbotslaw.co.uk | W: www.talbotslaw.co.uk | T: 0800 118 1500
Davies & Partners Solicitors
Kerry Raymond
E: kerry.raymond@daviesandpartners.com | W: www.daviesandpartners.com | T: 01454 619619
You can also find a solicitor near to you that is qualified to offer conveyancing, on The Law Society's register.
Once we are in receipt of your completed agreed sales form, Bromford will give consent for the lease to be assigned, approve funding, and produce a memorandum of sale for all parties.
As a standard part of the sales process your buyer’s solicitor will raise leasehold enquiries relating to your property. Your solicitor is responsible for liaising with the buyer’s solicitor on your behalf and we will assist with pre contract enquiries raised.
Both your solicitor and the buyer’s solicitor will agree an exchange and completion date and update Bromford so we can prepare a completion statement with all outstanding charges and fees payable to Bromford. This will include any additional shares, service charges and rent apportionments and we will require 5 working days to do this. Bromford would not usually be involved in agreeing exchange and completion dates, so these are negotiated between the buyer and yourself. We would encourage you to keep in regular contact with your solicitor to make sure that the sale progresses as smoothly as possible. Remember that you are selling direct to your buyer and will need to meet them again on the day of completion.
Your solicitor will advise you of the completion date and you will be expected to vacate the property and hand your keys over to your buyer(s).
Please remember to cancel your Direct Debit with Bromford, to avoid any over payments. It is also a good idea to take meter readings and confirm these to your energy provider to ensure that you receive an accurate final bill.
We will adjust your account to show the new owner of the property. To help them transition into their new home please provide them with all the instructions and booklets for appliances, keys, codes and fobs where possible. A little introduction to their new neighbours may also help them settle in from the day they move in.
A fixed fee will be payable to Bromford when your sale completes and this covers:
- Reviewing lease restrictions like local connection and/or nomination criteria;
- Addressing queries raised by you, your estate agent and your buyer(s);
- Assessing buyer eligibility;
- Advising on additional % share purchase;
- Replying to solicitor's enquiries;
- Approving land registry ownership change;
- Reviewing and signing legal sale documents
Abortive costs will be payable to Bromford if the sale of your property is cancelled. An invoice will be sent out to you. Please see our list of costs here.
Questions about selling your Shared Ownership home?
Find the answers to frequently asked questions about selling your Shared Ownership home here.