Selling your Shared Ownership home

A detailed assessment of income, expenditure, and financial circumstances, including a budget planner will be completed by TMP once you have accepted an offer.

Selling your home

We are happy for you to choose how you wish 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 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, which will be split between you and Bromford in line with the shares owned. 
• 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. Bromford will receive the relevant % share of the sale price which may be over and above the market value. 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 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 of £390 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

£100 abortive costs will be payable to Bromford if the sale of your property is cancelled. An invoice will be sent out to you.

You may wish to only sell your share in your home and we can help you to instruct one of the UK's fastest-growing Online Hybrid Estate Agents, 99Home, to assist you in finding a buyer for your share. They will arrange to visit you and take professional photos so they can show your home at its best on websites such as Rightmove and Zoopla.

Arranging a RICS survey report
When you decide 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 you may wish to consider detailed above in Step 1.

Intention to sell your home
When you have a copy of your RICS valuation report and EPC certificate, please complete the online Intention to Sell form in step 2 above, remembering to upload the RICS valuation report. We will then pass your instructions to 99home who will contact you to start the process of marketing your home.

Bromford will confirm to 99Home the following:

• The share you own in your home
• Your rent and service charges (if applicable)
• The term of your lease and years remaining
• Any local connection marketing criteria
• Any staircasing restrictions
• Details of any improvements where permission has been granted (this is within the terms of your lease).
• The price of your share will be a percentage of the full market value. For example, if you own a 50% share and the full value of your home is £200,000, the sale price will be £100,000.

You will also receive confirmation from Bromford confirming your share and accepting your instructions to sell.

Marketing your home
Once 99home receives your instruction to sell, they will then arrange for internal and external photography of your home to be undertaken for marketing purposes.   The photos will be uploaded to your online 99home dashboard. They will ask you to supply them with a brief description of your home and the local area for them to use in the marketing information.

99home will advertise your property on portals like Rightmove, Zoopla, On the Market and other portals. You will receive links to all these property listings once they are up on the website.

Potential buyers will be required to carry out an initial affordability assessment and provide documents to support the application before you can arrange for them to view your home.

As part of the process, your potential buyer MUST choose either Mortgage Advice Bureau or TMP Mortgages to carry out this initial assessment.

How to get in touch with the Mortgage Advice Bureau.

When on the Mortgage Advice Bureau’s website click the contact button in the top right corner
Simply give them your contact details and press submit
One of their friendly team of specialist shared ownership advisers will be in touch within an hour (they're open 7 days a week). They will explain how things work and let you know the documents needed to complete a financial assessment. There’s no form filling, the only thing you need to do is send them what they’ve asked for within 5 working days.
Alternatively you can also call Mortgage Advice Bureau  to request a financial assessment on 0330 002 1230.

How to complete an online assessment with TMP Mortgages.

• When on the TMP website click the Apply now button
• Complete the online questionnaire
• Your assessment will then be allocated to the correct person and an advisor will then make contact with you within 24 hours (not including weekends) they will discuss options with you and request documents required to complete the application. All documents must be provided to TMP within five working days.

If you have any difficulties completing the assessment online please contact TMP directly who will be able to assist you 01604 780586.

Consent to share your contact details with potential buyers will be required at the point of intention to sell in accordance with GDPR guidelines.  Once your potential buyer has been financially assessed and is eligible to proceed they will be encouraged to contact you directly to arrange a viewing of your home.

For further assistance with the sale of your share, please feel free to email us at ehst@bromford.co.uk.