Questions about selling your shared ownership home?

Bromford is happy for you to sell your home as a 100% share if the terms of your lease allows you to do this.

As a seller, you are obligated to provide prospective purchasers with an Energy Performance Certificate.

Yes, under the terms of your lease we’ll need to know the value of your home when you come to sell it. You will need to instruct an independent valuer, qualified through the Royal Institution of Chartered Surveyors (RICS).

Please note: Your RICS valuation may expire if the sale of your home doesn’t complete within three months. If this happens you may need to pay for another valuation. 

You are responsible for paying all costs involved in selling your home including estate agent fees and your own solicitors’ costs. Please see our administration charges for more information.

As the length of your lease reduces, so does the value of your property. Many lenders will be nervous to lend against properties with shorter leases, potentially making it harder for you to find a buyer.

You will need to make your surveyor aware of the lease length so they can take this into account when valuing your property. It is important to look into this when you consider selling your property. 

Yes, in most cases this is a possibility. Please see more information here.

Simply inform both Bromford and your estate agent of your decision. But if you decide at a later date to put your home back on the market, you will start the process again and instruct another valuation. You will also be required to pay an aborted sale fee. More information on costs can be found here.

When you are ready to proceed we will:

• Check your lease to confirm any local connection criteria (if applicable)
• Confirm any staircase restrictions (if applicable)
• Confirm your rent and service charges (if applicable)
• Confirm the % of share you own and the value of your share.

The first prospective buyer to complete the stage 1 eligibility assessment if approved they will be advised by Bromford that you can now arrange a viewing with you or your estate agent. Full details of the First come First serve policy and application process can be viewed can be viewed here.

Your interested buyer will need to have completed the stage 2 assessment with our nominated Mortgage advisors and been provisionally approved by Bromford at this point you can accept the offer and arrange for the Memorandum of Sale to be issued by your appointed estate agent.

Both your solicitor and the buyer’s solicitor will agree on 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 which will require at least 5 working days to arrange. 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.

You must ensure your valuation report is valid for three months.

After this, you can get an updated report if you need to, but the valuer can charge you a fee for this.

You might want to ask them about these fees when you initially instruct them as sometimes sales can take longer than three months.

Most Shared Ownership leases contain a clause stating that Bromford have the right to nominate a buyer for the property. Bromford do not offer an estate agency service or hold a waiting list of eligible buyers; therefore, you are free to instruct an estate agent of your choice to market your home.  

For further information and to follow the process of selling go to Selling your Shared Ownership home and complete the online form. 

With some Shared Ownership homes, you may not have the option to purchase further shares up to 100% because restricted staircasing has been applied to the lease. This will only apply to a small number of homes where the local authority wants to ensure that the properties in the village remain affordable to local people both now and in the future. Your solicitor should have told you about this at the time you bought your home.

Your solicitor would have sent you a copy when you purchased your property. Alternatively, you can request a copy from your mortgage lender or from the UK Land Registry website. Your Neighbourhood Coach could also offer you support to see if we hold a copy on file.

We dont always hold the final signed copy of your lease, and we do charge for issuing a copy. You can find information on administration charges here.

If you're not happy with the valuation you receive, you will need to discuss it with your valuer. We can only accept the valuer’s decision.

In most cases, we would refuse to approve the buyer. This would result in your sale falling through and everyone losing any fees they have already paid. You are responsible for understanding the terms of your lease, so it is vital that you follow these terms.

In rare circumstances, if you have sold 100% we may permit the sale to proceed. However, due to the fact you have breached your lease, you will be required to pay a charge of £3,000 or 1.5%, whichever is the higher, of the sale price for 100% of the equity.