Selling your Shared Ownership home

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.  You can also use a local estate agent of your choice.

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, with the exception of flats, or properties where Bromford is not the freeholder.

There is a £250 non-refundable upfront fee payable when you request to sell your home. This covers the initial administration and processing of your resale application. Please note: if you decide not to proceed after we begin processing your sale request, this payment will not be refunded.

Please pay the £250 using the bank details below before completing the below form:

• Bank Account Name: Bromford Housing Association Limited
• Account Name: BHA-Rent Account
• Account Number: 70207144  
• Sort Code: 20-97-86
• Name of Bank: Barclays Bank Plc
• Reference to be quoted: EHST/SALE/First line of your home address  

When you have made the payment and 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.

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: 

Owen Paulo Legal

E: enquiries@owenpaulo.co.uk | W: www.owenpaulo.co.uk | T: 0808 196 7020
 

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

If your home sells for less than the RICS valuation, Bromford still requires our percentage share of the valuation, as set out in your lease.

This means you may receive less from the sale than you might expect, if the sale price is lower than the RICS valuation.

For example, if the RICS valuation is £200,000 but your sale price is £190,000, Bromford still requires our share based on the valuation of £200,000, not the lower sale price.

Example:

• you own 50% of your home
• the RICS valuation is £200,000
• you sell for £190,000

Bromford's 50% share is worth £100,000, because our share is always calculated from the RICS valuation, not the sale price.

This means that you would receive £90,000 from the sale, and Bromford would receive £100,000.

Remember to check the terms of your lease before deciding to sell 100% of your home (see the section above for more details).
 

If you appoint your own estate agent and you are not successful in selling the 100%, you can proceed to sell just your share.

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.

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.