How do I sell my shared ownership home?
Fusion Homes have been commissioned by Howard Cottage Housing Association to act on their behalf on all shared ownership sales, re-sales and stair-casing transactions.
Your lease contains a clause giving us an eight-week (occasionaly six week depending on the lease) nomination period to try and find a buyer for your home. This is to help other first time buyers and helps make sure you are given an efficient and cost-effective service.
If we find a buyer for your home, you’ll be charged a sales fee of £750 plus VAT. We feel this is competitive compared to many estate agents. The £750 includes a £250 plus VAT administration fee for processing the sale and answering any enquiries.
If we are unable to find a buyer, you will be able to sell your home privately or through an estate agent. You will still need to pay the administration fee.
Let us know that you’d like to sell your home using the online form at the bottom of this page. You will also need to instruct an RICS qualified surveyor to value your home or we can help and do this for you. You will have to pay the valuation fee; you should be informed of the cost before proceeding and the surveyor will arrange to visit your home to carry out the survey. Carrying out the valuation does not commit you to selling your home.
The report is valid for three months only – a desktop valuation will be needed after this time. It’s your responsibility to make sure the valuation is up to date so that you can exchange contracts.
After we have received a copy we’ll let you know the value of your property (any significant improvements you’ve made to your home will be included in the full market value) and your share. If you want to proceed we will arrange for a member of our team to meet you at you and take property details and photographs so that we can prepare the marketing literature needed to sell your home.
Following the visit, we will send you a confirmation of sale letter detailing the particulars of your sale along with the valuation report and draft sale sheet. Make sure you’re happy with the sales details and then sign and return the confirmation of sale slip to us. Once we have the slip and have confirmed that your EPC has been commissioned or received, we can begin to market your home.
Once your home is on the market we’ll contact any applicants on our database and other housing providers. We’ll also advertise your home on Rightmove, our website and online property portals.
We’ll request that eligible applicants contact you direct to view your home. We advise that you don’t make an offer on another property until yours is at least under offer.
If you don’t agree with the valuation, you can challenge it by providing a written reason for your concerns direct to the valuer. This should include the actual sale prices of at least three similar properties in your area. You may then request that the valuer reconsiders their opinion. If you are still not satisfied with the outcome you may instruct another RICS qualified valuer to value the property at your expense. We will not be involved in this process and should only be forwarded the report once you are happy to proceed.
Please note that an estate agent’s valuation is not acceptable as under the terms of your lease the valuation must be carried out by a RICS qualified surveyor.
As the homeowner, you’re expected to provide prospective purchasers with an EPC. This reports on energy saving and offers a rating for your home. It’s a European legislation requirement for anybody selling their home. The marketing of your home can only begin once we have received confirmation that EPC has been commissioned or received.
You are responsible for the cost of your EPC. We have a panel of EPC providers that you can use or you can choose from or you can arrange you own as long as they are suitably qualified.
After viewing your home, potential buyers will need to complete one of our application forms. The buyer will go through a similar process to the one you went through when you bought your home and they will need to attend a compulsory financial interview with an independent financial advisor. If the buyer is approved financially and a sale is agreed, we will send you written confirmation of all the details. Their solicitor will then contact your solicitor. You are required to cover your own legal fees.
The sale is then in the solicitors hands, and you will need to keep in regular contact with your solicitor to make sure things are moving forward. We’ll not have any direct involvement from this point on, but we’re happy to help if required.
Once solicitors have been instructed your buyers’ solicitor will obtain a copy of your lease and raise some leasehold enquiries. Your solicitors will be expected to provide a response to these enquires by getting some information from your management agent and or us. It is standard practice for a managing agent to charge an admin fee for this ours is included within the admin fee. If it’s an independent company, your solicitor will need to contact them directly about their costs that will be in addition to our fee.
If there’s no buyer after eight weeks we waive our nomination rights. If you decide to sell via an estate agent, you can sell for either the full market value or the share. If they find a buyer for the share, you have to sell at the current market value stated on your up-to-date valuation report – we are unable to accept offers and the buyer will have to be approved by us.
Please note, if a buyer for your share has not been introduced by us, you’ll be responsible for covering our solicitor costs as well as the admin fee.
If you decide to sell the property outright, you can accept an offer higher than the valuation amount, but we still require our share based on this sale price. You’ll be responsible for paying your estate agent fees. You would not be able to accept a lower offer unless you’re prepared to take the shortfall.
You will incur costs when you sell and these will include:
Your buyer may need to pay:
If you do decide to sell, you’ll need to complete the form below, pay the admin fee, arrange the EPC and make sure that the provider has emailed us with confirmation that it has been commissioned and forward a copy to us when available.
Please let us know if you decide not to sell and we’ll close your file.