How to sell your home

Transcription

1 Selling your home

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3 How to sell your home As a homeowner you may choose to sell you home. If you decide to sell your home, you first need to look at your lease to see if there are any restrictive clauses preventing you from selling your home on the open market. If you are a shared owner your lease normally allows a nomination period of 12 weeks which allows us to try to find a buyer for your home. This is so the property stays available for low-cost home ownership. If you are a leaseholder you ask an estate agent to help sell your home on the open market. If you are not sure, please contact the Sales and Leaseholder Adviser for advice on

4 How much will I sell my home for? The sale price of your share will be based on an open market valuation, which will take into account any improvements you have made. We will help you to arrange for a valuation by an independent chartered surveyor (RICS). See our current fees under Legal fees on our website The valuation report will be sent to the Sales and Leasehold Adviser. While your home is for sale you must have an up to date valuation (valuation lasts for 3 months). Once it is out of date you must get a new valuation from your original valuer. What if I am behind with my mortgage payments? If you are behind with your mortgage please tell us before your home goes on sale, you will also need to check with your lenders to see if they will allow you to sell your share. You should also make sure you are up to date with your rent before you sell your home.

5 What else do I need to arrange before my home can be put on the market? Before your property goes on sale you will need to provide an Energy Performance Certificate (EPC). An EPC is an assessment of the energy efficiency rating and environmental impact rating of your home. The rating helps prospective buyers compare the fuel and carbon omissions of one home with another. Yours Sales and Leasehold Adviser can arrange for an EPC to be carried out for you. See our current fees under Legal fees on our website How much will you charge for selling my property? We charge an administration fee based on the percentage share you own. The charges will be detailed in your lease; this is usually 1% of your share.

6 How will you find a buyer for my property? To help you sell your home we will: advertise your property details on our website and through the local property paper erect a For Sale board with your consent contact the relevant Homebuy Agent or local council for a list of suitable applicants. check whether buyers qualify for the part buy, part rent scheme. cut suitable buyers in touch with you (you will need to show them around your home) instruct our solicitors and deal with your solicitors once a buyer is found. monitor the sale through to completion.

7 Your sale Once you think you have a buyer, you will need to find a solicitor to deal with the legal work. You should get quotes from several solicitors to make sure you choose one who will offer you a reasonable price for their service. Your solicitor will need a copy of your lease before they start work. They will be responsible for drawing up the contract for sale and liaising with your buyer s solicitor to ensure that the exchange of contracts happens as quickly as possible. We will reply to any specific leasehold enquiries. There is a charge for this service, see our current fees under Legal fees on our website When your property is sold, the lease will be assigned to the purchaser and your solicitor will arrange for a copy of the transfer to be sent to us. When completion is agreed the outgoing leaseholder must inform us of the date of completion.

8 Your costs When you sell your home you have to pay a number of costs. In addition to any estate agent s commission, you will also have to pay: any mortgage payment due to your bank or building society your solicitor s fee our solicitor s fee (if this is a shared ownership sale) notice of transfer fee We do not apportion service charges or ground rent following assignment of a lease, so any outstanding balances on completion of the sale will be transferred to the account of the new leaseholder. It is expected that arrangements will be made regarding any outstanding balances between the solicitors acting for both parties.

9 Repayment of Right to Buy discount If you bought your home under the Right to Buy, you can sell your home whenever you like. But if you sell within the repayment period you will need to repay some or all of the discount according to the length of time that has passed since the purchase. If you purchased your home after the 18 January 2005 and sell within 5 years of purchase. If you sell within the first year of purchase, all the discount will need to be repaid. Four fifths must be repaid if you sell in the second year, three fifths in the third year, two fifths in the second year and one fifth in the fifth year. After 5 years, you can sell without repaying any discount. In addition, the amount of discount to be repaid if you sell within 5 years of purchase will be a percentage of the resale value of the property, disregarding the value of any improvements. You will also be required to repay some or all of the discount you received when you purchased your home if you enter into an agreement to transfer your property to a third party in the future. The discount repayment is triggered from the date you enter into the agreement. For more information contact your Sales and Leasehold Adviser on Right of first refusal If you purchased your home under the Right to Buy scheme on or after 18 January 2005, and you wish to sell or dispose of your home within 10 years, you will be required to offer it to either your former landlord or to another social landlord in your area at full market value.

10 Useful tips for moving on change your address details with your bank, the Revenue and Benefits Department, your employer, and any other contacts you may wish to arrange for your mail to be re-directed tell the Local Authority your new address and moving in date if you are receiving council tax or housing benefit contact gas, electricity and water supplier to come and read the meters and register accounts in your name. You may also find it useful to take your own reading and check them when you get your first bill

11 Useful contacts Worthing Homes Sales and Leasehold Adviser Repairs RedAssure/Telecare Finance department Fax number Other Worthing Borough Council Adur District Council Arun District Council Brighton and Hove City Council Gas (Transco) Southern Water Leasehold Valuation Tribunal Leasehold Advisory Service (LEASE) Citizen Advice Bureau Social Services Sussex Police West Sussex Fire and Rescue Service National Domestic Violence Hotline Worthing Hospital Jobcentre Plus Your contacts

12 Please contact Corporate Services if you would like this report in Braille, large print, audio version or in another language. Telephone or This document is also available to download in this format from our website, 04/12 Version 1