RESALES easy
RESALES
WHILE MANY PEOPLE CHOOSE TO STAIRCASE, BUYING MORE SHARES UNTIL EVENTUALLY THEY OWN THE WHOLE HOME, OTHERS CHOOSE TO MOVE ON, EITHER TO A DIFFERENT SHARED OWNERSHIP PROPERTY OR INTO A MARKET SALE HOME. THE GOOD NEWS IS THAT IT IS STRAIGHTFORWARD TO SELL OR BUY A SO RESI HOME, AND WE HAVE A DEDICATED RESALE TEAM TO HELP YOU EVERY STEP OF THE WAY THE PROCESS OF SELLING • In the first instance, it is down to your shared ownership housing provider to market the home for you. You can find what is called the “nomination period” in the terms of your original lease, which is the period that the provider has to find you a buyer before you can switch to an estate agent; normally eight to 12 weeks • You will need to commission and pay for a RICS valuation report for the home and send it to us. We will then send you a contract, that everyone on your lease has to sign, and your home will be put on the market at the valuation price • If you don’t have a valid Energy Performance Certificate (EPC) you will have to book and pay for one before we can legally market your home • You should tidy your home to make it look its best as we will be taking photos, and people may come to view it • During the nomination period we will market your home to people we know are interested in shared ownership, with the option for them to buy your share, or a larger share if
28 SOResi.co.uk
they wish. If we sell your home, SO Resi will receive a sales fee of 1.2% of its total value • In the unlikely event that we don’t find a buyer for your share within the nomination period then you are free to put it on the market with an estate agent. You don’t have to put it up for sale at the RICS valuation price, but if you sell for less you will have to pay us the percentage share of the RICS value, not of any reduced sale price. You will need to pay the estate agent’s fee, plus a £300 administration fee to SO Resi • When you sell via an estate agent you can either sell it as a shared ownership home, or use a process
