How To Sell Your Shared Ownership Home
Also known as a Resale, you are able to sell your property at any time
How does it work?
In your lease it states that you must allow East Midlands Housing Group eight week’s notice to introduce a buyer to your property, this is known as the “nomination period”. At this time emh do not require this nomination period and once you have notified us of your intention to sell and completed all of the required paperwork you are permitted to sell your property on the open market with your chosen estate agent.
We will require a RICS (Royal Institute of Chartered Surveyors) valuation to be carried out on the property prior to marketing. This will determine the current market value of the property (and you’re share). Your property cannot be sold for more than its current market value.
We will also ask you to sign an agreement with us to pay our administration fee upon completion of the sale and complete a property information form to enable us to complete some of the enquiries raised by solicitors.
What will it cost?
Our current administration fee for selling is £180 payable upon completion of the sale.
There is no charge for withdrawing the property from the market, meaning No sale no fee.
There will be an additional cost of £90 for a house and £180 for a flat for the completion of a Leasehold pack when you have found a buyer. This leasehold information is required by the buyers solicitor to enable them to check that all of the obligations of the lease have been met by you and includes information that they may need to pass onto the new buyer relating to their obligations when they take on the lease.
You will be responsible for paying your estate agency fees and your solicitors fees for the sale.
Does emh sell their share when I sell my share?
No, the share that you own will be sold but emh do not sell their share. The existing lease will be “assigned” to the new buyer who then takes on the responsibility of paying the rent and any service charge when they complete.
Does my buyer have to be approved by emh?
Yes, your buyer must meet the criteria for the shared ownership scheme and will follow the same application procedure that you did when you purchased the property and must be assessed and approved by us before solicitors are instructed.
How do I proceed?
Contact us straight away if you want to sell your home, a member of our team will let you know what we need from you e: firstname.lastname@example.org / t: 0300 123 0918