Under the terms of your lease, if you own less than 100% of your home, then you will need to contact us to arrange to sell your home. Your home must be sold to a person/people who meet the eligibility criteria for shared ownership and be approved by East Thames in the same way as when you originally bought your home.
To determine the sale price, your lease requires a valuation to be undertaken by an independent surveyor (not an estate agent), approved by both yourself and East Thames. We have a panel of RICS qualified surveyors, who will help you to determine the current market value of your home. Their report will determine the price at which your home will be marketed. You will be responsible for the valuation costs and any other legal fees incurred with selling your home. You will also need to provide an Energy Performance Certificate (EPC) from an EPC provider before we can market your property – we can provide you with details of local providers. Alternatively you can visit the Domestic EPC Register at www.epcregister.com for other providers, or to find a copy of your EPC.
The valuation that is carried out must be valid at the point where you secure a buyer, if the person buys the same share that you own. However, if they want to buy a larger share than what you currently own, the valuation needs to be valid up to completion of the sale.
East Thames, like all Landlords of Shared Ownership will have up to eight to twelve weeks to market and sell your home at the price stated by the independent valuation. This is known as the nomination period. The marketing period starts from the time you confirm to us you wish to sell, following the receipt of the valuation and professional photography.
We will charge you a fee for selling your home, in the same way as an Estate Agent would do.
If, after expiry of the nomination period, we have not been able to find another eligible buyer for shared ownership to buy your home, then you will be free to sell the property on the open market through either outright or shared ownership (depending on your lease).
Selling your home if you own 100%
If your property was originally a shared ownership property and you own the property outright you can sell it on the open market using an estate agent.
Your lease will still be with East Thames, and we and/or the managing agent will continue to manage and collect the ground rent and service charges for the building. It’s therefore very important that you ensure your solicitor contacts us and provides us with the new owner’s details, so that we can update the ownership of the property on our register and you won’t continue to receive letters asking for service charges from us.
Legal administration of property sales
During the sale of a property there are a number of legal transactions which will need to be dealt with during your sale. We will be asked by your solicitor to undertake a number of these duties, some of which will need our solicitors to act for us. Under the terms of the lease our solicitor’s legal expenses are to be paid by you, the existing leaseholder.
East Thames may also be asked to undertake some or all of the following, which will incur an administration fee:
- Leasehold/Solicitors enquiries - through their solicitor, your prospective buyer may raise some questions about the property that we will have to answer. These might relate to, for example, service charge expenses, major works, sinking funds, ground rent or building regulations.
- Notices - the buyer’s solicitor should issue East Thames with a transfer notice or charge notice informing us of the name of the new owner and lender. These are very important: without them we won’t be able to update our records and you will still be liable for any rent and service charge. If you’re re-mortgaging, your solicitor will issue a charge notice to advise us of the new lender. These are legal requirements that have to be checked and approved.
- Deed of variation - occasionally, we’re asked to approve a variation of the lease so that the sale can complete. These deeds of variation, as they are called, will only be agreed if they are not to the detriment of other residents or the mortgage provider.
- Certificate of Compliance - occasionally we are asked to confirm acceptance to restrictions within the Land Registry title.
Guide to selling your shared ownership home Administration charges leaflet
Valuation panel Solicitor panel
Valuation panel Solicitor panel