Move On Up with Peabody
What is 'Move On Up'?
'Move On Up' is Peabody’s Transferable Equity Scheme which helps our existing Shared Owners use the equity in their current home to purchase another Peabody home through Shared Ownership or as an outright 100% leaseholder by buying a Private Sale property or where criteria met with Help to Buy.
We understand that since buying your Shared Ownership home, your circumstances may have changed and you would like to own a new home in a different location or a property that offers stronger transport links.
Whatever your reasons for moving, Peabody want to give you a helping hand onto the next step of the property ladder with ‘Move On Up’.
How does it work?
Our dedicated team will work with you to sell your existing Shared Ownership home whilst helping you find the perfect Peabody home that suits all your needs, making moving home seamless.
We will guide you through all aspects of selling, from viewing day tips, choosing solicitors and obtaining a mortgage. Our team will ease the stress of the buying process, by matching you to Peabody homes that ticks all of your boxes.
Step 1 - Register your interest
- Complete the Initial Enquiry Form
Step 2 – Property valuation
- A desktop valuation will be carried out to give you an idea of the estimated full market value of your current home
- A non-refundable fee of £30 will be required for the valuation
Step 3 - Pre-qualifying financial assessment
- Our mortgage advisors will be in touch to provide you with an affordability assessment to help match which properties and home ownership route is best suited to your affordable price range
- If you decide ‘Move on Up’ is not right for you and that you would like to buy more shares, we will direct you to our staircasing team
Step 4 - Marketing your home
- Kindly let us know you are happy to go ahead with ‘Move on Up’ by fully completing the relevant documents in the resales pack we send to you
- Once we have all the documents we need from you, we will begin to advertise your home
Step 5 - Finding your new home
- After understanding what you are looking for in your new home, we will discuss Peabody home options available to you
Are you eligible for 'Move On Up'?
To be eligible for ‘Move On Up’, you will need to pass an affordability assessment for your new home to make sure you can comfortably afford your new home. You will also need to:
- Be an existing Peabody Shared Ownership leaseholder
- Earn less that £90,000 p.a. within all London Boroughs and £80,000 outside of
- Have no outstanding arrears on your rent, service charge or mortgage accounts
What are the average costs involved?
- A non-refundable valuation fee of £30 is required. This will be deducted from your formal valuation providing you decide to ‘Move on Up’ within 3 months of the initial desktop valuation date.
- A valuation fee of £300 will be applied providing this is carried out within 3 months of the desktop valuation being carried out by TH3 who are providing you with a special desktop valuation rate.
- In order for us to market your property, a non-refundable initial admin fee of £350 must be paid to ‘Peabody Housing Trust’ by card.
- You are required to allow us 8 weeks to market the property at a fee of 1.5% plus VAT. This fee is deducted from your equity on completion of the sales transaction.
- You can select your choice of photographer from our panel where their prices range between £95.00 - £120 (plus VAT). This covers the cost of your professional marketing pictures which consists of up to 8 photos and floor plan
- Energy Performance Certificate (EPC) will normally cost in the region of £50-£100 and lasts for 10 years. It is worth checking whether your property still has a valid certificate before arranging an assessment as this will be required before we can market your property*
- Solicitor fees can range from £1100 to £1600 depending on the value of your property . You will also be required to pay Peabody’s legal expenses which are usually between £450 and £550
- Some properties particularly those with a headlease, may require the sale to be registered with the superior landlord. This is known as a Notice of Assignment and fee of £30 is payable for it
- Your buyer’s solicitor may raise detailed enquiries about your property and we will provide response to the enquiries. A fee of £175 + VAT is payable for this service
- A reservation fee of £500 (£2,000 for Non Help to Buy deposits) is required for your new property*
Want to 'Move On Up'? Get in touch.
If you are interested in 'Move On Up' you will need to get in touch with our Sales team, who can take you through the process and answer any questions you may have.
Terms & Conditions.
*In the event of your Shared Ownership reservation not being successful, the fee is refunded providing you had started the sales process of your current home, alternatively, the fee can be transferred to another Peabody development that may be of interest to you. Peabody reserves the right to accept or reject your Application for any reason at any time. If Peabody rejects your Application you will receive a refund for any fee paid.
Please note: that where your current property has not been marketed for sale at the time you choose to make a reservation on a new build shared ownership property and fail to have secured a buyer within 8 weeks the reservation being made then the £500 fee is non-refundable due to the property being taken off the market. The £500 fee, payable for those who qualify for Help to Buy, is refundable up to the point of instructing solicitors. The non Help to Buy deposit is non-refundable at any stage.
Please note: this is only a guide to costs, depending on your property there may be additional costs.