Selling your home if you live in a block of flats
Some leaseholders may experience issues securing mortgages for homes which are in blocks of flats as a result of changes in building safety advice. Please seek advice directly from your lender or mortgage broker before applying so that you do not incur any unnecessary valuation or solicitors' costs.
Selling your Shared Ownership home
Selling a Shared Ownership home is known as a resale, and you are able to sell at any time. If you own 100% of your property, you can advertise on the open market via an Estate Agent.
If you own a share of your property, under the terms of your lease Peabody has eight weeks to find a buyer. We do this so we can help other first time buyers on to the property ladder and we are able to offer you an expert sales service at a competitive rate.
Any potential buyer of your share needs to meet the set eligibility criteria for Shared Ownership. So, they must be in a household earning £90,000 or less, with sufficient deposit to at least buy the share you are selling.
After eight weeks, if we are unable to find a buyer, you can choose whether to continue marketing with us or you can sell your home through an Estate Agent, but paying their fees. The buyer they find must meet the affordable homes requirements.
Like staircasing, the price you sell your home for will be based on the market value at the time. This will be determined by an independent RICS qualified valuer. Like any home, the value of a Shared Ownership property can rise and fall according to the housing market. When selling your share of the home you must advise Peabody in writing of your intention to sell your property. The Resident Sales team will then assist you through the process of selling your home.
How do I sell my Shared Ownership home?
Step 1 - Complete the 'Request to sell your home' registration form.
The first step is to email our resale team to notify them of your intention to sell - Peabody.resales@Peabody.org.uk.
Step 2 – Preparing to market your property
The Sales Executive who will be working on your sale will send you over a pack of information for you to look over, fill in and return (see the guide for details) and request pictures of your property.
Step 3 - Request a valuation
You need to next chose a RICS qualified surveyor from our panel. The valuation they provide will determine the sale price of your share.
When you've chosen your surveyor you'll need to complete our 'request a valuation' form. We will then contact you to arrange payment for the valuation direct to the surveyor.
And if you haven't already done so, you'll need to arrange for an Energy Performance Certificate (EPC) at this stage.
Step 4 - Offer approval
An offer letter will be sent to you along with a copy of your valuation report. You should read through the report and sign if you are happy to proceed.
Step 5 - Instruct your Solicitor
We recommend using the solicitor who originally dealt with your purchase as they are most likely to have a lot of your details available regarding your property. If this is not possible we can provide you with a list of our client-recommended panel solicitors.
Step 6 - We put your home on the market
Once approved we then put your property on our website and other property portals, we will then invite interested parties to complete an application form, so we can determine their eligibility before inviting them to view.
Step 7 - Viewings
As the person who bought the property and who has lived there for some time, there is no one better than yourself to show people your home We will pass on any eligible applicants for you to carry out viewings. See our guide for some top tips for you to consider on the day of the viewing.
Step 8 - The offer
Once the allocation period has completed an offer will be made to the applicant with the highest priority within two weeks of the viewing date. Once accepted, the successful purchaser is required to pay a non-refundable fee to reserve the property.
We will issue a memorandum of sales (MOS) and you and the purchaser are then required to give a formal instruction to your own solicitors.
Step 9 - Completion day
Please remember that you are selling direct to your buyer and will need to meet them again on the day of completion. We will adjust your account to show the new owner of the property.
How can I ensure that the sale progresses as quickly as possible?
It is advisable that you allow Peabody to pass your contact details on to your buyers so that you can discuss possible moving dates. It is also important to liaise with your solicitors on a regular basis so that they can progress the sale with your buyer’s solicitors. If you are buying another home, you should try and ensure this sale progresses as quickly as possible.
Once a buyer has been found and we have instructed solicitors, we will help you to progress the sale to completion.
When should I look for another home?
You should begin to look for another home to buy, as soon as you decide to sell. However, to avoid putting yourself under any pressure, you should not make an offer on another home until a buyer has agreed to buy your Shared Ownership home.
When you agree to buy a home, it is in your best interests to make everyone involved aware of the timescales outlined in this leaflet. Remember that you and your buyer could decide not to proceed at any time up to exchange of contracts.
What if I have made improvements to my home?
When you sell your home the surveyor will value the property in its current condition including all home improvements. You will sell the share you own which will be a percentage of the full market value including home improvements you have made.
Not all home improvements will increase the value of your home, but may make it easier to sell. Items such as a conservatory or high range kitchen may increase the value of your home. If you have done any major home improvements you will have needed permission from our Housing Management and Asset Management departments. If you have done this let us know and provide copies of the estimates/receipts for the work to the surveyor who will advise us if the works have increased the value of your home or not.
For more information on selling your Shared Ownership home, contact the Resident Sales Team by email Peabody.resales@Peabody.org.uk.
Find out more from Peabody:
How do I sell my share of my Shared Ownership property?
The actual legal process when selling your share of your Shared Ownership property is no different from selling a non-Shared Ownership property.
How Easy Is It to Sell a Shared Ownership Property
We explain why it isn’t as difficult as it seems to sell your Shared Ownership property with expert help and guidance from Peabody.