How to sell your Shared Ownership home with RHP
If you're looking to sell your Shared Ownership home, there are a few things you need to know. Here's a quick guide on how to Sell your Shared Ownership home with RHP.
You can also check out our easy three step guide which details how to sell your Shared Ownership home by clicking here.
Step 1
So, you've decided to sell your Shared Ownership property. Congratulations - this is a big moment! Now it's time to start thinking about the next steps. The good news is that we're here to help. Our team has a wealth of experience in guiding people through the selling process, and our aim is to make things as simple as possible for you. We'll be with you every step of the way, from start to finish.
Before you put your property on the market, the first step is to get it valued by a professional. This will help you determine how much your property is worth and ensure that you are setting a realistic price. A qualified RICS surveyor will be able to provide an accurate valuation report, which will take into account factors such as the local market, the condition of the property, and recent similar sales in the area. The sales price will be based on the figure in the valuation report, so it is important to make sure that you are happy with this price before proceeding. Once you have received the valuation report, we will then be able to list your property and start marketing it to potential buyers.
Potential buyers are always keen to know how energy efficient a property is and how much money they could save by making improvements. An EPC (Energy Performance Certificate) provides this information, as well as showing what improvements can be made. If you bought your property within the last 10 years, you can download a copy of the certificate from www.gov.uk/find-energy-certificate. Having a valid EPC is essential if you want to sell your property, so it's definitely worth taking the time to obtain one.
If your EPC is not listed, or is out of date, you’ll need to arrange a new one. Details of how to do this can be found here www.gov.uk/get-new-energy-certificate.
Step 2
Your lease says RHP can nominate a buyer. This means we have the first opportunity to sell your home. If we find you a buyer, you pay a sales fee of 1% plus VAT of the full value of your home. There are several benefits to this arrangement. First, it gives us the opportunity to find a buyer who is serious about purchasing your home. Second, it allows us to control the marketing and pricing of your home. And third, it gives you the peace of mind of knowing that you won't have to pay any fees unless we are successful in finding a buyer for your home. So if you're thinking of selling your home, be sure to ask about our lease-nominated buyer service.
We understand that marketing your property can be a daunting task, especially if you're not familiar with the process. That's why we're here to help. We'll market your property on dedicated Shared Ownership websites and we'll manage all enquiries and financially assess anyone who wants to view. We'll then arrange an open day on your behalf; we make the appointments and you show potential buyers around. We'll advise anyone who views who wants to buy to contact us afterwards to express their interest. We'll then prioritise the applications. So you can rest assured that your property is in good hands.
Step 3
We will begin the process of drawing up a memorandum of sale. This document will be sent to all parties involved in the sale, including RHP and our solicitor. In addition, we will provide a Sales Pack. This pack contains important documents relating to your property, such as service charge accounts and the buildings insurance certificate. It also supplies the answers to standard leasehold enquires. The charge for this is usually £200 but is included within your sales fee if we find you a buyer. By taking care of these details, we hope to make the process of selling your property as smooth and stress-free as possible.
The final stage of the buying process is to exchange contracts and agree on a completion date. Once your buyer has their mortgage offer and your solicitor has answered their queries, you'll be ready to proceed. We'll provide your solicitor with a completion statement that shows any rent or service charge amounts to be collected on completion or refunded. At this point, both you and the buyer will sign the contract and return it to each other. A deposit (usually 10% of the purchase price) will also be paid. The date of completion will be agreed, which is usually within 4-8 weeks after exchanging contracts.
The day of completion is an exciting one, as it marks the end of the property-buying process. Once the final paperwork has been signed and the funds have transferred, you'll need to make arrangements to hand over keys to your buyer. You can either do this in person or leave them with your estate agent. If you're leaving the property empty, you'll need to make sure that all your belongings have been removed and that the property is clean and tidy. It's also worth doing a final walk-through of the property to check for any damage. Once everything has been taken care of, you can finally relax and enjoy your new home.
Finally
If you're looking to sell your home, there are a few things you should know. First, if we can't find a buyer within eight weeks, you have the option of asking us to continue marketing your home until we do find a buyer, or you can instruct an estate agent to sell your share or 100% of the property. If you sell via an agent, you are still liable to pay the Sales Pack fee, RHP's legal fees and an administration charge of £250 if the agent sells your share only. Second, if your property has a lease term of 85 years or less remaining, you may want to consider extending your lease prior to selling. A low lease may affect the value of your home and could be less attractive to potential buyers. Some banks and building societies won't lend on properties with lease terms less than 80 years. For more information, see our guide on how to extend your lease. Keep these things in mind when selling your home and you'll be sure to find a buyer in no time!
