Shared ownership

Your guide to selling your shared ownership property

What you need to do if you decide to sell your shared ownership property

Firstly, you must contact us to let us know in writing, that you wish to sell your share in the property to enable us to market it for you. Your lease states that Yarlington Housing Group has the right to nominate a suitable buyer to purchase your share should you decide to sell.

Prior to us commencing any marketing we will require the following information from you:

  • Letter confirming your decision to sell your share in the property
     
  • Property valuation carried out by RICS qualified surveyor
     
  • Energy Performance Certificate for the property
     
  • Photographs (both internally and externally) emailed to: shared.ownership@yhg.co.uk
  • Your contact details so that any viewings can be arranged
     
  • Administration fee (this can be paid by cheque - payable to Yarlington Housing Group or by debit card over the phone)
     
  • Full list of applicable charges is published below
Please note that the asking price is set by the RICS valuation.

There is a 6-week time period from receipt of your formal authorisation to sell during which we will attempt to find a suitable buyer for the property.

If we have an interested party we will contact you to pass on their details so that you can make contact with them and arrange a convenient time to view the property. We will not give out your telephone number unless we have your permission to do so.

If a sale is agreed and proceeds to exchange of contracts, you will receive an invoice for selling the property which will be payable to Yarlington Housing Group within 14 days from the date of the invoice. (This only applies when YHG have nominated a buyer).

If we have not been successful in finding a buyer we will give you the authority to market the property through an estate agent of your choice.

Please ensure any estate agent nominated knows it is a shared ownership property which is being sold, and that there is rent to be paid on the property as well as a mortgage. Any purchasers will be required to complete our application form which we will assess to ensure that they meet both our financial and eligibility criteria for the purchase of a shared ownership property. The outcome will be confirmed to you as to whether the sale can proceed. Also the buyer will be required to register with our Homebuy agent, Help to Buy South West or Help to Buy South, depending on the location of of your property.

When an offer on the property has been accepted and solicitors appointed, Yarlington Housing Group must be advised in writing as follows:

  • The value of the offer accepted
  • The Seller’s solicitor details
  • The Buyer’s solicitor details

 

Description of charges

Description of charges up to 31/03/2020 (unless otherwise stated in the Lease).

Notice of assignment £55.00 No VAT
Notice of charge £55.00 No VAT

Administration marketing charge relating to liaison with seller, uploading property details, mail out to applicants, dealing with general enquiries, application assessments

£125.00

Fee for selling property
(only applies when YHG nominates a buyer - payable on completion)

1% of sold equity plus Vat (Subject to a minimum fee of £750.00 plus VAT)
 

Answering solicitors leasehold enquiries:

Completing Leasehold Property Enquiry Form ( LPE1) and up to 5 additional questions.



House £200.00 ( inc VAT)

Flat £250.00 (inc VAT)

Additional leasehold enquiry fee (If your solicitor makes further enquiries which have not already been covered within the LPE1 document. The fee may be charged as we may need to obtain documents from external sources, and involve the input from other departments). £100.00 + VAT
Staircasing admin fee £150.00 + VAT
Certificate of compliance £75.00 No VAT
Deed of covenant £75.00 No VAT
Licence to assign £75.00 No VAT
Copy of the lease £50.00 No VAT
Copy of sale plan £10.00 No VAT

 

 

 
Contact our sales team on 01935 404006 or email shared.ownership@yhg.co.uk