Shared Ownership
This page gives you information about the current options available to Shared Owners and owners of Leasehold for the Elderly or Older Persons Shared Ownership homes.
This page also provides information on selling your home or purchasing more shares in your home if you are a Shared Owner. We provide a broad overview of the options available below:
- A guide to buying more shares in your Shared Ownership Home
- A guide to selling your leasehold for the elderly or older persons Shared Ownership Home
- A guide to selling your Shared Ownership Home
If you have any questions, please email our team at Property.Sales@placesforpeople.co.uk and we will do our best to help you.
Find out more about Shared Ownership and how it works.
A guide to buying more shares in your Shared Ownership Home (Staircasing)
If your home is a Shared Ownership property, you may be able to buy more shares* in your home depending on the terms of your lease. Buying more shares is called Staircasing and lets you increase the share of your home you own. You can purchase more shares in one go or over time and the price you pay for the share you are buying will always be based on the current market value of your home.
If you are on the ‘New Shared Ownership Lease’ you will also be able to staircase in 1% increments.
The benefits of staircasing your Shared Ownership home include:
- Reducing the amount of rent you pay, with no rent to pay if you staircase to 100% or the maximum equity available under the terms of your lease.
- Staircasing to 100% ownership (if your lease allows it) means you are not restricted to selling to someone who meets the eligibility criteria for Shared Ownership. Depending on the terms of your lease, there may still be other restrictions on selling your property at 100% ownership, for example if your property is only for retired people or people over the age of 55.
- You can contact an independent financial advisor for guidance on whether you have enough equity in your home to buy more shares or an estimate of how much a new mortgage might cost.
* Some leases do not allow you to staircase to 100% ownership and are instead limited to a maximum equity percentage. We will check this when you apply to staircase.
How do I staircase my home?
Step 1 – Seek independent financial advice
You should seek independent financial advice to ensure that buying further shares in your property is the right choice and will be affordable to you in the future.
Step 2 – Request your Application to Staircase
If you want to start the staircasing process, complete our Shared Ownership enquiry form and we will be in touch with the Application to Staircase form.
Step 3 – Complete and return your Application to Staircase and pay the valuation deposit
You should complete and return your Application to Staircase form to Property.Sales@placesforpeople.co.uk.
The valuation deposit for staircasing is £220.00. You can request our bank details to make payment or to ask about other payment methods.
Step 4 – Valuation
Once we have received your completed Application to Staircase form and the valuation deposit from you, we will instruct an independent RICS qualified surveyor to value your home. The surveyor will contact you directly to arrange a mutually convenient time to visit the property.
Valuations are only valid for 3 months and the valuation will need to be in date when completion takes place. If the valuation expires before completion takes place, we will need to request a desktop valuation or new valuation report, this may be at an additional cost to yourself. Your valuation could change, and this may impact the price you will pay for the additional shares in your home.
We will aim to instruct the valuation within 3 working days of receiving your valuation deposit and completed form (or in line with the timescale defined in your lease).
Step 5 – Receive your offer
We will send you a staircasing offer to confirm the price required for the additional equity you are buying. Your staircasing offer will also confirm the expiry date of your valuation and the offer. Your sale will need to complete before the expiry date or we may need to request a desktop valuation as outlined in the step above.
Step 6 – Tell us if you are proceeding and instruct solicitors
If you wish to proceed, you will need to return the acceptance form with your offer and provide us with your solicitor’s details. You can find a solicitor through the Law Society.
Please send us contact details for your solicitor once they have been instructed.
It is important that you monitor the progress of your purchase against the expiry date of your offer.
Step 7 - The legal process
Once you have returned your acceptance form we will instruct solicitors to act on our behalf in the sale. Our solicitors will write to your solicitors to confirm their requirements. Your solicitors will arrange a suitable time with you to sign any required legal documents.
Step 8 – Completion
Your solicitors will arrange a completion date with you, the buyer’s solicitors, and our solicitors to let us know the proposed date. Our solicitors will let your solicitors know if there is any money they need to collect from you to cover rent and service charges to the completion date.
Once we are notified that completion has taken place, we will update the account and adjust the amount of rent you pay to reflect the equity you now own from the date completion took place.
Staircasing FAQ's
How is my purchase price calculated?
When you staircase, you buy more shares in your property at the current market value. We will arrange a valuation by a RICS qualified surveyor who will contact you to arrange a mutually convenient time to visit your home. The surveyor will provide a valuation report which confirms the market value of your property – the market value is how much your property is worth. The cost of the additional shares you are purchasing is calculated as a percentage of the market value of your home.
What if I’ve made improvements to my home?
When we send you your Application to Staircase form, there is space for you to detail any improvements you have carried out to the property. When we instruct the valuation, we will pass a list of your improvements to the surveyor who will disregard them when valuing your property. Please see a copy of our guidance on improvements here.
What about repairs needed to my home?
When we instruct the valuation, the surveyor will be asked to value the property as if it had been kept in a good state of repair in accordance with the terms of the lease.
For more information, please see our guidance on disrepair.
How long is the valuation valid for?
The valuation is valid for three months. It is your responsibility to ensure that the transaction completes within this time frame. If you do not complete within three months you will have to pay an additional valuation fee.
Will my rent payments change when I staircase?
If you are staircasing to 100% ownership, you will no longer have to pay rent but you may still have to pay a service charge or ground rent depending on the terms of your lease.
If you are partially staircasing, the amount you pay will reduce in line with the share you have purchased.
What about service charges and buildings insurance?
If you are staircasing to 100% ownership and your property will be freehold, in most cases you will need to arrange your own buildings insurance but you may still have to pay a service charge. You should seek legal advice as to whether you will need to obtain your own buildings insurance.
If you are staircasing to 100% ownership and your home will be leasehold, it is likely you will still pay buildings insurance and service charges to us.
You should ask your solicitor to confirm exactly what you will pay following completion.
When can I staircase?
You can staircase whenever you are in a position to do so.
What are the costs associated with staircasing?
In addition to the price for the additional equity you are buying, there are several costs to consider when purchasing more shares.
These include;
- Valuation fees – the cost of the valuation can vary depending on several factors, including the size and location of your home. You will pay a valuation deposit of £220 when you return your Application to Staircase form, but any additional valuation cost will need to be paid when completion takes place. If your valuation expires, you will also have to pay additional valuation fees.
- Solicitors’ fees – You will need to pay your own solicitor’s fees for acting on your behalf. If a Deed of Variation is required, you may be required to pay our legal fees.
- Stamp Duty – You will need to seek advice from your solicitor on your liability to pay stamp duty.
- Mortgage Fees – If you are re-mortgaging to pay for the additional shares, your lender may charge a product fee.
- Rent and Service Charge Arrears – If you have any arrears on your rent or service charge account you will need to clear these arrears before completion can take place.
A guide to selling your Leasehold for the Elderly or Older Persons Shared Ownership home
If you decide to sell your home, your buyer will need to be assessed as eligible for your scheme. In most cases, as part of the process we will instruct a RICS valuation to determine the market value of your home. The sale price must be equal to the relevant percentage of the market value of your home. More information on the eligibility criteria and the process can be found below.
Selling your property
Step 1 - Request your application to sell here
Step 2 – Complete and return your application to sell and begin marketing your property
It is important you complete and return your application to sell to us at the earliest opportunity. The form gives us your consent to answer questions from any prospective buyers, your estate agent, solicitor or any other interested parties.
You are free to make your own arrangements to market the property for sale. Usually Customers arrange to market their property through local estate agents, but you can also agree a sale privately.
If a valuation is required, we will contact you to let you know whether we will instruct a surveyor or whether we need you to obtain a valuation. We will do this once you have found a buyer. However, if you wish to have the valuation done earlier, please contact us to let us know however please be aware that valuations are typically only valid for 3 months and if your valuation expires you may incur additional costs and the valuation may change.
Please give your estate agent a copy of the eligibility criteria. If your property is owned on a Shared Ownership basis or is a property that has a sale price restriction of less than 100% of the value of the property, please find the eligibility criteria here. If your property is owned outright but is age-restricted, you can view the eligibility criteria here.
Step 3 – Agree a sale
You will need to let us know as soon as a sale has been agreed to prevent any delays with your transaction. Please ask your estate agent to email a copy of the Memorandum of Sale to Property.Sales@placesforpeople.co.uk as soon as possible. If you have agreed a sale privately, please email us with contact details for your buyer.
Please note that the sale price for the share must equal the relevant percentage of the market value of your home.
If you haven’t already, you should instruct a solicitor once you have agreed a sale. You can find a solicitor through the Law Society. Please send us contact details for your solicitor once they have been instructed.
Step 4 – Assessing your purchaser
We will assess your buyer to determine whether they are eligible for the scheme, you can view our eligibility criteria for shared owners here or the eligibility criteria for outright owned age restricted properties here. We will assess applications on an individual basis and if a buyer wishes to discuss whether they may be eligible they can contact us directly on 01772 667049 or email us at Property.Sales@placesforpeople.co.uk
Step 5 – RICS valuation
Once your buyer has been approved, we will contact you about a valuation from a RICS (Royal Institute of Chartered Surveyors) qualified surveyor, if required.
Valuations are only valid for 3 months and the valuation will need to be in date when completion takes place. If the valuation expires before completion takes place we will need to get a desktop valuation or new valuation report and this may be at an additional cost to yourself. Your valuation could change and this may impact your sale price. Your sale price must not be more than the relevant percentage of the RICS valuation.
Step 6 – The legal process
Our solicitor will write to your solicitor to confirm the requirements for the sale. The requirements for the sale will depend on the content of your lease.
It is important that you monitor the progress of your sale by liaising with your solicitor to ensure that the sale completes within the validity of your valuation report.
Step 7 – Completion
Your solicitors will arrange a completion date with you, the buyer’s solicitors and our solicitors and let us know the proposed date. Our solicitors will let your solicitors know if there is any money they need to collect from you to cover rent, service charges or sinking fund payments to the completion date.
Your buyer’s solicitors will serve Notice of completion on us once the sale has gone through. It is important that the buyer’s solicitors serve notice as soon as possible as otherwise this can cause delays in the account being updated. We will then update the account into the new owner’s name.
FAQ's
When do I return my Application to Sell form?
It is important you complete and return your application to sell to us at the earliest opportunity. The form gives us your consent to answer questions from any prospective buyers, your estate agent, solicitor or any other interested parties.
When should I market the property?
You are free to market your property whenever you wish. We do not nominate purchasers or have a list of potential applicants. We recommend you return your Application to Sell form as soon as possible so we can answer any questions from any prospective buyers, your estate agent, solicitor or any other interested parties.
What is the difference between a RICS valuation and an Estate Agent valuation?
An estate agent’s valuation is an appraisal of the recommended price to market your property at. A RICS valuation is carried out by a RICS-qualified surveyor, in line with their professional guidance. A RICS valuation will determine the market value of the property, assuming a sale from a willing buyer and a willing seller in an arm’s length transaction, after proper marketing.
How will I know the value of my property before a valuation has been carried out?
You will only know the market value of the property when a valuation has been carried out by a RICS-qualified surveyor. It is up to you when the RICS-valuation is obtained. However, your estate agent should be able to advise you on marketing your property and the price to advertise your home at.
When is a valuation required?
Once your buyer has been approved we will contact you about the valuation. We recognise you may wish to obtain the valuation earlier in the process. You can contact us at any point in the process to request the valuation on 01772 667049.
What if my valuation expires?
Your valuation must be in date when completion takes place. It is important that you monitor the progress of your sale against the expiry date of the valuation. If you think your valuation will expire before completion takes place, you should contact us and we will let you know the next steps.
Are there any restrictions on the sale price I can agree with my buyer?
The sale price must be the relevant percentage of the market value of your home as determined by the valuation report.
What if my remaining lease term is short?
You may be able to apply for a lease extension if your lease is short. Please contact us if you wish to discuss a lease extension.
What fees will I pay?
You will be responsible for your own legal and estate agents costs plus fees incurred by us in connection with administering the sale, this will include our legal fees and may also include valuation fees. You will also have to pay an administration fee to us which will be confirmed to you on the application form.
A Sinking Fund payment may be payable when your property is sold. Please refer to your lease for further details. If you have any questions about sinking funds, please ask your solicitor for advice or contact us at Property.Sales@placesforpeople.co.uk.
In addition, on some properties there may be Stamp Duty Land Tax payable by the seller (you should get advice from your solicitor as to whether this applies to you).
How long will the process take on average?
We can’t answer that for you. How long the sale will take from the point a sale is agreed to completion depends on a number of factors, including how quickly your buyers can proceed, whether your buyers need a mortgage and how quickly your solicitor and the buyer’s solicitors complete the conveyancing for your transaction.
What is in a management pack/purchaser information pack
The pack provides information on your property, the lease, and the management of the scheme which a buyer’s solicitor may ask for in order to advise their client about the property. It will include insurance and service charge accounts and any other documents we hold about your property.
Our timescales when you're selling your property
Assessing your purchaser
We aim to assess your purchaser within 10 working days of receiving your buyer’s application, but it can take longer for us to assess them if we have to ask your buyer for more information.
Providing a management pack
Your solicitor may request a management pack (also known as an LPE1 or Purchaser Information Pack) from us to give to your buyer’s solicitors. If your property is managed by us, we will request the applicable fee from your solicitor. Your solicitor can email us at Property.Sales@placesforpeople.co.uk to request our bank details or to ask us about other payment methods.
We aim to issue the management pack within 10 working days from receipt of the payment from your solicitors.
If your property is managed by Residential Management Group (RMG), RMG will acknowledge the request within 2 working days and then send the pack to your solicitor in 5 working days.
Updating the account
After your sale has completed, the buyer’s solicitor will need to notify us that the sale has completed and provide us with formal confirmation of the buyer’s details. When we have received this information from the buyer’s solicitors, we aim to update the account within 5 working days.
A guide to selling your shared ownership home
As a shared owner, you will be able to sell your share to someone who is assessed as eligible for Shared Ownership. If your lease allows you to staircase, you will also have the option of selling more equity than you currently own up to outright ownership (or the maximum equity percentage outlined in your lease).
If you decide to sell your share, or more equity than you own, your buyer will need to be assessed and eligible for Shared Ownership and you will be asked to provide a RICS valuation as part of the process. The sale price for the share cannot exceed the relevant percentage of the market value of your home.
If you have the option to sell our home outright, your buyer will not need to be assessed and the sale price will not be restricted in line with the market value of your home. However, we will instruct a valuation as part of the process to determine the price required by us for the sale of our additional equity. This will be determined under the staircasing provisions in your lease regardless of the sale price you accept for your home. You can read more about staircasing here.
Selling your property on a shared ownership basis
Step 1 - Request your application to sell
Step 2 – Complete and return your application to sell and begin marketing your property
It is important you complete and return your application to sell to us at the earliest opportunity. The form gives us your consent to answer questions from any prospective buyers, your estate agent, solicitor or any other interested parties.
You are free to make your own arrangements to market the property for sale. Usually, Customers arrange to market their property through local estate agents, but you can also agree a sale privately.
We will ask you to provide us with a RICS valuation once your buyer has been approved. You are free to obtain the valuation earlier, however valuations are typically only valid for 3 months and if your valuation expires you may incur additional costs and the valuation may change.
Please give your estate agent a copy of the eligibility criteria and Shared Ownership marketing information.
Step 3 – Agree a sale
You will need to let us know as soon as a sale has been agreed to prevent any delays with your transaction. Please ask your estate agent to email a copy of the Memorandum of Sale to Property.Sales@placesforpeople.co.uk as soon as possible. If you have agreed a sale privately, please email us with contact details for your buyer.
Please note that the sale price for the share cannot exceed the relevant percentage of the market value of your home.
If you haven’t already, you should instruct a solicitor once you have agreed a sale. You can find a solicitor through the Law Society. Please send us contact details for your solicitor once they have been instructed.
Step 4 – Assessing your purchaser
We will assess your buyer to determine whether they are eligible for Shared Ownership, you can view our eligibility criteria. We will assess applications on an individual basis and if a buyer wishes to discuss whether they may be eligible they can contact us directly on 01772 667049 or email us at Property.Sales@placesforpeople.co.uk
Step 5 – Obtain a RICS valuation
Once your buyer has been approved, we will contact you and ask you to obtain a valuation from a RICS (Royal Institute of Chartered Surveyors) qualified surveyor. You can find a RICS qualified surveyor local to you on the RICS website.
Please note that we cannot accept estate agents appraisals or mortgage valuations.
Valuations are only valid for 3 months and your valuation will need to be in date when completion takes place. If your valuation expires before completion takes place you will need to get a desktop valuation or new valuation report and this may be at an additional cost to yourself. Your valuation could change and this may impact your sale price. Your sale price must not be more than the relevant percentage of the RICS valuation.
Step 6 – The legal process
We will write to your solicitor and the buyer’s solicitor to confirm our requirements for granting consent to the assignment of your lease and approving your buyer’s mortgage. At this point we will ask your solicitor to pay the consent to assignment fee of £144 including VAT. Your solicitor will contact you to arrange for you to sign a legal document called a Licence to Assign. Depending on the terms of your lease, we may instruct a solicitor to act on our behalf who will liaise with your solicitors in our stead.
It is important that you monitor the progress of your sale by liaising with your solicitor to ensure that the sale completes within the validity of your valuation report.
Step 7 – Completion
Your solicitors will arrange a completion date with you and the buyer’s solicitors and let us know the proposed date. We will let your solicitors know if there is any money they need to collect from you to cover rent and service charges to the completion date.
Your buyer’s solicitors will serve Notice of completion on us once the sale has gone through. It is important that the buyer’s solicitors serve notice as soon as possible as otherwise this can cause delays in the account being updated. We will then update the account into the new owner’s name.
Our timescales when you're selling your property
Assessing your purchaser
We aim to assess your purchaser within 10 working days of receiving your buyer’s application, but it can take longer for us to assess them if we have to ask your buyer for more information.
Providing a management pack
Your solicitor may request a management pack (also known as an LPE1 or Purchaser Information Pack) from us to give to your buyer’s solicitors. If your property is managed by us, we will request the applicable fee from your solicitor. Your solicitor can email us at Property.Sales@placesforpeople.co.uk to request our bank details or to ask us about other payment methods.
We aim to issue the management pack within 10 working days from receipt of the payment from your solicitors.
If your property is managed by Residential Management Group (RMG), RMG will acknowledge the request within 2 working days and then provide the pack within 5 working days.
Formal consent to the sale (Consent to Assignment)
Before you are able to exchange contracts, your solicitor will require our consent to the sale (also known as consent to assignment). To give consent to the sale we need our administration fee £144.00 including VAT and copies of the seller and buyer’s signed Licence to Assign from your solicitor. We will also need an in-date valuation. When we receive all of these things from your solicitor we aim to provide consent to the sale within 5 working days.
Updating the account
After your sale has completed, the buyer’s solicitor will need to notify us that the sale has completed and provide us with formal confirmation of the buyer’s details. When we have received this information from the buyer’s solicitors, we aim to update the account within 5 working days.
What if I’m selling a higher share than I own but less than 100%?
We will aim to instruct a valuation within 3 working days of receiving your valuation deposit payment (or in line with the timescale defined in your lease). We will aim to issue the staircasing offer to you within 5 working days (or in line with the terms of your lease) of receiving the valuation report from the surveyor.
Selling more equity than you currently own
Step 1 – Request your application to sell
Step 2 – Complete and return your application to sell and begin marketing your property
It is important you complete and return your application to sell to us at the earliest opportunity. The form gives us your consent to answer questions from any prospective buyers, your estate agent, solicitor or any other interested parties.
Once you have agreed a sale we will ask you to pay the valuation deposit so we can instruct the valuation report. If you would like us to instruct the valuation earlier, just let us know.
You are free to make your own arrangements to market the property for sale. Usually, Customers arrange to market their property through local estate agents, but you can also agree a sale privately.
Step 3 – Agree a sale
You will need to let us know as soon as a sale has been agreed to prevent any delays with your transaction. When you let us know a sale has been agreed we will contact you to request the valuation deposit payment if this hasn’t already been paid.
Unless you are selling your home outright, your buyer will need to be assessed as eligible for Shared Ownership.
Step 4 - Valuation
On receipt of payment, we will instruct an independent RICS qualified surveyor to carry out a valuation of your property. The valuer will contact you directly to arrange a mutually convenient time to visit the property.
Valuations are only valid for 3 months and the valuation will need to be in date when completion takes place. If the valuation expires before completion takes place, we will need to request a desktop valuation or new valuation report, this may be at an additional cost to yourself. Your valuation could change, and this may impact the price we require for the additional equity you are selling.
If you are not selling your home outright, your sale price must not be more than the relevant percentage of the RICS valuation.
Step 5 – Receive your offer
We will send you a staircasing offer to confirm the price required for the additional equity you are selling. Your staircasing offer will also confirm the expiry date of your valuation and the offer. Your sale will need to complete before the expiry date or we may need to request a desktop valuation as outlined in the step above.
If you wish to proceed, you will need to return the acceptance form included with your offer and provide us with your solicitor’s details. You can find a solicitor through the Law Society. Please send us contact details for your solicitor once they have been instructed.
It is important that you monitor the progress of your sale against the expiry date of your offer.
Step 6 – The legal process
Once you have returned your acceptance form we will instruct solicitors to act on our behalf in the sale. Our solicitors will write to your solicitors to confirm their requirements. Your solicitors will arrange a suitable time with you to sign any required legal documents.
Step 7 – Completion
Your solicitors will arrange a completion date with you, the buyer’s solicitors and our solicitors and let us know the proposed date. Our solicitors will let your solicitors know if there is any money they need to collect from you to cover rent and service charges to the completion date.
If required under the terms of your lease, your buyer’s solicitors will serve Notice of completion on us once the sale has gone through. It is important that the buyer’s solicitors serve notice as soon as possible as otherwise this can cause delays in the account being updated. We will then update the account into the new owner’s name.
Our timescales when you’re selling your property outright
Instructing the valuation
We will aim to instruct a valuation within 3 working days of receiving your valuation deposit payment (or in line with the timescale defined in your lease).
Issuing your offer
We will aim to issue the staircasing offer to you within 5 working days (or in line with the terms of your lease) of receiving the valuation report from the surveyor.
Providing a management pack
Your solicitor may request a management pack (also known as an LPE1 or Purchaser Information Pack) from us to give to your buyer’s solicitors. If your property is managed by us, we will request the applicable fee from your solicitor. Your solicitor can email us at Property.Sales@placesforpeople.co.uk to request our bank details or to ask us about other payment methods.
We aim to issue the management pack within 10 working days from receipt of the payment from your solicitors.
If your property is managed by Residential Management Group (RMG), RMG will acknowledge the request within 2 working days and then issue the pack within 5 working days.
Updating the account
After your sale has completed, the buyer’s solicitor will need to notify us that the sale has completed and provide us with formal confirmation of the buyer’s details. When we have received this information from the buyer’s solicitors, we aim to update the account within 5 working days.
FAQ's
Do I have to choose an option at the point of completing the Application to Sell form?
No, you do not have to choose an option at the point you complete the form. You may decide one option works better for you than the other or you may decide to ask your estate agent to advertise the property for sale as Shared Ownership and outright. You should speak to your estate agent to get their advice on marketing your property.
When do I return my Application to Sell form?
It is important you complete and return your application to sell to us at the earliest opportunity. The form gives us your consent to answer questions from any prospective buyers, your estate agent, solicitor or any other interested parties.
When should I market the property?
You are free to market your property whenever you wish. We do not nominate purchasers or have a list of potential applicants. We recommend you return your Application to Sell form as soon as possible so we can answer any questions from any prospective buyers, your estate agent, solicitor or any other interested parties.
What is the difference between a RICS valuation and an Estate Agent valuation?
An estate agent’s valuation is an appraisal of the recommended price to market your property at. A RICS valuation is carried out by a RICS-qualified surveyor, in line with their professional guidance. A RICS valuation will determine the market value of the property, assuming a sale from a willing buyer and a willing seller in an arm’s length transaction, after proper marketing.
How will I know the value of my property before a valuation has been carried out?
You will only know the market value of the property when a valuation has been carried out by a RICS-qualified surveyor. It is up to you when the RICS-valuation is obtained. However, your estate agent should be able to advise you on marketing your property and the price to advertise your home at.
When do I instruct a valuation?
If you are selling the share you own, you will be responsible for instructing a RICS-qualified surveyor to value your home. Once your buyer has been approved, we will contact you and ask you to obtain a valuation from a RICS (Royal Institute of Chartered Surveyors) qualified surveyor. You can find a RICS qualified surveyor local to you on the RICS website
You are free to obtain the valuation earlier if you wish. Please note that valuations are only valid for 3 months and your valuation will need to be in date when completion takes place. If your valuation expires before completion takes place you will need to get a desktop valuation or new valuation report and this may be at an additional cost to yourself. Your valuation could change and this may impact your sale price. Your sale price must not be more than the relevant percentage of the RICS valuation.
If you are selling a higher share or selling your home outright
If you are selling a higher share than you own or selling your home outright, we will instruct the valuation and you do not need to obtain one yourself.
When do Places for People instruct a valuation?
If you are selling the share you own, you will be responsible for instructed a RICS-qualified surveyor to value your home. We will not instruct the valuation if you are just selling the share that you own.
If you are selling a higher share than you own or selling your home outright, we will instruct an independent RICS-qualified surveyor to carry out a valuation of your property once we have received payment of the valuation deposit from you. If you would like us to instruct the valuation earlier, just let us know. The valuer will contact you directly to arrange a mutually convenient time to visit the property.
Valuations are only valid for 3 months and the valuation will need to be in date when completion takes place. If the valuation expires before completion takes place we will need to request a desktop valuation or new valuation report and this may be at an additional cost to yourself. Your valuation could change and this may impact the price we require for the additional equity you are selling.
What if my valuation expires?
Your valuation must be in date when completion takes place. It is important that you monitor the progress of your sale against the expiry date of the valuation. If you think your valuation will expire before completion takes place, you should contact us and we will let you know the next steps.
Are there any restrictions on the sale price I can agree with my buyer?
If you are selling your property on a Shared Ownership basis, the sale price for the share you are selling cannot exceed the relevant percentage of the market value of your home. The sale price must be market value or less as Shared Ownership is an affordable housing product.
If you are selling your property on a Shared Ownership basis but at a higher share than you currently own, the price payable to us for the additional shares you are selling will still be calculated based on the market value, not the sale price.
If you are selling your property outright, there are no restrictions on the sale price you can agree with your buyer and you can agree a sale price higher than the market value. If your agreed sale price is less than the market value, the price payable to us for the additional shares you are selling will still be calculated based on the market value, not the sale price.
What if my remaining lease term is short?
You can apply for a lease extension if your lease is short. Please contact us if you wish to discuss a lease extension.
What fees will I pay?
You will be responsible for your own legal and estate agents costs, plus the valuation fees. You will also have to pay an administration fee to us which will be confirmed to you on the application form.
Please note that if your rent or service charge account is in arrears, any arrears will need to be cleared at or before completion takes place.
How long will the process take on average?
We can’t answer that for you. How long the sale will take from the point a sale is agreed to completion depends on a number of factors, including how quickly your buyers can proceed, whether your buyers need a mortgage and how quickly your solicitor and the buyer’s solicitors complete the conveyancing for your transaction.
What is in a management pack/purchaser information pack?
The pack provides information on your property, the lease and the management of the scheme which a buyer’s solicitor may ask for in order to advise their client about the property. It will include insurance and service charge accounts and any other documents we hold about your property.