Sell my Shared Ownership home
Our guide to selling your Shared Ownership home.
If you decide to sell your share of your home, under the terms of your lease, there is a nomination period in which we can nominate a buyer for your property. This nomination period is usually eight weeks. So that you can sell your homes quickly during the nomination period we have partnered with Asset Management Group Ltd (AMG)
The first stage of the process is to obtain a RICS valuation which is a requirement of your lease.
By notifying Bromford of your intention to sell and obtaining a RICS valuation dose not commit you to sell your home.
Take a look at the roadmap or the steps below for the whole process.
Step 1. Notify Bromford
If you decide to sell your share of your home, under the terms of your lease, there is usually an eight-week nomination period in which we can nominate a buyer for your property. Bromford will pass your instructions on to Asset Management Group Ltd (AMG) who will contact you to arrange a RICS valuation for a reduced fee of £220 + VAT. This valuation report will be sent to you for you to decide if you wish to go ahead
Complete the form below to notify Bromford of your intention to sell your home.
Step 2. Intention to sell your home
Once you have received a copy of your RICS valuation report from AMG/Connells Group, if you still wish to go ahead, you will need to complete the online Intention to sell form below and upload the RICS valuation. You will also need to pay our £100 non-refundable administration fee. We will then formally confirm your share in writing and accept your intention to sell your home.
AMG/Connells Group will be the sole appointed agent working with you for the 8 week nomination period.
Step 3. Marketing your home
Once you have received approval from Bromford as part of the 8-week nomination period you are required to enter into an agreement with AMG/Connells Group to market your home for sale.
Your local Connells Group appointed high street estate agent will liaise with you to explain each step of the process and arrange for photographs to be taken that will be suitable for marketing your home. Please ensure that your home is looking its best in any photographs to ensure that it is marketed in the best possible way. Their fee for this service is 1.5% + VAT of the Share Price (A minimum fee of £1000 + VAT) applies and includes marketing your property, arranging appointments, assessing potential buyers, progressing your sale, and supporting you throughout the legal process to completion of sale.
Step 4. Identifying your buyer
AMG/Connells Group will financially assess all interested buyers to determine their eligibility before arranging any viewings. Offers on your home are made to you with support from AMG/Connells Group. Once you are happy you have secured an offer from an eligible buyer, AMG will confirm to Bromford the buyers details and you will both need to appoint a solicitor and complete the online Agreed Sales Form below.
We recommend that you instruct a solicitor that has experience of shared ownership sales to avoid any delays.
Step 5. The legal process
Once we are in receipt of your completed agreed sales form, Bromford will give consent for the lease to be assigned, approve funding, and produce a memorandum of sale for all parties.
As a standard part of the sales process your buyer’s solicitor will raise leasehold enquiries relating to your property. Your solicitor is responsible for liaising with the buyer’s solicitor on your behalf and we will assist with pre contract enquiries raised.
Both your solicitor and the buyer’s solicitor will agree an exchange and completion date and update Bromford so we can prepare a completion statement with all outstanding charges and fees payable to Bromford and AMG/Connells Group. This will include any additional shares, service charges and rent apportionments and we will require 5 working days to do this. Bromford would not usually be involved in agreeing exchange and completion dates, so these are negotiated between the buyer and yourself. We would encourage you to keep in regular contact with your solicitor to make sure that the sale progresses as smoothly as possible. Remember that you are selling direct to your buyer and will need to meet them again on the day of completion.
AMG/ Connells will support you throughout this process.
Step 6. Completing the sale
Your solicitor will advise you of the completion date and you will be expected to vacate the property and hand your keys over to your buyer(s).
Please remember to cancel your Direct Debit with Bromford, to avoid any over payments. It is also a good idea to take meter readings and confirm these to your energy provider to ensure that you receive an accurate final bill.
We will adjust your account to show the new owner of the property. To help them transition into their new home please provide them with all the instructions and booklets for appliances, keys, codes and fobs where possible. A little introduction to their new neighbours may also help them settle in from the day they move in.
2. Intention to sell
Who are Asset Management Group Ltd (AMG)?
Asset Management Group (AMG) are part of the Connells Group. They specialise in selling homes for the individual home owners and large organisations such as mortgage lenders. Established in 1997, AMG has gained an outstanding reputation built on its performance, consistency, compliance, and innovation. Business and personal values are key to AMG’s success, treating each property individually. Ensuring personal and professional services with complete focus on fair customer outcomes. We are pleased AMG will be leading this relationship and trust the Bromford DNA of Honest, Bold, Brilliant customer driven service will be reflected in the service AMG offer to Bromford customers.
What documentation do I need to have ready for my sale?
• You will need a RICS valuation report
• A copy of your lease
• An Energy perforce certificate (EPC)
What is the difference between an Estate Agent valuation and a Help to Buy RICSs valuation?
When you sell your home, you must get it valued. The price that you can sell your share will be a percentage of the full market value of your home. Please note that under the terms of your lease the Surveyors valuation is final for both the leaseholder and Bromford.
Your valuation must be carried out by an independent surveyor registered with the Royal Institute of Chartered Surveyors. This must be an insurance backed RICS Red Book Valuation not an estate agents market appraisal. Obtaining a RICS valuation is a legal requirement of the sale. The valuation will usually be valid for 3 months.
AMG/Connells Group will help you to obtain a RICS Valuation through their conveyancing services - you will be required to pay £220.00 + VAT.
Can I sell my share for more than the valuation?
Under the terms of the shared ownership lease, you cannot sell your share for more than the price recommended by the RICS surveyor.
What happens if my RICS valuation expires?
Your original valuation will usually last for 3 months. If your valuation expires, you will need to arrange another valuation at your own cost. It may be possible to arrange a desktop valuation but please check with AMG/Connells Group.
An up-to-date valuation is required at the point you agree a sale of your shares or at the time of the sale completes if the buyer is purchasing additional shares.
Your buyer’s mortgage offer will supersede the valuation once the property is under offer.
What is an Energy Performance Certificate EPC and how do I get one?
An Energy Performance Certificate (EPC) is a legal requirement of the sale. Your property may already have one but if you are unsure you can check here ( Energy Assessor Online ) entering your postcode online at https://find-energy-certificate.digital.communities.gov.uk. If you do not have an EPC then AMG/Connells Estate agents will assist you to find a reputable surveyor to obtain a current Valuation & Energy Performance Certificate (EPC).
Energy Performance Certificate (EPC) An EPC will normally cost in the region of £65+ VAT and lasts 10 years. We can provide you with a list of suppliers or visit www.epcregister.com.
What is a nomination period?
The nomination period is usually an 8-week period which is designed to enable us to sell your home to someone who would otherwise be priced out of home ownership. Purchasers must be eligible for Help to Buy. We apply an 8-week nomination period to most properties.
The length of your lease
If your shared ownership lease is less than 85 years you may want to consider extending it before you engage in selling your homes. This will make your home more appealing to buyers and make it easier for them to obtain a mortgage.
There is a cost to a lease extension that you will need to consider but in turn it will add value to your home.
A separate valuation will be required to find out how much the lease extension will cost.
For further information on lease extensions please visit our web site at Shared owners | Bromford can I extend lease?
3. Marketing your home
How will my property be marketed?
Once you have submitted your intention to sell and supplied us with the RICS valuation we will
1. Approve the valuation and confirm the value of your share
2. Send you confirmation of your intention to sell notification
3. Pass on your request to AMG/Connells Group to contact you to discuss marketing your home
Please note if your home is in joint ownership, by submitting the on-line form, both parties are agreeing to progress with this sale.
How will my property be marketed?
Your local AMG/Connells Group appointed Estate Agent will produce sales particulars, signage, and marketing, taking high quality photos of your home with at least one of the front of your property and each room internally. All marketing material produced will be sent to you before it is uploaded on the any external websites. Remember that these photos will be used a Help to Buy Agent website and other property marketing portals, so it is in your best interest that your home is well presented when the agent takes these photos.
What fees do I pay?
Your AMG/Connells Group Agents Fee becomes payable on completion. There will charge of 1.5% + VAT (Minimum £1000) of the share price you are selling. This fee will be notified to your solicitor in the completion statement and will be paid from the proceeds of your sale. Bromfords administration fee(2) £270 fee and any outstanding charges are collected on completion of sale.
Your property will be marketed to state the percentage of share you currently own is the minimum share available. A buyer will be encouraged to maximise the share they buy based on their individual circumstances and the terms of your lease. This may mean that they buy a larger share in the property than you currently own.
When can I appoint my own estate agent?
After the nominated period, if a successful buyer has not been found AMG/Connells Group will continue to market your home unless you instruct otherwise.
Once the 8-week nomination period has expired you are free to appoint a second agent or terminate your contract with Connells and appoint another exclusive Estate Agent to market your property.
4. Identifying a buyer
Who will arrange the viewings?
AMG/Connells Group will introduce you to eligible and interested buyers who wish to view your home. They will assist you with viewing and where requested co-ordinate open days for viewing if you prefer.
What should I consider when accepting an offer?
You should be happy that the person you are accepting the offer from is a serious buyer and is the right person to buy your home.
Who is responsible for checking buyer eligibility on my shared ownership home?
AMG/Connells Group will carry out a more detailed assessment if a buyer makes an offer to assess their eligibility for shared ownership purchase. Bromford are required to approve the mortgage offer for any buyer and their affordability before we agree to the assignment of the lease.
The buyer has the option to purchase additional shares during this time. In some cases, they can purchase 100%. This is known as simultaneous staircasing.
If your buyer pulls out, you will need to relaunch the marketing of your home which may require a new valuation once a new buyer has been secured.
What happens once a buyer has been found?
Once you have accepted an offer from the buyer and AMG/Connells group have completed the financial checks you will need to complete the agreed sale form on our web site I want to sell my shared ownership home | Bromford I have found a buyer
5. The Legal process
When do I need to appoint a solicitor?
To complete the agreed sale form you and the buyer will need to have a solicitor in mind as this information is needed to complete the online form.
AMG/Connells group will supply Bromford with the buyer’s application and supporting documents. At this stage your case will be allocated to an Existing Homes Co-ordinator who will be your first point of contact through this next part of your sale.
Your Co-ordinator will approve the buyer’s mortgage and will issue a memorandum of sale formalising the sale of your property notifying all parties and give consent to the assignment.
At this stage all parties will need to appoint a solicitor to act on their behalf.
What happens when I instruct a solicitor?
Your solicitor will obtain the title deeds to your property and prepare the draft contact to send to your buyers’ solicitor
Your solicitor is responsible for liaising with the buyer’s solicitor on your behalf. You will need to complete a fixtures and fitting form which your solicitor will send to you along with the seller’s information form.
The buyer’s solicitor will check the documents and raise any enquires with your solicitor. You may well be asked to respond to certain questions raised around boundary disputes, rights of ways, management company and agreements.
You will need to request a shared ownership management pack from your case handler in the Existing Homes Sales Team which will include service charge accounts for the past three years, details of any future works to the building if you own a flat and any notices that have been served on your property.
Do I need to pay Management Agent fees?
If your home is managed by a managing agent, they may need to answer some of the enquiries for which they may charge a fee. You will be responsible for any additional fees charged by the managing agent.
6. Completion the sale
When can we agree a completion date?
Once all enquires have been answered the buyer will sign their contact and a copy of the contract will be sent to you for signature.
You will then agree a completion date with your buyer. Your solicitor will confirm this date to Bromford, and we will provide a completion statement for you and the buyer.
Your statement will include the rent apportionment due up to completion date, any outstanding rent insurance and service charges owed by you. This statement will also include the fees due to AMG/Connells Group payable direct to AMG. We will also provide a completion statement for the buyer.
All monies are requested via your solicitor and once the legal completion has taken place, we will receive the legal notice and will update our records and adjust the sent can service charges.
When will my rental agreement cease?
Rent will continue to be payable up until completion and any credit on your account will be refunded back to you.
If you pay your rent and service charges by direct debits, then they will be cancelled upon completion.
You will need to make arrangement with your buyer to leave the keys and fobs and relevant information about your home.
You should take meters reading when leaving to pass on to your utility companies.
Keys should not be exchanged until completion has been confirmed by the solicitors.