Thinking of selling
We appreciate you might get to a time where you wish to sell your share in the property or even consider selling your whole property. We're here to make the process as easy as possibly for you. For more information please take a look at the topics below. If you have any queries please don't hesitate to contact us.
Selling your share
To sell your share of the property you’ll need to either have your own independent valuer carry out a RICS valuation or you can use one of our approved valuers. We can accept your buyer’s mortgage valuation for the share only but you’ll need to make sure that your solicitor has sent this to us.
Once you have an interested buyer, your estate agent who will already have been provided with the applications forms, will get these completed and sent back to us with all the documents for us to approve. The buyer will then be assessed for shared ownership and we will carry out a series of checks.
We will then let your agent know when the buyer is approved. After getting a Memorandum of Sale from the agent we will then write to both solicitors and the buyer confirming all of our requirements. We will need you to confirm with us when you are completing the sale so we can send out any final balances of rent owed as you must carry on paying your rent until the sale is complete.
Selling a whole property
You can follow this route, even if you don’t own 100% of the property, but you must advise us of this so we can work closely with you and your estate agent.
The way this works is that your buyer purchases the share size you own and they also by the additional shares in one transaction at the same time. This means that you don’t have to buy the additional shares yourself, the money for the purchase of the additional shares comes from your buyer – you’ll sometimes hear this called ‘back to back staircasing ‘.
- Once you have an interested buyer you’ll need to let us know as soon as possible.
- A RICS valuation can then be organised, we will need to make sure that one our approved valuers completes this to calculate the value of the shares we own. We will give you a choice of approved valuers and the cost involved.
- We will then instruct the valuer to contact you for access and they will provide the report directly to us and we can inform you of the value of our shares.
- Once we have the completed report and have let you know what our share is worth, we need confirmation in writing from your solicitor that the sale is going ahead, and we will then instruct our solicitors.
- Remember, your buyer will fund your share and our shares in one transaction, but you are responsible for your own legal fees.
Need more information?
If there are some areas you’d like more information on or you just want to chat about your potential sale to one of our team you can call Joanne Dolan on 0845 850 1020 (Ext 6765) or email Joanne.Dolan@midlandheart.org.uk
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