How to sell your home

Selling your home

How to sell your home

As a homeowner you may choose to sell you home. If you decide to sell your home, you first need to look at your lease to see if there are any restrictive clauses preventing you from selling your home on the open market.

If you are a shared owner your lease normally allows a

nomination period of 12 weeks which allows us to try to find a buyer for your home. This is so the property stays available for low-cost home ownership.

If you are a leaseholder you ask an estate agent to help sell your home on the open market.

If you are not sure, please contact the Sales and Leaseholder

Adviser for advice on 01903 703 130.

How much will I sell my home for?

The sale price of your share will be based on an open market valuation, which will take into account any improvements you have made.

We will help you to arrange for a valuation by an independent chartered surveyor (RICS). See our current fees under Legal fees on our website www.worthing-homes.org.uk. The valuation report will be sent to the Sales and Leasehold Adviser.

While your home is for sale you must have an up to date valuation (valuation lasts for 3 months). Once it is out of date you must get a new valuation from your original valuer.

What if I am behind with my mortgage payments?

If you are behind with your mortgage please tell us before your home goes on sale, you will also need to check with your

lenders to see if they will allow you to sell your share. You should also make sure you are up to date with your rent

before you sell your home.

What else do I need to arrange before my home can be put on the market?

Before your property goes on sale you will need to provide an Energy Performance Certificate (EPC). An EPC is an assessment of the energy efficiency rating and environmental impact rating of your home. The rating helps prospective buyers compare the fuel and carbon omissions of one home with another.

Yours Sales and Leasehold Adviser can arrange for an EPC to be carried out for you. See our current fees under Legal fees on our website www.worthing-homes.org.uk.

How much will you charge for selling my property?

We charge an administration fee based on the percentage share

you own. The charges will be detailed in your lease; this is usually

1% of your share.

How will you find a buyer for my property?

To help you sell your home we will:

• advertise your property details on our website and through the local property paper

• erect a ‘For Sale’ board with your consent

• contact the relevant Homebuy Agent or local council for a list of suitable applicants.

• check whether buyers qualify for the part buy, part rent scheme.

• cut suitable buyers in touch with you (you will need to show them around your home)

• instruct our solicitors and deal with your solicitors once a buyer is found.

• monitor the sale through to completion.

Your sale

Once you think you have a buyer, you will need to find a solicitor to deal with the legal work. You should get quotes from several solicitors to make sure you choose one who will offer you a reasonable price for their service.

Your solicitor will need a copy of your lease before they start work. They will be responsible for drawing up the contract for sale and liaising with your buyer’s solicitor to ensure that the exchange of contracts happens as quickly as possible.

We will reply to any specific leasehold enquiries. There is a charge for this service, see our current fees under Legal fees on our website www.worthing-homes.org.uk.

When your property is sold, the lease will be assigned to the purchaser and your solicitor will arrange for a copy of the transfer to be sent to us.

When completion is agreed the outgoing leaseholder must inform

us of the date of completion.

Your costs

When you sell your home you have to pay a number of costs.

In addition to any estate agent’s commission, you will also have to pay:

• any mortgage payment due to your bank or building society

• your solicitor’s fee

• our solicitor’s fee (if this is a shared ownership sale)

• notice of transfer fee

We do not apportion service charges or ground rent following assignment of a lease, so any outstanding balances on completion of the sale will be transferred to the account of the new

leaseholder. It is expected that arrangements will be made

regarding any outstanding balances between the solicitors acting

for both parties.

Repayment of Right to Buy discount

If you bought your home under the Right to Buy, you can sell your home whenever you like. But if you sell within the repayment period you will need to repay some or all of the discount

according to the length of time that has passed since the purchase.

If you purchased your home after the 18 January 2005 and sell within 5 years of purchase.

If you sell within the first year of purchase, all the discount will need to be repaid. Four fifths must be repaid if you sell in the second year, three fifths in the third year, two fifths in the second year and one fifth in the fifth year. After 5 years, you can sell without repaying any discount. In addition, the amount of discount to be repaid if you sell within 5 years of purchase will be a percentage of the resale value of the property, disregarding the value of any improvements.

You will also be required to repay some or all of the discount you received when you purchased your home if you enter into an agreement to transfer your property to a third party in the future.

The discount repayment is triggered from the date you enter into the agreement. For more information contact your Sales and Leasehold Adviser on 01903 703 130.

Right of first refusal

If you purchased your home under the Right to Buy scheme on

or after 18 January 2005, and you wish to sell or dispose of your

home within 10 years, you will be required to offer it to either your

former landlord or to another social landlord in your area at full

market value.

Useful tips for moving on

• change your address details with your bank, the Revenue and Benefits Department, your employer, and any other contacts

• you may wish to arrange for your mail to be re-directed

• tell the Local Authority your new address and moving in date if you are receiving council tax or housing benefit

• contact gas, electricity and water supplier to come and read

the meters and register accounts in your name. You may also

find it useful to take your own reading and check them when

you get your first bill

Useful contacts

Worthing Homes

Sales and Leasehold Adviser 01903 703 130

Repairs 01903 703 101

RedAssure/Telecare 01903 703 103 Finance department 01903 703 105

Fax number 01903 703 111

Email info@worthing-homes.org.uk

Other

Worthing Borough Council 01903 239 999 Adur District Council 01273 263 000 Arun District Council 01903 737 500 Brighton and Hove City Council 01273 290 000

Gas (Transco) 0800 111 999

Southern Water 0845 278 0845

Leasehold Valuation Tribunal 0845 600 3178 Leasehold Advisory Service (LEASE) 0207 383 9800 Citizen Advice Bureau 01903 232 116

Social Services 01903 839 100

Sussex Police 0845 607 0999

West Sussex Fire and Rescue Service 01243 786 211 National Domestic Violence Hotline 0808 200 000 247

Worthing Hospital 01903 205 111

Jobcentre Plus 01903 286 000

Your contacts

Please contact Corporate Services if you would like this report in Braille, large print, audio version or in another language.

Telephone 01903 703 100 or

email corpservices@worthing-homes.org.uk

This document is also available to

download in this format from our website, www.worthing-homes.org.uk

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