Selling your home

image: a couple packing after selling their home

image: a couple packing when moving homeIf you own a share in a property through a shared ownership scheme and would like to sell, then the process is fairly straightforward.


Step-by-step instructions on how to sell your existing shares are available below.

If you purchased your home from us but now own 100% of the property, then you're able to sell your property through an estate agent. We just ask that you ask your solicitors to send us the Notice of Assignment once you've sold your property so we can update our records.
 

Step 1 - Getting started…

There are 3 things we need you to send us:

  • Request to Sell’ form: This asks for information about your home. Download here (PDF, 48KB).

  • Terms and conditions’ form: Before confirming your decision to sell your share in your home, we need to make sure you're clear about our Terms and Conditions (T&Cs) of business. Download here (PDF, 172KB).

  • Energy Performance Certificate (EPC): this ranks the energy efficiency of your home.
    You may already have one, which you should have received from us when you first bought. Depending on the age of your home, you may also be able to download it from www.epcregister.com. If you’re unable to locate your EPC, you’ll need to arrange one. You can search for EPC assessors on the EPC register website.

You can print, complete and scan each of these documents it in and send by email at resales@optivo.org.uk or you can return in the post with a cover letter to:

Optivo – Resales & Staircasing Team , First Floor
Grosvenor House
125 High Street
Croydon
CR0 9XP


We recommend you keep a copy of each of the documents for your own records, just in case you need to refer to them further down the process.

Step 2 – Make your payment

Once we've received the 3 documents we need (see step 1), we'll then contact you to take the admin payment of £400 (including VAT).  This is needed before we can start selling your home.

This is the only payment we need to make at this stage, as all other payments required will be deducted from the final sale price (read T&Cs for full details).
 

Step 3 – Your home is valued

We’ll market your property within 5 working days after you have formally approved the market valuation report from the surveyor (you do this by completing the RS6 form).


There are 2 ways to get your home valued:

  1. We can contact a valuer (RICS qualified) and ask them to contact you to arrange a convenient time to value your home.

    When they visit your home, our valuers can also take photographs of your home that we can use to promote your home on property websites.

    We can initially cover the cost for you. You’ll repay this cost to us on completion of your sale.

    Note: If you want to use one of our approved valuers, please don’t instruct a valuer yourself. Please allow us to do this on your behalf

    OR

  2. You are free to arrange for your own valuer to work out the value of your home.You will be responsible for paying the valuers fees (the valuer will provide you with the cost details).

    You will need to check with them to see if they are happy to take photographs of your home that we can use to promote your home on property websites (not all valuers include this service).


If you want us to contact one of our approved valuers (option 1), please complete and return our ‘RICs Valuation Request’ form (PDF, 134KB) by email at resales@optivo.org.uk or return in the post with a cover letter to:
 

Optivo – Resales & Staircasing Team , First Floor
Grosvenor House
125 High Street
Croydon
CR0 9XP


Once you’ve been given the value of your home, this will usually be valid for 3 months. If your home is not formally under offer within this time, you may need to obtain a further updated valuation. We’ll discuss this at the time if necessary.

Step 4 - Marketing your home

Once we’ve received all the documents (step 1), our admin payment (step 2) and have your valuation report and marketing photos (step 3), we can start the process of selling your home!

We have 8 weeks to sell your home – this is known as the ‘nomination period’. During this time we’ll encourage people to apply to us if they wish to purchase your home.

If we have more than one suitable applicant, those with the highest priority/eligibility/need for your home will be successful. This is the same process used when you first bought your home. 

If we cannot find a buyer during the 8 week nomination period, you are free to sell the share that you own or the property 100% outright through an estate agent. Further information about this can obtained from the Resales & Staircasing Team.

Our team will use the information and photographs you’ve given us to prepare our marketing information. We’ll look to do this within 5 working days of receiving the final valuation figure for your home. We need your approval to use this marketing information before we can start promoting your property.
Once approved, we’ll promote your home on a number of popular websites. This includes:
  • our Optivo website,
  • Homebuy Agent’s website (for Kent and Sussex homes) and
  • Share to Buy website (for London and Surrey homes).
We’ll encourage interested parties to contact you directly to arrange a viewing of your home. We’ll provide you with everything you need to give people when they visit (e.g. application forms and additional sales information). 

If after the viewing they want to find out more about your home or want to apply to buy the property, they’ll be told to contact us. If you need us to, we can also contact people on your behalf to support them with their application.

We usually put a ‘closing date’ on applications (especially if we feel there’ll be lots of interest in your home). This is often shorter than the end of the 8 week nomination period.

The chosen buyer may already have a ‘Mortgage Promise’ from a Bank or Building Society. If not, we liaise with financial advisers to check they’ll have no problem getting a mortgage to buy your home. If all is agreed, we’ll then formally approve them as your buyer and will let everyone know.


 

Step 5 – Finalising the sale

Once we’ve approved your buyer and your home is formally under offer, you’ll need to appoint a Solicitor to help you to complete the sale. The buyer will do the same. To speed things along, we always recommend instructing Solicitors who are familiar with Shared Ownership leases.

We’ll instruct our own solicitors to act on Optivo’s behalf once we receive details of your Solicitor and your buyer’s Solicitors.

Your lease states that the seller is responsible for the Housing Association’s legal fees. The current Optivo legal fee payable is £300 including VAT. This cost will be collected by Optivo on completion of sale although your solicitor will actually ask you to pay them these funds in advance once your property is under offer and our solicitor requests an undertaking for fees from your solicitor.

A further fee of £300.00 (£250.00 plus VAT) is payable once the property is under offer for pre-sale legal enquiries/management pack requested by the buyer’s solicitor. If Optivo do not own the Freehold or manage the building, additional pre-sale legal enquiry fees may be payable to the Freeholder or their Managing Agent.

Should you need it our solicitors details are:
 
Jane Campbell,
Legal Counsel,
Optivo,
DX 155750 Croydon 40


We advise you not to start looking for another home until you’re at this stage of selling. However, please make your Solicitor aware straight away of any timescales you need them to meet, e.g. exchange dates specified on a home you’re thinking of buying.

If your buyer is getting a mortgage, you’ll be hearing from their Mortgage Lender’s Valuer to arrange access for their inspection. Their Mortgage Offer should follow shortly and will be sent to your buyer and their Solicitor. Our Solicitors also see a copy to approve and check all is correct.

Please note if you are in debit on your rent or service charge account, we’ll deduct any payments due from the proceeds of the sale. Please do your best to keep your payments up to date.

Once the legal or ‘conveyancing’ process is almost complete on all sides, your Solicitor will discuss a convenient exchange of contracts and completion date with you.

On completion day, you’ll arrange to meet your buyer at your home to hand over the keys and explain anything they may need to know about your home.