Home Reach Resales FAQs

How do I sell my property?

1. Contact the resales team on email: [email protected] who will send you a brochure and a resales application form.

2. It is important that you check your lease for the nomination period, lease restrictions and any other requirements.

3. You will be required to get a RICS Valuation Report conducted so that the value of your property can be assessed.

4. Heylo will confirm your acceptance to sell your property and provide you with an Estate Agents Information Pack for you to appoint an Estate Agent.

5. Once a buyer has been found Heylo will assess the buyer to ensure they meet Shared Ownership criteria. This may take several days or even weeks and if the buyer does not pass this assessment, they will be unable to continue with the purchase. Heylo is unable to discuss the outcome or detail of any assessment with the vendor, or share any personal information.

6. A Memorandum of Sale will be issued by the Estate Agent and the solicitors of all parties will be instructed.

Can I only sell my share?

During the nomination period you can only sell your share to the value equal of the RICS valuation. The length of the nomination period can be found in your shared ownership lease.

Who markets my share?

The Estate Agent. The property will also be listed on the Heylo Housing website.

What is a nomination period?

This is the period of time that your property needs to be marketed as a shared ownership property. You are required to check your lease to confirm the length of your nomination period, which is usually 8-12 weeks.

When does my nomination period start?

Your nomination period begins on the date your property goes live on the market.

How much can I sell my property for during the nomination period?

Your property will be marketed at the exact price of the RICS valuation for the share that you own. No offers above or below the RICS valuation can be accepted. If the valuation expires without a buyer being found, it must be extended or updated by the original RICS Surveyor -this is the responsibility of the leaseholder.

What happens once my nomination period expired?

If no buyer is found during the nomination period, you can contact Heylo to get permission to sell on the open market. Heylo must be contacted to obtain confirmation as we might potentially be exploring other options with buyers during the Nomination Period. You can market the property at 100% but you must also continue to market the share.

How do I get my property valued?

In order to sell your property, you must obtain a valuation report provided by a RICS (Royal Institute of Chartered Surveyors) qualified surveyor. This can be a basic valuation report or sometimes called a Home Buyers Report, which is valid for 3 months. This is a requirement of your shared ownership lease. You will be able to check online to find a RICS surveyors in your area, and if in doubt you can check surveyor credentials on the RICS site here. The property must be marketed at this value for the duration of the nomination period.

What happens if my valuation expires?

A property valuation is valid for three months from the date of your valuation. If you can’t find a buyer before your valuation expires you will need to seek an extension, but you should discuss this with us first.

It is your responsibility to ensure your valuation is valid when proceeding with the sales process. An extension of 3 additional months can be sought, however, for more information before proceeding with an extension we recommend you speak to your surveyor about the costs involved.

Does the new buyer need to meet any buying criteria?

Yes, Heylo must confirm that potential buyers are assessed and that they meet Shared Ownership scheme criteria. This assessment may take several days or even weeks to complete and Heylo is unable to discuss any details about the assessment with anyone, except the potential buyer.

What is the eligibility criteria for potential buyers?

If a buyer is found for less than 100% share, they must pass the eligibility criteria which is as follows:

* Buyers must be at least 18 years old

* Buyers must have a total household income under £80,000 (or £90,000 in London)

* Buyers must complete an assessment with one of Heylo Housing's Panel of Mortgage Advisors

* Buyers are expected to use any savings and assets towards the purchase of their home. This may mean selling assets such as bonds, shares, land and any other financial investments. They can however retain a portion of their savings to cover costs associated with buying and moving into a new home (typically up to £5,000).

* Buyers in receipt of benefits are eligible for Shared Ownership provided they pass the Budget Planner assessment with one of Heylo's Panel of Mortgage Advisors

* Self-employed buyers must be able to provide 2-years evidence of income

* Buyers must purchase the maximum share they can reasonably afford within the parameters of the Budget Planner

* Household income must be over £12,000 per year.

* Buyers must have a minimum 5% deposit towards the share they are purchasing

Shared Owners must be first-time buyers or:

* Not currently own a home suitable for their housing needs

* Sell a home that is not suitable for their housing needs before buying Shared Ownership

* Own a non-residential property that provides their main income source

Buyers must have good credit history and must not have:

* A mortgage or rent arrears

* Other bad debts

* County Court Judgements

Buyers must be able to cover costs associated with buying and moving into a new home. These include:

* Legal fees

* Stamp Duty Land Tax (where applicable)

* Mortgage application fees

* Valuation fees and associated moving costs

I have staircased to 100% ownership, how do I sell my property?

There is no criteria required by Heylo to sell your home as you are 100% home owner.

What is the Heylo resale fee?

Heylo charge an administration fee which is deducted upon completion depending on the type of selling agent you use. Your own choice of Estate Agents is £540 (inc. VAT) or Urban Moves (an independent selling agent who specialises in resales) is £240 (inc. VAT).

What is the estate agent fee?

You are responsible for covering the estate agent / sales agent fees, including withdrawal fees. They will make you aware of their terms and conditions when you sign up.

What are the legal expenses?

You are responsible for covering your legal expenses. They will be approximately £1,200 - £1,500, plus stamp duty.

Are there any other costs?

As well as the RICS valuation, solicitors fees and mortgage costs you may also be required to cover the cost of a Management Pack.

How do I find a solicitor?

We strongly suggest you work with a solicitor who has worked with Shared Ownership before. Heylo can send you a list of potential solicitors that have this experience.

I bought my house with appliances included do I have to leave these in the house for the new owner?

You will need to complete a fixtures and fittings form (TA10) this will be shared with the new buyer by your solicitor and will lay out which fixtures and fittings need to be left for the new buyer when you vacate the property.

Who is responsible for testing the boiler and the electrics before completion?

The seller is responsible for ensuring the boiler and electrics are in good working condition before the sale is finalised, and that meter readings have been provided.

What about rent and service charge arrears?

Outstanding arrears on your account will be collected by our solicitor.

Where do I leave the keys on moving day?

You should agree via your solicitors how the keys will be handed to the buyer on completion, but this is usually done through the appointed estate agent.

What happens if the sale falls through?

This is always unfortunate and frustrating and will require you to go back to market to find a new buyer. If we accepted an offer before the end of the nominations period, you would need to complete the nominations period first before going to the open market.

How do home improvements impact the sale price?

Your RICS valuation will take into account any home improvements you have made to the property which will impact its sale price, taking into account structural changes such as loft conversions, extensions.

If you have made significant improvements to the property, two valuations will be given for your home as part of your RICS valuation, one which is reflective of the improvements you have made, and one which reflects the property’s value when you moved in.

Significant improvements are considered to be new windows, new kitchens or bathrooms, loft conversions, conservatories and extensions. General maintenance, repairs to appliances, and redecorations aren’t considered improvements.

We will market your property based on the value of your home after you made improvements.