How to sell my part buy – part rent home?

Selling your share in your home is a straightforward process. When you sell your share the lease is assigned to the new purchaser. The name on the lease will not change and heylo, remains the landlord of the property, in this way the new resident will be liable to pay rent and other associated costs under the existing lease. Meanwhile, the buyer’s solicitor will arrange for the leaseholders’ name to be updated by the Land Registry. 

A typical part buy – part rent lease offers heylo Housing (as the landlord) the opportunity to nominate a new buyer in the first eight weeks following the sale, this is known as the nominations period. During this period, you should not instruct an estate agent to market your home. Heylo will instruct an estate agent to market your home on your behalf.

Before selling you share, it’s important that you read the relevant section of your lease prior to instructing a legal representative, as this sets out the process that must be followed and any restrictions that apply to selling your home.

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Download our resales application form   

Application form

How it works 

Step One
Decision: 

Once you’ve decided you wish to sell, you will need to visit heylohousing.com and download the Resales Application Form.

Step Two
Documentation:

Please email the completed application form along with the supporting documentation requested to the Resales team: [email protected]

Step Three
Valuation: 

Once we have received a valid RICS valuation, we can prepare to market your property

Step Four
Consent:

You will need to grant us formal consent to market the property.

Step Five
Instruct:

We’ll then instruct an estate agent to market your home, our chosen estate agent will arrange photography, floor plans and send you a web link of how your online listing will look.

Step Six
Approval:

The estate agent will create a marketing sheet for you to approve before advertising online, once approved the nominations period will formally begin.

Step Seven
Buyers:

The potential buyers will be financially assessed to ensure they meet heylo’s eligibility criteria and adhere to heylo’s credit policy.

Step Eight
Instruct:

On approval, potential buyers will need to instruct their solicitor.

Step Nine
MOS:

The Memorandum of Sale (MOS) will be drawn up.

Step Ten
Solicitors: 

heylo’s solicitors will liaise with the buyer’s solicitor.

Step Eleven
Completion: 

It’s time to agree a completion date between seller and buyer and on the day of completion, the buyer will pick up their keys and move into their new property.

Step Twelve
Lease:

The existing lease will transfer to the new buyers.

If we are unable to find a purchaser in the nominations period, you will be able to instruct a local estate agent to market your property on the open market. The agent may market your share, or 100% of the property, unless otherwise stated in your lease.

The costs of selling your shares

You will need to pay your solicitors’ fees when selling your property, these will include the charge for their time, a fee for processing the sale proceeds via a bank-to-bank transfer and other associated costs with providing you legal support.

A fee will also be charged for organising your RICS (Royal Institute of Chartered Surveyors) valuation by the surveying firm which you instruct.

If you have or are due to have a managing agent on your estate you may also need to purchase a management pack from them.

heylo will charge a resale admin fee for marketing your property. 

If we are unable to find a buyer for your property within the nominations period, you will be able to instruct an estate agent to market your property, you will be liable to pay their fees for their services.

Mortgage fees may also apply for early repayment, you can check whether your mortgage arrangement includes early repayment fees with your provider.

Summary of resales costs:

  1. Your solicitor’s fees
  2. RICS valuation 
  3. heylo resales admin fee
  4. Management pack fee
  5. Mortgage fees (if applicable)
  6. Estate agent’s fees
    (only applicable outside of the nominations period)

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