How to sell my part buy – part rent home?

The sale of your shared ownership home is also known as a resale.

All shared ownership leases include special terms around selling, as the scheme is intended to help as many people as possible into affordable home ownership. This means if you are a heylo shared owner and would like to sell your home, you should first contact heylo as we must be given the opportunity to find a new shared ownership buyer on your behalf.

Your lease includes something called a 'nomination period' which is the period of time for which your property can only be marketed as shared ownership. You should check your lease to confirm the length of the nomination period for your property and confirm any other requirements that might be in place. However, if a shared ownership buyer is not found within the nomination period, you will be able to market your property at 100% and sell on the open market.

If you wish to sell your shared ownership home, the first step is to contact our Resales team at [email protected]

If you have an urgent query on your resale please call our dedicated team on: 

Call: 020 3038 8554

Find out more about resales

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What are the steps?

Step One
Preparation

Once you’ve decided you wish to sell, you will need to gather all the key documents needed to begin the sale process.

Step Two
Valuation:

Contact a registered RICS surveyor to order a valuation of your property.

Step Three
Application: 

Email the completed Property Information Form and RICS valuation with supporting documentation to our Resales team: [email protected]

Step Four
Agent:

We’ll then send a bespoke information pack to your chosen estate agent, and they will contact you to arrange photography, floor plans and the online listing.

Step Five
Marketing:

The estate agent will review the marketing materials with you before advertising online, and the date your property goes on the market is the date the nomination period begins.

Step Six
Buyers:

Any potential buyer will be assessed in line with Homes England affordability to ensure they meet the eligibility criteria for shared ownership and the requirements of heylo’s credit policy.

Step Seven
Instruct:

Once your buyer is approved, all parties will instruct solicitors and the Memorandum of Sale (MOS) will be issued.

Step Eight
Legal:

heylo’s solicitors will liaise with the buyer’s solicitor. Other enquiries including the LPE1 form (leasehold enquiries) must be sent to the management company.

Step Nine
Completion:

Once the legal work has been completed, you and your buyer agree a completion date including arrangements around key collection and handover.

How much will it cost to sell my property?

As with the sale of any property, there are costs involved that are your responsibility to cover. Below is a list of the potential costs of selling, but please note this list may not be exhaustive.costs of selling, but please note this list may not be exhaustive.costs of selling, but please note this list may not be exhaustive.costs of selling, but please note this list may not be exhaustive.

  • RICS valuation – according to the lease terms, you are responsible for the cost of obtaining a valuation and any updates or extensions if required
  • Agent fees – you are responsible for covering any and all estate or sales agent fees, including withdrawal fees
  • Solicitor fees – you are responsible for covering both your own solicitor fees and heylo's solicitor fees, including disbursements
  • Management company fees – typically your buyer is responsible for covering the cost of any management pack/LPE1 fees charged by the management company, but they may request that you cover this cost
  • Mortgage fees – you are responsible for covering any mortgage fees incurred
  • Administration fee – heylo charge an admin fee of £240 inc VAT, which will be deducted on completion

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