What is the heylo resale fee?

  • Admin Fee (purchaser found by heylo in nominations period) - £1,000 +VAT 
  • Admin Fee (purchaser found outside of nominations period) - £450 +VAT. This fee will be collected on completion.

What are the legal expenses?

Your legal expenses will be approximately £1,200-£1,500, plus stamp duty where applicable. Seek legal advice on whether stamp duty will apply to your property.

What is the assignment fee?

This is also known as the heylo administration fee.

What is the estate agent fee?

If a purchaser is found by heylo in the nominations period, there is no estate agency fee payable by the seller. If a purchaser is found outside of the nominations period by an estate agent under your instruction, you will be liable to pay their fee. 

Can I sell my share on the open market?

Only once the nominations period has passed without heylo finding a purchaser, you have the option to instruct a local estate agent to market the property on the open market. The agent can market your share, or the entire property, unless restrictions on the share that can be marketed are stated in your lease.

Will I have to pay any mortgage fees on completion?

Please contact your mortgage advisor for more information. 

Does the new buyer need to meet any buying criteria?

If you are selling your share of the property only, heylo must confirm that potential buyers are registered with the appropriate bodies through regulatory checks and comply with the current nomination and eligibility criteria before a sale can be completed.

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 will 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 purchaser. You will have the opportunity to seek a buyer on the open market. 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 and kitchen and bathroom fitouts.

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.

What happens if my valuation expires? 

A property valuation is valid for three months from the period your valuation is given by your surveyor. 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 three 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.

What is the nominations period?

The nominations period forms part of the lease as outlined in the Capital Funding Guide. It sets out that heylo, as the landlord has the right to market your property, or your shares in your home, usually for an eight-week period. During this time, you cannot place your property, or shares, on the open market through an estate agent. 

If you have staircased to 100 per cent ownership, no nominations period applies. Details about the length of your nominations period can be found in section 3.20.4 under “DEFINITIONS AND INTERPRETATION”. 

Buyers found during the nominations period must meet the standard criteria for purchasing a part buy – part rent property as set out by Homes England.

What happens if I change my mind and don’t want to sell?

By removing your property from the market during the nominations period, you will have to pay an early removal fee. 
The following fees apply:
  • Before a buyer has been sold - £350 +VAT
  • During the sale process - £950 +VAT
  • Outside the nominations period – no fee

Eligibility criteria for potential buyers – 

  • Buyers must be at least 18 years old
  • Buyers must have a total household income under £80,000 (£90,000 in London)
  • Buyers must meet the Homes England affordability and sustainability assessments (see the Homes England calculator guidance for further information)
  • 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
  • Buyers in receipt of benefits are eligible for part buy – part rent provided they meet the Homes England affordability assessment
  • Self-employed buyers must be able to provide 2-years evidence of their income
  • Buyers must purchase the maximum share they can reasonably afford within the parameters of the Homes England calculator
  • Shared owners must be first time buyers or:
    • Not currently own a home suitable for their housing needs
    • Sell a home not suitable for their housing needs before buying part buy – part rent
    • Own a non-residential property that provides their main income source

  • Buyers must have good credit history (for more information on our credit criteria, please visit heylohousing.com)
  • Buyers must have a minimum 5% deposit towards the share they are purchasing
  • Buyers may retain a portion of their savings to cover the costs of purchase and moving home (typically up to £5,000). This may include:
- Legal fees
- Stamp Duty Land Tax where applicable
- Mortgage application fees
- Valuation fees and any associated moving costs

If you are selling when you have reached 100 per cent ownership, there is no criteria you need to fulfil before making a sale.

Do I need an EPC?

Yes, all properties marketed in England and Wales need and Energy Performance Certificate (EPC) before they can be sold. EPCs are valid for 10 years, so depending on the age of property you may already have a valid certificate. If this is not the case you can arrange a survey with an assessor, this must be arranged before we begin to market your property. To check whether you have a valid certificate from your initial purchase, you can consult the EPC Register.

Are there any restrictions on reselling?

Yes, restrictions can include:

  • A longer nominations period (consult your shared ownership lease)
  • Marketing strategies (e.g. marketing via a local newspaper)
  • Purchaser specifications (governed by your local council, more information can be found in your Section 106 Agreement)

View the staircasing FAQs

Staircasing FAQs

View the heylo homeowner FAQs

Homeowner FAQs