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?
What is the assignment fee?
What is the estate agent fee?
Can I sell my share on the open market?
Will I have to pay any mortgage fees on completion?
Does the new buyer need to meet any buying criteria?
I bought my house with appliances included do I have to leave these in the house for the new owner?
Who is responsible for testing the boiler and the electrics before completion?
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?
What happens if the sale falls through?
How do home improvements impact the sale price?
What happens if my valuation expires?
What is the nominations period?
What happens if I change my mind and don’t want to sell?
- Before a buyer has been sold - £350 +VAT
- During the sale process - £950 +VAT
- Outside the nominations period – no fee
- 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
Do I need an EPC?
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)