You must tell us if you plan to sell your home. Your lease may give us the right to nominate a purchaser for your share. You can sell your home on the open market if we cannot find someone within 8 weeks to purchase your home.
You must sell your home at a value set by an independent Royal Institute of Chartered Surveyors (RICS) qualified valuer. This may be the local district valuer or another RICS. Normally, we will instruct a valuer on your behalf, although you will be responsible for the cost. If you prefer, you may instruct your own valuer with our agreement, provided that they are suitably qualified.
The valuer will value improvements that you have made separately. This ensures that you get the full market value of improvements that you have made. Refer to the section Repairs and Maintenance for more information about improvements.
For example, If you own a 50% share of a home worth £62,000 including £2,000 for improvements, your share would be valued at £32,000. This is 50% of the value excluding improvements, £30,000, plus the value of the improvements, £2,000.
Once you know the value of your home and your share of the sale price, you can decide whether to proceed with the sale. You will need to employ a solicitor if you decide to proceed. We will try to nominate someone to buy your home.
You can sell your home on the open market if we cannot find a nominee within eight weeks, or our nominee takes too long to complete his or her purchase (the time limit is set out in your lease).
The valuation is valid for three months. You must complete the sale of your home within three months.
When you sell your home you will pay for:
. The valuation
. Your solicitors
. Estate agent fees, if required.
You may also have to pay a mortgage redemption fee. We will not allow you to sell if you owe rent or service charges.
Please contact us for further detailed guidance about selling your home.
