If you wish to sell your shared ownership property, this step-by-step guide will help you throughout the process.
The first thing you must do is to contact Arches to notify us in writing of your intent to sell your share of the property, email us on info@archeshousing.org.uk
We will ask you to commission a RICS valuation of your property, and Arches can put you in contact with a trusted RICS surveyor local to your home. This determines the fair sale value on the property, and the current market value of the share Arches owns.
We then have a period of time to find a suitable buyer, which is called a nomination period. How long Arches has is set out in your lease and may vary by property. We aim, where possible, to come back sooner and look to let you know within at least 14 days if we have someone on the waiting list.
If we cannot find a suitable buyer within the nomination period, you will be advised to market your share of the property as per the established Open Market Value following the RICS valuation. Arches would pass over any enquiries we received about the property to the estate agency, so please ensure you share a contact telephone number for Arches with the agency.
When a potential purchaser has been found, we ask that they complete a Low Cost Home Ownership (LCHO) application form provided by Arches, a copy is available on this webpage. We then undertake assessments in line with our shared ownership policies and sector requirements, this includes a referral to an Independent Financial Advisor to assess affordability. If they are eligible and it is affordable Arches will send you and the buyer an approval letter
All parties have legal representation throughout the process, with the vendor and the buyer's solicitors instructing the conveyancing and Arches' legal representation completing the assignment of the lease as completion approaches. We would recommend you use solicitors who have the relevant experience and understand how the shared ownership sales process works. Arches legal fees are payable by the seller and buyer, and we split them equally. This is noted on the approval letter you receive in the earlier stage.
Arches charges an administration fee of £250 for resales which is payable by you as the seller.
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