Selling or moving out of your property
How you go about selling your Love Living home will depend on whether you are a shared owner or a 100% leaseholder or freeholder (you own the property outright).
If you are a 100% leaseholder (you own the property outright), when you sell the property, the buyer’s solicitor has to serve a Notice on the landlord that the lease has been sold. Until this is received the current leaseholder remains responsible. We do ask that you notify us that you’re planning to sell, and once the sale is completed so that we can
As a homeowner you can sell your Shared Ownership property like any other property. However, there are restrictions on the sale of these properties. This is to ensure the properties remain available to people in need of affordable housing.
There is a procedure to be followed when selling your Shared Ownership property, which will be set out in your lease.
Selling a Shared Ownership home is known as a resale, as you are selling your home to someone else. if you are a shared owner and wish to sell your home, we will give you advice and send you general Information about the process.
We will also help you to sell your home. In most cases your lease will stipulate that you must allow us the chance to find a buyer for your home before you can put it on the open market, this is also known as the nomination period.
During the nomination period, we will try to find another shared owner for your property, so they can benefit from the scheme the same way you did when you have purchased your home. We will advertise your property on the Love Living Homes website and on the local Help to Buy website (an online portal for people wanting affordable homes).
If we are unable to find a buyer during the nomination period, you will then be free to sell on the open market.
There may be some exceptional circumstances, which will prevent us from finding a purchaser so you may need to discuss your individual situation with us.
Please refer to our resale guide: Shared-Ownership-Guide.pdf (lovelivinghomes.co.uk)
As with all property sales, you will have expenses to pay. Before deciding to sell your home, it is worth investigating the full costs involved and consider carefully when to market your property
Some of the costs associated with resale includes a valuation fee, legal expenses, mortgage fees, estate agency fees (if you go to the open market) and rent and service charge arrears. Please note this is only a guide to costs, depending on your property costs may vary.