Selling my share
Just like any other home-owner, you may sell your home whenever you choose. To ensure that your home can then be made available to others who are unable to afford to buy outright, we will, for a short period, have the right to find a buyer for your home. This is known as the ‘nomination period’ which gives the Association eight weeks to find a suitable buyer from our database. If we are unable to find a buyer within the period specified within your lease, then you are permitted to sell the property on the open market. However please note if you find a buyer they will need to be approved by the Association.
If you decide to sell we will instruct an independent valuer to determine the new value of your home. The value of your home may have changed since originally buying the initial share; the value of your home may have gone up or gone down. The value of the share you own will be based on the ‘current’ market value at the time you wish to sell.
STEPS TO SELLING YOUR HOME
You can buy further shares in your home, usually in 10% blocks. This process is called ‘staircasing’.
Step One
The first step is to inform the Association in writing of your desire to sell your home. This is known as the ‘notice of intention’. Please provide details of any home improvements you have carried out to the property. Also, please enclose a cheque for the amount of £80.00, made payable to Aragon Housing Association. This is to cover the valuation fee, which is payable by the shared owner (you).
Step Two
The Association requests the property to be valued by an independent valuer. This valuation will be valid for a specified period of time, normally three months. (Please refer to your lease for the applicable terms)
Step Three
Once the valuation has been received the Association will calculate the sale price of your share and notify you in writing, within seven working days of how much you can sell your share for. PLEASE NOTE: Your lease does not provide for any right of appeal against this valuation.
Step Four
You have fourteen days from the date we notify you of your share value to confirm, in writing, that you intend to proceed. No further action will be taken until we are in receipt of this letter.
Step Five
Once you have confirmed your intentions to sell the Association has one month to nominate potential purchasers. This is known as the ‘Nomination Period’ (the nomination period can be extended upon your request). All nominees put forward are already registered with this Association and will have expressed an interest in homes matching your property’s description. If more than one applicant expresses an interest in your property, we will establish a priority order in which we contact them (see Aragon’s Allocation Policy). We will carry out a basic affordability assessment at this stage to ensure they can cover all the costs associated with a part buy, part rent purchase.
Step Six
If after viewings have occurred one of the ‘nominees’ wishes to purchase your property you must sell the property to them. We strongly advise you instruct a solicitor at this point, as it is imperative that you meet certain legal requirements as contained in your lease.
Step Seven
A Buyer has been found, you have instructed a solicitor, as have the buyer(s). Your solicitors will forward all draft documentation to the buyer’s solicitors. During this time the buyer’s lender/solicitors will forward a copy of the buyers Mortgage Offer for approval by the Association. Once the mortgage has been approved, the Association has no further involvement, as both parties’ solicitors will deal with the completion. The buyer’s solicitors will inform the Association once completion has taken place.
