Selling your shared ownership home
To help you through the process of selling your shared ownership home, we've provided the following guide to this process. For any additional questions, please contact us.
Why do I have to sell my shared ownership home through L&Q?
Your lease states that we have an eight-week nomination period to try and find a buyer for your home. This is to help other first time buyers and to honour our agreement with the local authority. It also helps make sure you're given an efficient and cost-effective service.
If we find a buyer for your home, you'll be charged an administration fee [PDF, 513 KB]. This fee is determined by the terms of your Lease and generally is between 1% and 1.25%.
First Steps – The Valuation
The first stage of selling involves instructing a surveyor to value your home. As stated in your lease you must instruct an independent valuer, qualified through the Royal Institution of Chartered Surveyors (RICS).
We have a panel of surveyors [PDF, 147 KB] for you to choose from.
The surveyors on our panel are independent of L&Q and are qualified by the Royal Institution of Chartered Surveyors. They have a wealth of experience in valuing homes and offer preferred rates to L&Q customers and residents.
Once you have decided who you wish to use to value your home, you must contact your chosen valuer directly quoting reference ‘LQ-Resales’.
The Surveyor will contact you to arrange to visit your home within 10 working days, collect payment of their fees, and then provide you with a valuation report which sets the price at which you can sell your share.
You also have the option to instruct a RICS/FRICS registered surveyor of your choice; however they must meet certain criteria, details of which can be found in the ‘Instructing your Independent Surveyor’ [PDF, 37 KB] shown under ‘useful links’ at the bottom of this page.
Energy Performance Certificate (EPC)
To comply with European Legislation, you are required to provide an Energy Performance Certificate (EPC) to perspective purchasers. The EPC must be received directly from your provider before we can market your home. Please note your EPC must be available within 7 days of being commissioned. A panel of EPC providers [PDF, 38 KB] are shown under ‘useful links’ at the bottom of this page. EPC’s are valid for 10 years therefore if you are aware of a certificate being carried out previously on your home then you will need to inform us and provide us with a copy. EPCs carried out within the last 10 years should be availalbe on the EPC Regisiter.
What Happens Next?
Once you are in receipt of the valuation and are happy to proceed, you will need to contact us. We will require from you:
- A copy of the valuation report
- Any photographs that you wish us to use for the marketing of your property. Please only send a maximum of 10 ‘landscape’ format photographs, one of which must be an external view of the property. As guidance we would recommend that the photographs you send show your property in a tidy/clutter free state. ie make sure children’s toys are moved aside; pet beds/litter trays aren’t on show; beds are made; toilet seats are down; and there are no dirty dishes on the sink
- A valid Energy Performance Certificate (EPC)
- A copy of your Lease if you have it
Once we have checked through the valuation to ensure it is in line with the current market, and have the photographs of your property, a “confirmation of sale” sheet will be sent to you with the sales particulars. You need to carefully review these and confirm to us you are happy to sell.
Once these documents have been received by us and checked over, the eight week nomination period will begin and we will start to market your property.
During the eight weeks you are not permitted to sell your home, either privately or through an estate agent.
If we find a buyer for your home we will charge a percentage admin fee based on the full market value of your property, plus VAT. The percentage admin fee payable is outlined in your Lease but will normally be between 1% and 1.25%. We will advise of the relevant percentage amount in the sales particulars.
After viewing your home, any potential buyer will need to contact us to submit a reservation fee. This fee is refunded if we are unable to offer the home.
After receiving a reservation form we'll check that we have their up-to-date details and allocate in line with our selection and allocation policy. This is subject to a successful financial interview that they'll need to attend to check their affordability. After a successful interview solicitors will need to be instructed.
Once a buyer is in place we will instruct solicitors to act to us, and you will need to appoint your own solicitor. We have a list of conveyancing solicitors [PDF, 130 KB] that have experience of shared ownership that you may wish to use – details are shown under ‘useful links’ at the bottom of this page.
Landlords Enquiries – The LPE1
Once instructed, your solicitor will be expected to provide your buyers solicitor a Landlords Enquiry Pack (also referred to as an LPE1). The landlords’ enquiry pack can be provided electronically and there is a fee for providing the information. Please refer to the ‘Homeowners Admin Fees’ [PDF, 513 KB] list details of which are shown under ‘useful links’ at the bottom of this page.
Your solicitors will be contacted directly regarding this pack after they have received instruction from us. As you are a Leaseholder you are responsible for covering this cost. If you also have an independent managing agent your solicitor will also need to contact them directly for confirmation of any additional costs they may charge. Details of any applicable managing agent will be provided to your solicitor at the appropriate time.
Please note that the compilation of the Landlords Enquiry pack can take up to 15 working days so it is imperative that your solicitor requests this in good time.
What if there’s no buyer after eight weeks?
If there's no buyer after eight weeks, we'll waive our nomination rights and send you a letter detailing your options. If you decide to sell via an estate agent, you can sell for either the full market value or the share. If you find a buyer for the share, you have to sell at the current market value stated on your up-to-date valuation report - we are unable to accept offers. Please note if a buyer for your share has not been introduced by L&Q, you'll be responsible for covering our solicitor costs as we'll be waiving our resale admin fee.
If you decide to sell the property outright, you can accept an offer higher than the valuation amount, but L&Q would still require our share based on this sale price. You'll be responsible for paying your estate agent fees. You would not be able to accept a lower offer unless you're prepared to take the shortfall.
As part of the sale process we would recommend speaking to one of our financial consultants [PDF, 42 KB] as we think you will benefit from their advice and experience. Details of the financial advisors are shown under ‘useful links’ at the bottom of this page. Please contact them directly for help and advice.
If you require any further information on selling your property, please contact us