What costs will there be when I sell?

You will need to pay for a valuation, energy performance certificate (if you don’t have one already), your estate agents fees and your solicitors’ fees. You may also need to pay for leasehold property enquiries from LiveWest and the managing agent if applicable. Additional costs may be payable subject to the legal process and the terms of your lease. Your solicitor will be able to confirm if any additional costs apply. 

Please note we do not currently charge a administration fee for selling, however, this is subject to change. 
 

Why do I need a RICS valuation?

The rules set by Homes England state that all shared ownership properties must be valued by a RICS valuer. This is also confirmed in the terms of your lease. RICS valuers are independent professionals of a chartered institute, who follow a defined method for valuation.
The valuation will determine the full market value. You will receive a percentage of the overall price based on the share you own; this is fixed and non-negotiable. The RICS valuation will need to be in date throughout the marketing, sale and up until completion of your property. It is your responsibility to ensure this remains in date and to pay any associated costs should there be any. The value of the property may increase or decrease when a valuation is reviewed for extension purposes. If this is the case, the amount you receive for your share may be affected. 

Valuations are normally valid for a period of 3 or 6 months. Please discuss with your surveyor if any fees will apply to extend this, should the valuation expire. 
 

You can find a RICs valuer here.

Why do I need an estate agent to market my home?

You need to instruct an Estate Agent to act on your behalf as they ensure compliance with marketing and property law. They also play an important role in progressing the sale of your property by maintaining contact with all parties involved. 

Why do I need an an Energy Performance Certificate (EPC), and what is it?

An EPC lets the buyer know how energy efficient your home is and can include tips to make your home more energy efficient.

EPCs are valid for 10 years. If your property does not have a valid EPC, you will need to obtain one. It is a legal requirement to have a valid EPC when your home is advertised.

What happens if I have a short lease term? 

As a shared owner your property will be leasehold, the term of your lease decreases over time. As your lease term gets shorter it can make your property harder to sell.  

As part of your application to sell your home, we review the lease and may put you in contact with other teams to discuss options with you. These could include extending your lease or the possibility of us selling our share alongside yours. 

When can I view and make an offer on my next home? 

We understand that you will want to view properties to find your next home, however, please note we cannot confirm that you are sold subject to contract until a buyer has been approved by us and the offer has been accepted. This may affect your ability to have an offer accepted on another property as the estate agent will request confirmation that you have a sale agreed. 

Can I buy another shared ownership home?

Yes, your current property will need to be sold subject to contract before you can apply. Your eligibility and affordability will need to be checked as part of the application process. 

What are Leasehold property enquiries? 

Your solicitor will be expected to provide your buyers solicitor with responses to leasehold property enquiries, these can also be known as management enquiries or LPE1.  The pack could include items such as those listed below:

•    Details of any breaches of the lease or alterations to the property.
•    The balance of the service charge account. 
•    The last three years service charge accounts.
•    Details of any rent arrears. 
•    Details of the buildings insurance. 
•    Details of any fire risk assessment (if applicable).

There is a fee for providing the LPE1.  As the leaseholder you are responsible for this cost.  If you also have a third party managing agent, your solicitor will also need to contact them about any additional costs they may charge. Details of any applicable managing agent will be provided to your solicitor.

Please note that that the LPE1 from LiveWest can take up to 15 working days from when we receive payment of the pack, it is important for your solicitor to request this early in the sale. 

More information about the LPE1 fees can be found here.