Existing residents

Selling your shared ownership homes

If you want to move on and plan to sell your shared ownership home we’re here to help.  

The first step is to contact us and let us know.

Please complete the resale form or email us on sales@brighterplaces.co.uk
We will be able to explain all the steps you need to take and answer any questions you have. 

Things to consider before selling your home

How much is my share worth?

The price that you can sell your share for will be calculated as a percentage of the full market value.

For example: if you own 40% of your home and your home has been valued at £250,000

  • Your share is worth 40% of £250,000 = £100,000
  • You can expect to receive £100,000 sale value.
Getting your home valued

An independent surveyor registered with the Royal Institute of Chartered Surveyors (RICS) will need to value your home. This is know as a RICS ‘red book’ valuation and is different to an estate agent’s valuation.

You are responsible for arranging the valuation and paying the surveyor’s valuation fee. Find a local surveyor. 

Costs to consider

As well as the RICS valuation fee, there will be other costs associated with selling your home. These can include:

  • Your assignment fee – usually 1% of the total shared value plus VAT (check your lease for details.) This is payable to Brighter Places once your property is sold.
  • Your solicitor fees
  • Your Leaseholder Enquiry pack – £90 for houses and £180 for flats. 
  • There may also be a certificate your solicitor will ask Brighter Places to provide, which comes with a small fee. For example: Certificate of Compliance or Deed of Covenants which are £36 each.  

Buy more shares in your home

You can buy more shares in your home and pay less rent at pretty much any time if you want to. This is known as ‘staircasing’.

Usually, you can buy 10% of additional shares in your home at any one time. In most cases you can ‘staircase’ to 100% ownership of your home. However, some leases only allow a maximum of 80% ownership.

Your shared ownership lease will detail the level of increments you can buy. It will also say if you can staircase to own 100% of your home or a maximum of 80%.

Owning 100% of your home will reduce or end your monthly payments to Brighter Places.

It is worth bearing in mind that your mortgage payments may go up if you are using a mortgage to buy your remaining share.

How to buy more shares in your home

The Sales Team will be on hand to help you every step of the way. If you have any questions before completing the ‘Buy More Shares’ application form please contact us on sales@brighterplaces.co.uk or 01179424600

  • Complete a ‘Buy More Shares’ application form. The form includes a detailed explanation of the ‘staircasing’ process
  • Find a surveyor registered with the Royal Institute of Chartered Surveyors (RICS) to value your home. Find a local surveyor
  • Agree payment arrangements with your chosen surveyor and let them know that Brighter Places will be in touch to instruct them soon
  • Let Brighter Places know which surveyor you are using

 Once we have received your completed application form we will:

  • formally instruct your surveyor to do the valuation of your home
  • ask them to contact you to arrange a convenient time to do the valuation
  • Your surveyor will send the valuation report to Brighter Places.
  • We will then send you a copy of the valuation and an ‘offer letter’.
  • The offer letter will include the cost to buy more shares based on the valuation report. It will also detail how much your monthly payments will be once you buy additional shares in your home.
  • The letter will include a form to let us know if you accept or decline the offer. Please complete and return it to us including details of your solicitor if you decide to buy more shares.
  • If you decide to go ahead and buy more shares you need to instruct your solicitor to act on your behalf at this stage. You will also need to contact your lender if you are applying for a mortgage.
  • When we receive your acceptance form, we will instruct our solicitors.
  • We will also contact your solicitors and the legal work will begin.

Congratulations, you have completed your ‘staircasing’ transaction and will own more or all of your home!

How much will it cost me?

Your are responsible for paying for your surveyors valuation fee – usually around £360

You will also need to pay:

  • your solicitor fees
  • any title documents, costs for a draft transfer (if required)
  • Brighter Places’ fees – this covers our administration and third-party costs to support the share buying process (e.g. our solicitor fees)

The Buy More Shares application form provides more details on these costs.

Shared owners - leaseholder responsibilities

As a Shared Owner or a 100% Leaseholder, your lease will detail both your responsibilities as homeowner and our responsibilities to you as a landlord.

Under shared ownership:

  • You will have various responsibilities as the homeowner/leaseholder
  • Brighter Places will have various responsibilities to you as your landlord

Your lease will include specific details about your responsibilities. However there are common obligations in most leases that you must adhere to.

 

 

 

 

 These are:

  1. pay any ground rent, service charges, shared utilities and taxes for common parts of the building on time
  2. not do anything which would make our insurers refuse to pay out on any claim which we might wish to make
  3. keep the whole of the premises in a good state of repair
  4. not alter the property without Brighter Places’ consent
  5. make good any disrepair within a set notice period (usually one to three months), following receipt of a notice from us
  6. if repairs are not carried out, allow us to enter the property, carry out the repairs and charge you for the work. We will give you cost estimates before any works are done
  7. only use the property as a private residence
  8. as a Shared Owner, the property must be your only and principle home
  9. not cause a nuisance to adjoining occupiers or to use the property for illegal/immoral purposes. 

Your repair responsibilities

As a Shared Owner or a 100% Leaseholder, you have a fully self-repairing lease. This means you are responsible for carrying out any repairs and maintenance to your home.

Brighter Places (or the relevant freeholder/management company) are responsible for repairs to any communal areas.

Your lease will tell you exactly which parts of the property fall under your responsibility for repairs.  If you are in any doubt, you can seek advice from a solicitor. 

Where repairs are the responsibility of Brighter Places, a share of the repairs cost will be  recharged to homeowners who benefit from the service. For example, repairs to a broken door entry system in an apartment block owned and managed by Brighter Places. 

The table below details which repairs are your responsibility as the homeowner and which repairs fall under Brighter Places as your landlord.

Overview of responsibilities

Please note: this table covers common repairs and is not an exhaustive list.  For a full breakdown of your repair responsibilities please refer to your lease.

Item 

Brighter Places’ Responsibility 

Homeowner’s Responsibility 

Boiler in home 

YES

Lift in apartment block owned and managed by Brighter Places 

YES

Communal front door in apartment block owned and managed by Brighter Places 

YES

Front door to house/apartment 

YES

Roof to house 

YES

Roof to block of flats owned and managed by Brighter Places 

YES

Floor fittings 

YES 

Private garden 

YES

Communal garden 

YES

Kitchen and bathroom fittings 

YES

Your right to acquire

The Right to Acquire is a statutory scheme which allows eligible tenants of eligible properties to buy their homes at a discount. To find out more about Right to Acquire, click on the button below.

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