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We can help with selling a resale property

Selling a Shared Ownership (New Build Homebuy) home is known as a resale.

When selling your share of the home you must advise Family Mosaic in writing of your intention to sell your property. The Resident Sales team will then assist you through the process of selling your home.

Download the complete guide to selling a resale property below:

Selling Resale

Under the terms of your lease a valuation must be carried out by an independent RICS qualified surveyor to determine the current open market value of your property and is the price the property will be marketed at. The sale price is based on the valuation report and is not negotiable.

Family Mosaic will market your home for a maximum of 8 weeks from the time we have approval and all documents to commence marketing. We will market your home, approve applications, allocate a buyer, liaise with all parties and progress the sale to completion. This will be for a fee based on 1.5% of the share value, plus VAT.

If in the unlikely event that we have been unsuccessful in finding a buyer for your home in the 8 weeks, you will have the opportunity to instruct an Estate Agent to market your property, paying their fee for the services they provide, or alternatively you may continue marketing your home solely through Family Mosaic.

Resale properties were originally sold under New Build Homebuy (Shared Ownership) which is an affordable home ownership scheme and therefore any potential purchaser must meet the affordable home requirements for a resale home. Any potential purchaser will be assessed by Family Mosaic.

What are the costs involved?

As with all property sales you will have expenses to pay, therefore before deciding to sell your home it is worth investigating the full costs involved and considering carefully when to market your property.

Some of the expenses you will have to pay are:

Family Mosaic will charge a fee of 1.5% of the value of your share plus VAT; a non-refundable fee of £350 is payable upon instruction, and the remainder will be deducted at completion. This fee contributes towards providing a resale service, which includes marketing and selling your Shared Ownership home. However, if we are unable to find a suitable purchaser for your home, then you will only pay the initial £350 fee for the marketing.

The valuation fee

Surveyors’ fees vary but range from £175 – £325 plus VAT*. The valuation fee is usually paid direct to the surveyor and will be collected by the surveyor on the day they visit your home. The valuation is only valid for 3 months and if a buyer is not found within this period a new valuation report will be required and an additional charge.

Legal expenses

Selling your home will involve changes to your existing lease which will require the professional services of a solicitor. The solicitor will have disbursements and professional fees for acting for you. You are also required to pay Family Mosaic’s legal expenses (usually between £450 – £550).

An Energy Performance Certificate (EPC)

Selling a home in England and Wales requires an Energy Performance Certificate – There are many companies providing this service now. An EPC will normally cost in the region of £50–£100 and lasts 10 years, so you should check whether your property still has a valid certificate before arranging an assessment.

Assignment fees

Some properties, particularly those with a headlease may require the sale to be registered with the superior landlord. This is known as a Notice of Assignment.

Pre-sale Solicitors enquiries

Your buyer’s Solicitor may raise detailed enquiries about your property and Family Mosaic will provide responses to the enquiries. A fee of £150 + VAT is payable for this service.

Mortgage fees

You may have to pay penalty charges to your existing lender if you sell your home before the end of the product end date. You must investigate this with your lender or financial advisor prior to advising us that you wish to sell.

Rent and Service Charge arrears

If you have any arrears these must be cleared before completion of the sale. This could include underpayments on past service charges.

Estate Agent Fee

If after the initial 8 week marketing period we have been unsuccessful in finding a suitable buyer you may choose to instruct an estate agent to market your property for you. In this case you will be responsible for the fees the estate agent charges for their services.

NOTE: This is only a guide to costs, depending on your property there may be additional costs.

*Correct at time of publication – subject to change

Are there any restrictions on selling?

There are a number of restrictions associated with selling your home and we recommend you refer initially to your lease.

The main restrictions are that:

  • All leaseholders assigned to the lease must sign and agree to selling the property.
  • The valuation must be carried out by an independent RICS qualified surveyor.
  • The leaseholder is required to meet the valuation and legal costs and any other costs incurred in connection with selling your home.
  • The leaseholder is responsible for ordering and paying for an Energy Performance Certificate (EPC) if required (This is a Government requirement for all properties marketed in England and Wales and must be available before marketing can commence).
  • The leaseholder is required to allow Family Mosaic 8 weeks to market your property from assignment at a fee of 1.5% plus VAT.
  • The potential purchaser of your property must meet the requirements of the lease and the selection criteria of Family Mosaic.
  • You must repay any arrears on rent, service charges and any additional costs incurred whilst living in the property.

*Correct at time of publication – subject to change