The six steps to selling your home

The six steps to selling your home
Thanks
Thank you for contacting us regarding the sale of your home. Thames Valley Housing
have a strong record of re-selling shared ownership properties and we hope that
your journey with us from this initial enquiry, through to the completion of the
sale of your home will be smooth, informative and timely.
This booklet has been produced to give you important information and advice on selling your home. To
help make your move run smoothly, we are working in partnership with Move with Us, a residential property
services company. Our partnership enables us to remove some of the upfront costs associated with the sale.
Costs are not payable until completion (or, if you withdraw from the sale), removing the financial barriers
some customers experience.
This step by step guide will, we hope, provide you with an easy to follow process. It is important that we
inform you in detail, so please read through the guide carefully. Whilst you are proceeding with your sale,
there will be times when you need help and advice. Our sales team will assist with any query you may have
(contact details are provided on the back page of the booklet).
In summary we hope that this guide will
L ead to a smooth and efficient service from initial enquiry through to the completion
of the sale of your home, with independent advice and support throughout.
Assist you with the decision as to whether to proceed before money is spent.
xplain how better quality images and descriptions of your property will aid a more attractive listing
E
and increase the chance of finding a suitable buyer within 3 months (the nomination period).
xplain what happens when the nomination period is over and the options available to
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you as well as how Move with Us, in partnership with local estate agents in your area,
will maximize the chance of you selling your property.
page 2
Step One Free Desktop Valuation
Using recently sold and currently on market
properties that are comparable to yours, along
with an assessment of local market conditions,
Move With Us will be responsible for providing a
free ‘desk top’ valuation.
Move With Us will give you a likely range of values for your home
to assist you in deciding whether it is financially feasible for you
to continue with a sale.
If you would like to proceed with your free desk top valuation,
please contact us on 020 8607 0550 or email [email protected]
and we will instruct Move With Us to arrange an appointment
with you directly.
The desktop valuation will be an
estimate of the value of your home.
If you decide to proceed the actual value will be determined by
a RICS qualified surveyor (Royal Institute of Chartered Surveyors).
This value could be higher or lower
than the desktop valuation.
page 3
Step Two - Full Property Appraisal
Once you have the desktop valuation and if you decide to proceed,
you should let Move with Us know.
They will :Write to you and ask you to complete a form stating that you wish to proceed to
the next stage, agreeing that you will cover the cost of the valuation and EPC*
Arrange
for a local estate agent(s) to visit your property. The agent will be taking
photographs during this visit, so it’s important that you present your house in its
best possible light. They will take pictures and room measurements and will glean
from you the best features of your home. Please refer to our ‘Top Tips’ guide at
the end of this brochure.
rrange an Energy Performance Certificate (EPC) if you don’t have one* An
A
EPC is a certificate attached to your property’s details which says how energy
efficient your house or flat is, and is required by law when any property is
marketed for sale. If you do not have an EPC, a surveyor instructed by Move with
Us will be able to assess your home and provide one.
rrange an independent valuation by a RICS qualified surveyor* Once the
A
valuations are complete Move with Us will send a copy of the valuation report to
you and Thames Valley Housing. As property prices change the RICS valuation is
only valid for three months. If you haven’t agreed a sale price and exchanged
contracts within this time, you may need to have your home revalued at your
own cost (£40).
*You won’t be charged up front for this work, but once you complete or
withdraw from the sale you will be liable for costs incurred at this stage.
continued on following page
page 4
Step Two - Full Property Appraisal
continued
Share Value:
The value of the share that you own is calculated based on the RICS
valuation of your home and on the percentage that you own.
As an example, if your home is valued at £200,000 and you own 25% of the
property, then the share price would be: £200,000 x 25% = £50,000.
Within the nomination period, you can’t sell your property for more than
the share price given, although you can sell your property for less. In the
unlikely event this happens, please ensure you contact us for advice
before proceeding.
Please note that in our experience, properties with improvements prove
difficult to sell as a potential buyer will only be able to obtain a mortgage
based on full valuation (£210,000) multiplied by the percentage share
(50%). In the example given, a 50% share value would be £105,000 and your
purchaser would have to find the additional £5,000.
* If Move with Us arrange the valuation, you won’t be charged up front for this work. Once you
complete or withdraw from the sale you will be liable for costs incurred at this stage. You may
choose another RICS qualified surveyor. If you do so, the charge will be payable to the surveyor
directly at this stage. Please note that you will be responsible for providing photos and room
dimensions to us.
Improvements:
If you have made structural improvements to your home, they will be valued
separately in order for you to receive the financial benefit, if the surveyor
believes that these have increased its value. A valuation may be affected
by structural improvements such as adding a garage or conservatory but,
items like a kitchen or bathroom upgrade, decoration, updating the heating
or improving the garden are not classed as an improvement.
For example, if you own 50% of a property valued at £210,000 including structural
improvements worth £10,000, your sale price will comprise the following:
Full value including improvements: £210,000
50% share:
£100,000
£10,000
Improvements:
Sale price:£110,000
page 5
Step Three - Instruction to Sell
Once the share price has been confirmed and you decide to
proceed with the sale of your home, you’ll need to send us the
completed ‘Instruction To Sell’ form (enclosed in this booklet)
along with your EPC (if not purchased through Move with Us).
As per our standard lease terms, TVHA has the right to nominate a buyer and
has a three-month period to market your home. Our charge for selling your
home includes finding eligible buyers, qualifying and nominating buyers, and
progressing the sale from offer stage until completion.
This charge is 1% of the full value of the property
and is payable on completion.
A list of costs associated with the selling process is included in this guide.
page 6
Step Four - Finding a buyer
Once we’ve received your signed ‘Instruction To Sell’ form
and the EPC, we’ll begin marketing your property; we’ll
advertise online, telephone potential buyers and send out
direct mailings to our database of applicants. Potential
purchasers will contact you directly to arrange a viewing.
We can also use Move with Us’s network of local estate agent(s) to help
promote your property. They will refer additional buyers to us, to boost
nomination period success.
Anyone interested in your home will call you to
arrange a viewing. After viewing your property,
the buyer contacts us if they wish to proceed.
They will need to provide TVHA with a completed application pack
to be approved by our compliance team. Please note we cannot
consider incomplete applications. If several buyers are interested
in your home, we will prioritise in order of housing need.
page 7
Step Five - Sales progression
Once a buyer has been found for your property, both you
and your buyer will need to instruct a solicitor and provide
us with your solicitors’ details. We will then instruct our
solicitors to proceed with the legal paperwork.
We will progress the transaction through to legal exchange and
completion. We will liaise with all parties and provide regular
updates throughout.
Costs involved
Energy Performance Certificatefrom £60 plus VAT Payable to Move with Us
on completion of or withdrawal from the sale
RICS Valuation Survey Fee£160 plus VAT. Payable to Move with Us on
completion of or withdrawal from the sale
Your Legal Fees
Estimated Legal Fees £650 plus VAT
Fees Payable to TVH’s SolicitorsApproximately £300 plus VAT &
distribursements
Please note that it usually takes approximately 12 weeks for a sale to
proceed to legal completion. If a re-valuation is required at this stage,
we’ll let you know how to go about organising this.
TVHA Selling Fee 1% of full value of the property
(selling within nomination period)
Before exchange, you’ll need to make sure you’re up to date with your
rent and service charge and any other payments required in terms
of the sale. Rent and service charges are payable up to the date of
completion; we calculate these and your solicitor will arrange payment
of these on completion along with payment of legal costs and sales fees.
Any outstanding rent, service charge or tenant ledger payments
Once you have legally completed on your sale, please liaise with your
solicitor with regard to handover of keys and any parking permits. Make
sure that you’ve instructed your bank or building society to cancel your
direct debit payments in relation to the property you’ve just sold once
legal completion has taken place.
On completion, the survey and EPC costs will be paid to Move with Us
along with other fees associated with your sale.
File Retrieval Fee£10
TVHA Leasehold Enquiries Fee£100 plus VAT (This is for providing copies
of information about the account. If your
solicitor requests this information you will be
responsible for payment of the fee).
Notice of Assignment and Charge
£50 plus VAT
The above are for guidance only and accurate quotes
can be obtained from your solicitor.
page 8
Step Six
If we haven’t found a buyer within 3 months, Move with Us are happy
to proceed with the sale and will become your main point of contact.
They will instruct 2 local agents to find you a buyer. It is possible to sell
100% of your home at this stage.
Please contact your solicitor for further advice.
Move With Us Sales Fee: 1.75% plus VAT (selling outside nomination period)
You will only be liable to pay TVHA’s selling fee if we have found you a buyer.
You also have the following choices:
Continue marketing with TVHA at a 1% fee
Find an alternative estate agent. Survey and EPC costs must be paid
to Move With Us, before marketing with another agent commences.
page 9
Frequently asked Questions
What service is provided for the sale fee?
The 1% selling fee is only payable if TVHA finds a purchaser, and covers the cost of marketing your property.
The fee covers the costs for the following:
Nomination Fee
All marketing including sending mailshots, advertising on website portals, processing buyer enquiries.
Administration
Liaising with your solicitor, the buyer and buyers solicitor to progress the sale through to completion.
Cost of photography
Production of marketing collateral
Full market appraisal
Estate agent referral
Why do I need to have a RICS valuation done?
The terms within your shared ownership lease state that a valuation must be carried out by an RICS qualified
surveyor before proceeding with marketing your property.
Why do I have to pay TVHA's solicitors fees?
You are responsible for TVHA solicitors fees as you have decided to sell your share within the property and
TVHA will not be selling their share. However if you decide to staircase, TVHA will cover their own solicitors fees.
Can I sell 100% of the property?
If we are unable to find a buyer for your share within the three months, you will then be able to market the full
100% on the open market.
continued on following page
page 10
Frequently asked Questions continued
What if I don't agree with the RICS survey?
TVHA have no influence on the value of your property. You will need to contact
the company that carried out the valuation.
I have found a property that I would like to purchase,
how do I proceed?
Before looking for a new property your current property should be under
offer to avoid disappointment. TVHA will make every attempt to sell your
share as soon as possible however we cannot confirm the time it will take to
nominate a purchaser.
What if there is less than 80 years
left on my shared ownership lease?
There are normally costs associated with a lease extension. If your lease is below
80 years, please contact your property manager on 0300 456 2929 to discuss, as
this may affect the sale of your property.
Why do I need a Energy Performance Certificate (EPC)?
It is a legal requirement that you have a valid EPC before your home is marketed
for sale. They are valid for 10 years and if you received an EPC when you bought
your home, it could still be valid. You will need to provide this to us.
Why can't I sell my property
for more than the valuation amount?
The terms within your lease state that you can only sell your share for the value
determined by an RICS chartered surveyor. If you wish to sell your share for
more, you will need to obtain a valuation report that has been carried out by an
RICS chartered surveyor to confirm the property is worth this amount. After the
nomination period lapses, you are free to sell 100% of your property and you are
free to negotiate the sale price. However, at minimum you must repay Thames
Valley Housing the full RICS valuation of our share.
page 11
Property Description Details
This is your opportunity to tell potential purchasers about the key selling points of your home.
Remember that potential buyers are going to glance at the key features of your house description, and then decide whether they want to read on.
It is important to remain positive throughout your property description, and to describe things in an encouraging way. For example, a small living room might be described
as “cosy”, or a small graveled garden could be described as a “low maintenance courtyard”. However, please note that whilst your description can be poetic, it should
most definitely not mislead the prospective buyer.
Parking arrangements
Kitchen
Allocated parking
Off street
Fully fitted with appliances included
Permit required On street
Oven with extractor hood
Secure cycle store
Washer/dryer
Kitchen open plan
Outside space
Private front / rear
Communal gardens
Type of heating
Bathroom
Communal areas
White suite
Chrome fittings
Shower over bath
Gas
Electric
Flooring
Storage heaters
Security
Communal garden
Hob
Fridge/freezer
Dishwasher Ceramic floor tiles
Kitchen separate
Vinyl floor tiles
En-suite
Ceramic floor tiles
Vinyl floor tiles
Fitted carpets to living areas
Other
Double glazing
Storage
Video door entry system
Fitted Wardrobe to bed 1
Secure door entry system
Fitted Wardrobe to bed 2
Hallway storage
Other
continued on following page
page 12
Property Description Details
When writing your property description, it is important not to be misleading.
The property details should accurately represent the property you are advertising.
Confirm as below or add your own positive introduction:-
continued
Nearest shopping centre, restaurants, bars etc:
“A great two bedroom apartment within walking distance of / great rail links to …”
“A well presented two bedroom terraced house on the outskirts of ….”
“An immaculate three bedroom family home in a sought after location close to …”
As you can see, each of these statements includes both the number of bedrooms and
most positive aspect of the property within the first line of the property description.
Leisure activities:
Transport links (Bus, rail & roads):
Location/ proximity to local facilities
Nearest shops :
School catchment if 2 beds or more:
page 13
Top Tips
1. De-Clutter and De-Personalise
Potential buyers need to imagine themselves living in your house, so get rid of
ornaments and photos - especially posters in kids’ bedrooms. Put things you don’t
really use on a daily basis in the attic or storage. Large pieces of furniture should
also go into storage; this will make rooms feel much bigger. Focus on the hallway
- clear away coats/clutter; the bathroom - hide all your products; and the kitchen
- clear the work surfaces of appliances, jars, tins, etc, and replace any ragged tea
4. Preparing for Viewings
Everyone knows that first impressions count, and you’ll want the house to appeal to
as many people as possible; the more people there are who like the property. So
towels or smelly bins.
sweep up, and make sure the entrance to your home is tidy and inviting. Turn the
2. Freshen Up
If you’ve got parking, leave the space free for the buyer - this will add to the
A great “New Home” effect can be acheived by a fresh coat of neutral paint,
cleaning the grout in the bathroom, replacing broken light bulbs; re-painting the
front door; ironing sheets in the bedroom; taking down any heavy dark drapes;
and strategically placing flowers throughout. Just a few of these can do wonders
lights and heating on; air out the house; and don’t smoke or cook before viewings.
whole experience.
5. Showing a Property
Have a think beforehand what order you will show the rooms, and guide viewers
to smarten up a tired looking property.
around the property once, showing the best rooms first or last. Don’t overload them
3. Clean Up
Be business-like during the first viewing; if someone is interested, you can always
with detail, such as the size of your boiler or the trouble with the neighbour’s cat.
If you’d rather not re-decorate, it is still essential that the house be spotless. Time
get to know them a little more on the second viewing. Never point out problems or
spent making the place sparkle will be time well-spent; clean the carpets, sofa
issues, but do feel free to highlight the odd positive point, like a south-facing garden,
covers, oven and windows while you’re at it. Pay special attention to the kitchen
or very convenient parking. Finally, invite viewers to take another tour round the
and bathrooms, which need to be inviting and hygienic; finish up with fresh
property on their own... but don’t go off and make a phone call - be somewhere
white towels; and a strategically placed plant or two. Watch out for over-stuffed
nearby, on hand to answer queries.
wardrobes - yes, people do look in them to check the amount of storage space - so
clear them out.
page 14
Instruction to sell
This agreement is between Thames Valley Housing Association Premier House, 52 London Road, Twickenham, TW1 3RP Tel: 020 8607 0550 email: [email protected]
and Homeowner name(s)
Homeowner Address Postcode
Local Authority Contact details 1 Tel:
Mob:
Contact details 2 Tel:
Mob:
I / We acknowledge receipt of the RICS surveyors valuation Surveyor name:
FULL VALUE £
Tel:
SHARE %
SHARE VALUE £
The contact details you provide will be passed on to interested buyers to arrange a viewing directly with you. Please confirm below Name:
Tel:
Mob:
Email: I / We undertake to pay the fees referred
to in ‘Costs involved’ within this guide
Please tick the following: I / We undertake to pay the selling fee of 1% of
the full value of the property on completion.
Your solicitors details
Company:
Person acting for you
Name:
Fax:
Are you buying another property?
Yes: No:
■
Are you in a chain?
Yes:
Tel:
Email:
No:
■
By signing this instruction, you confirm that you have read the terms and conditions as stated in our guide, that you understand them and that you agree to be bound by them.
Signature 1Date
Signature 2Date
page 15
Contact details
Thames Valley Housing Association Ltd
Premier House
52 London Road
Twickenham
TW1 3RP
Tel:
020 8607 0550
email:
[email protected]
www.homebuy4u.co.uk
Please note that this document is intended as a guide only and we believe the information provided to be correct at the time of issuing.