Time to move on? You can sell your home at any time you chose. Our team is here to answer any questions you have and help you through this.
- 1. Financing your home move
Before you start is a good idea to understand how much you can afford. You can estimate the value of your home by looking on property websites for homes like yours or by talking to your local estate agent. You should also talk to your mortgage adviser or lender as this will help you estimate how much you will need to increase your mortgage by and if this is realistic.
- 2. Appointing a solicitor
To sell your home you need to appoint a solicitor to act on your behalf.
Co-Ownership does not instruct its own solicitors in relation to this. You will be responsible for your own costs and expenses involved in buying a bigger share of your home.
- 3. Home improvements
The maintenance of your home is your responsibility. We know that you may have done some home improvements and that these may increase the value of your home so please tell us about them when you request your valuation. That way our valuer can take these into account.
There is a difference between maintenance and improvements and how this impacts the value of your home is explained in the table below. Repairs & maintenance are classified as items that need updating within your home due to general wear & tear. These do not increase the equity value of your home. However, if you make improvements to your home you alone benefit from the increased value that you have created, not Co-Ownership. Please tell us about the home improvements you’ve made. An improvement is defined as anything that adds value to your home.
Repairs and Maintenance
- Plumbing and electrical maintenance and upgrading
- Solid fuel, oil and gas central heating system maintenance and replacement (including replacement of boiler, radiators and or change of heating system)
- Roof repairs e.g. replacing damaged/missing slates and/or tiles, re-pointing mortar at eaves
- Re-point brickwork or repair defective render
- Replacing defective/damage glass in windows, window catches, locks and hinges, rotted frames
- Replacing damaged doors, door frames, locks and door hinges
- Overhauling rainwater goods, guttering, drains and gullies
- Overhaul/replacement of fascia and soffits
- Change/replacement of floor coverings which no longer impact on the value
- General maintenance/upkeep/landscaping of the external areas.
- Installation of wood burning or multi fuel stove
- Conversion from Economy 7 heating system to oil or gas central heating. Any other change is considered a maintenance/repair
- Construction of a garage
- Loft conversion into habitable accommodation
- Addition of a sunroom/conservatory/porch
- Home extension increasing habitable accommodation e.g. additional bedroom or living area
- Recently fitted kitchen/bathroom if it increases value
- Solar panels/renewable energy if owned outright
- Installation of fitted furniture e.g. wardrobes if it increases value.
- 4. Ready to sell?
Once you know your budget it’s time to appoint an agent and put your house on the market. To get the most accurate valuation of your property it is best to have the Co-Ownership valuation carried out once your home is sale agreed, as that is the truest test of the market value for your home. To do this please complete a valuation request and Co-Ownership have an external RICS registered valuer carry out a valuation of your home at a cost of £50. Remember that the valuation is valid for 3 months so it’s important that you complete your sale within this time frame or you’ll have to pay for another valuation as the value of your property may change.
- 5. Valuation completed
We will complete the valuation as soon as possible. The valuer will need to visit your home and inspect it externally and internally. They will also consider other houses in your area for comparison. Once they have completed their work we will send you a letter outlining the valuation, normally within two weeks of your request.
- 6. How much do you owe Co-Ownership?
If you received your offer (this is the initial offer that you received before you first purchased your home) on or before the 31st October 2019 then the amount you will need to repay Co-Ownership is based on the valuation. If you have made any improvements to your home, you alone benefit from the value it’s added to your home.
If you received your offer (this is the initial offer that you received before you first purchased your home) on or after 1st November 2019 then the amount you will need to repay will be based on either; the sale agreed price or the equity valuation, whatever is higher. If you have made any improvements to your home, you alone benefit from the value it’s added to your home. The sale agreed price of your home should align with the Co-Ownership valuation. If your sale agreed price is higher than Co-Ownership’s market value this will increase the amount due to us on the sale of your home. If this is the case, please let us know. If your sale agreed price is lower than Co-Ownership’s market value, then please let us know.
- 7. Decision to sell
Within the valuation letter there is a form for you to let us know if you’d like to progress your purchase. You should aim to complete that and send it back to us as soon as possible. You should also let your solicitor, mortgage adviser and/or lender know the outcome of your valuation to help them progress your finance.
- 8. Complete the sale of your home
While all this is going the clock is ticking on your valuation which is valid for 3 months. For you to complete the sale Co-Ownership should receive the funding for this within that period. If something goes wrong and you are going to miss this deadline please get in touch with us as we may need to carry out a second valuation.