Selling your home

Before you start it 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.

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.

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 and maintenance are classified as items that need updating within your home due to general wear and 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.

Improvements

• 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.

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 £70. Remember that the valuation is valid for 12 weeks 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.

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 tell you the valuation and how much it will cost to buy more, normally within two weeks of your request. Valuations are valid for 12 weeks.

The amount you will need to repay will normally be based on either; the sale agreed price or the equity valuation, whatever is higher. If you have made any improvements to your home, the external valuer will assess the value added to your home and you alone will benefit from this. This will all be explained to you when your equity valuation is returned.

Remember, your valuation is valid for 12 weeks. For you to increase your share, Co-Ownership should receive the additional funds within that period. You should also let your solicitor, mortgage adviser and/or lender know the outcome of your valuation to help them progress your finance.

While all this is going the clock is ticking on your valuation which is valid for 12 weeks. 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.