We hope that this step by step process will give you an idea of what to expect if you decide to sell your SO Resi home. When you get in touch our experienced Resale team will be on hand to guide you along the process and give you details at each step.
The steps
Before you start, make sure you've read through these online steps, checked your lease length and read the latest fire safety requirements for leaseholders.
Note, if you already own 100% of your property you only need to contact us once you've found a buyer, read more here.
- Step 1: Get your home valued - You'll first need a written valuation report from an independent RICS surveyor. RICS stands for the Royal Institution of Chartered Surveyors, view our recommended list of RICS surveyors. You pay your appointed surveyor directly and they send the report to you and us
- Step 2: Request to sell with our online form - Sign in or create a My SO Resi Profile and follow the instructions in the Selling my home section. We will then assign you a dedicated consultant who'll organise a video call to discuss the details
- Step 3: Upload the required documents to your My SO Resi account - We require copies of your valuation report, EPC, photo ID & proof of address. We'll obtain your lease document for you and can create a new EPC for you if it's more than ten years old (fees may apply)
- Step 4: Take professional photographs of your home - we will organise a suitable time for our partners NicheCom to take professional photos of your property, create a floor plan and a new EPC (if required). They will share these files directly with us and acts as the first stage in marketing your property
- Step 6: Tell us you want to go ahead - Once all documents are received, we will request you to sign the Instruction to Sell form. If we don’t sell your home after the designated nomination period (currently 8 weeks), you can choose to sell it on the open market. If you do this, there’s no sales fee to pay to us but there will likely be estate agent fees to pay instead
- Step 7: We find you a buyer - We will create your marketing listing and publish it on the largest shared ownership property websites. We will take care of marketing your home and financially assess applicants before they view your property. If a potential buyer wants to go ahead we will check through their application to make sure they are eligible. Read our guide to preparing your property for viewing
- Step 8: Your home is sold! - Once an approved buyer is found, solicitors are appointed to work towards completing the sale
Ready to sell?
If you're happy with the sales process, let’s get started! You will need a SO Resi account to access your Selling my home section.
How much does selling my home cost?
Here is a breakdown of typical costs:
|
Sales fee |
1% plus VAT of the full market value of the property |
|
RICS valuation report |
From £175 including VAT |
|
Your solicitor’s costs |
Around £1000 plus disbursements plus VAT |
|
MTVH lease enquiries fee |
£150 plus VAT. The Leasehold Management pack provides answers to all the standard leasehold enquiries raised during a sale. The cost is included within the sales fee. Any additional enquiries are charged at £50 +VAT |
|
Managing agent enquiries fee |
There is also a fee if your solicitor needs a managing agent to respond to enquiries. Ask the managing agent to confirm the costs for responding to enquiries |
|
Notice of assignment and charge |
£50 plus VAT |
*If the SO Resi team cannot sell your home and an agent sells your share, a £250+ vat processing fee is payable to SO Resi on completion.
How long does it usually take?
We have eight weeks or the nomination period detailed in your lease to sell your home, from the day we start marketing. Most homes sell in this time. If not, you can:
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Ask us to keep marketing your property until we find you a buyer
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Find your own estate agent to sell your share or 100% of the property. If an agent sells your share, a £250+ vat processing fee is payable to SO Resi on completion.
Got a question?
Your lease says that we have 8 weeks to find a buyer for your home. If we can’t do this, you can sell your home on the open market, through an estate agent.
It’s a good idea to wait until your own home is under offer before looking for a new one – we don’t want you to be disappointed.
Your lease says that you can only sell your share for the value set by a RICS surveyor. If you want to sell it for more, you will need a valuation report from a RICS surveyor to confirm the higher amount. If we don’t find a buyer in 8 weeks you can sell on the open market for any amount, as long as you pay Metropolitan Thames Valley Housing the RICS valuation of our share.
If your lease is below 80 years it may affect your chances of selling. To find out whether you can extend it, call your property manager on 0300 456 2929
It gives buyers an easy way to see how energy efficient your home is, how it can be improved and how much money this could save. It is a legal requirement to have a valid EPC before selling your home. They are valid for 10 years so if you received one when you bought your home, it could still be valid.
We do not consider improvements made to the property in the sale price. The property is sold as seen - so the property value includes all the work done.
Simultaneous Sale and staircase also known as a Sim sale is when you the homeowner own a share of your property and have found a buyer who wants to purchase 100%. As the leaseholder you will staircase to 100%, however you will complete this transaction and sale of the property on the same day making it a simultaneous sale and staircase. You or your solicitor can speak to our Aftersales team on aftersales@soresi.co.uk or 0208 607 0550