If you are selling your property, our involvement is set by the type of property you have.
We supply information to your solicitors to allow the sale to progress but we are not directly involved. Solicitors will usually ask us to complete a Leasehold Property Enquiry questionnaire and our fee for doing this is £230 inclusive of VAT. We respond within 15 working days of payment of the fee.
We are usually asked to supply 3 years' accounts, current service charges, Insurance details, Fire Risk Assessments, asbestos surveys and consultation notices.
If you purchased your home through the Right to Acquire scheme or the Right to Buy scheme and are selling within 5 years of purchase, it is likely you will have to repay some of the discount you received. The amount you will need to repay depends on how much the value of the property has changed since your original purchase and the time which has passed.
If you want to sell your share of the property, you need to provide written notice to this effect and comply with the requirements of your lease. We usually have a 6 or 8 week period to nominate a purchaser. You will need to instruct an estate agent and RICS surveyor to act for you. If you would like a recommendation for a firm who specialises in shared ownership, please contact HOT who can assist with this.
Once we have nominated the purchaser, our role is simply to supply information to the solicitors including responding to enquiries (see leasehold section). Please note, if you have an external managing agent other than ourselves, we may charge a higher fee as we need to obtain information from them.
Leasehold Schemes for the Elderly
Please note these leases can only be assigned to a person of pensionable age; please make sure your estate agent clearly show this when marketing the property. We currently accept a minimum age of 60 and we require proof of age for your purchaser to grant consent for the sale. We would expect the purchaser is retired although part time or voluntary work is acceptable.
In addition to the enquiries shown in the leasehold section above, on sale you will be required to contribute into the scheme sinking fund at a rate of 0.5% of the property value per year of ownership. You also need to pay for a valuation to determine this value and the legal costs of the Licence to Assign needed to assign the lease.