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When you
wish to sell your property, *or offer it back to us for rent*,
you must formally advise us in writing. You will not be able to
sell your property without our permission or knowledge.
A property
valuation must be obtained in order to establish the property’s
full open market value (OMV) at the time of sale. This should be
obtained from an independent Valuation Surveyor. We may arrange
this for you but you will bear the cost.
We have an
8 week period (known as the ‘nomination period’), from receipt
of the valuation report, in which to introduce a purchaser to
you, from the Homes within Reach waiting list. We may introduce
up to the 3 purchasers, one of which could be the housing
association you originally purchased the property from.
If a new
purchaser is identified, they will purchase the property at the
same secured percentage to that purchased at initial sale. For
example, if you purchased your property for £70,000 which had a
full OMV of £100,000, you retain a 70% equity share.
The new
purchase price for the property will be calculated using the new
OMV of the property, eg:
If the full OMV has increased
to £110,000, the purchase price will be £77,000 (70% of
£110,000)
Or
If the full OMV has decreased
to £90,000, the purchase price will be £63,000 (70% of £90,000)
We
may charge a fee** for the
introduction of a purchaser to you. This fee will be
based on a percentage of your equity share. It is normally less than the typical estate agents’ fee.
If we are
unable to nominate a purchaser, and they do not wish to purchase
the property, you are at liberty to sell the property on the
open market via an estate agent. The property will then be sold
at its full open market value and the housing association's
percentage equity share will be repaid upon completion of the
sale.
* relates
to specific schemes only
** Fees will vary depending on the housing association you
have purchased a property from. All charges will be made clear
within your re-sale covenant.
Have you registered
with homeswithinreach
yet?
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