Selling within five years of the Right to Buy purchase
If you bought your home as one of our tenants under the Right to Buy scheme and you sell within five years of the purchase, you will have to pay back some, or all, of the discount we gave you when you purchased your home. This will be worked out as a percentage of the price for which you are selling your property. There are some exceptions to repayment of the discount – for example where the property is compulsory purchased or transferred to you as part of a divorce settlement.
Notifying us about change in ownership
When you sell your home and the sale is completed the new leaseholder or their solicitor must notify us so that we can register the assignment of the lease and record the details about the mortgage provider. There will be a small charge for registering a Notice of Transfer.
Getting a resale pack
As a leaseholder, you can sell your property at any time. You will need to make all the arrangements yourself with estate agents and solicitors. (Please remember we do not allow estate agent boards to be fixed to our blocks, property or estates.)
Your solicitor must notify us when you have accepted an offer on your property. They should ask us for information relating to your accounts and property to assist with completing the sale.
We call this a ‘’resale pack’’ and we will only provide the information to your solicitor – not to the buyer or their solicitor. We charge £132 for this service which requires us to compile information about accounts, outstanding charges, schedule of planned maintenance and major works, and insurance policy details.
Where there is an estimated charge for services or for major works that are in progress - and for which you are awaiting a final account - you must agree with the buyer how these future bills will be paid. The buyer’s solicitor may want you to settle these in full and agree an amount to be kept from the purchase price against these future bills. This amount is known as a “retention” and is held by your solicitor until the final account is known.
Tel: 020 7364 5015