Stepping onto the property ladder is a huge milestone, but what happens when you’re ready for your next move?
The process depends on how you purchased your property, whether through traditional sale or through Shared Ownership, in both cases there are clear options available.
If you own your home outright, the process works much like any other property sale. You can appoint an estate agent, agree a sale price and market your home in the usual way. Your solicitor will manage the legal side of the transaction.
If you bought through Shared Ownership, the process is slightly different. At L&Q we have a dedicated Resales team that provides both service and support to Shared Owners when they’re ready to sell. Our team will help manage marketing, qualify prospective buyers and guide you through the process from offer to completion. We also have a panel of independent surveyors who can provide you with the required valuation, as your home will need to be independently valued.
Once you decide to sell your L&Q home, there is what’s known as a ‘nomination period’. This is a set timeframe of between four and eight weeks during which we will market your home to eligible buyers on your behalf, helping to ensure the property continues to support affordable homeownership in your area. During this time, our Resales team promotes your home across major property portals and to our database of eligible buyers, helping to maximise interest and find a suitable purchaser.
If a buyer hasn’t been found after the first two weeks, your home can also be marketed at 100% value, widening the pool of potential buyers while still supporting a smooth resale process. If a buyer isn’t found during the nomination period, you may then be able to market the property on the open market, subject to the terms of your lease. For more detailed guidance on the selling process, you can visit our website here.
As with any property sale, there are some costs to factor in. If we find a buyer for your home during the nomination period, an administration fee will apply. This is lease-dependent and is typically 1% or 1.25% of the full market value of your home, plus VAT.
You’ll need an up to date Energy Performance Certificate (EPC). Should this have expired, L&Q have this covered along with all marketing material for us to list your home. You are responsible for covering solicitors fees, your pre-sales management pack, and keeping your RICs valuation up to date until completion. The pack is requested by the buyers solicitor and includes key information about your property, such as service charges, insurance details and any planned major works.
If you’re a Shared Owner, selling isn’t your only option. You may also choose to staircase, meaning you purchase additional shares of your home over time. Some buyers staircase gradually, increasing their ownership as their financial situation changes. Others choose to staircase to 100% ownership. There’s no fixed right time to do this, it often depends on factors such as savings, mortgage rates or changes in income. You can find out more about Staircasing on our website here.
Before staircasing, your home will need to be valued to determine the cost of the additional share. To help you understand what staircasing could look like financially, you can use the Share to Buy staircasing calculator, which provides a helpful estimate based on your current share and property value.
If you are considering your next move, or buying additional shares in your home, L&Q’s Homeownership staircasing and Resales teams are here to help you plan with confidence. Explore your homeownership options with L&Q today: https://lqhomes.com/locations/
