Under the terms of your lease, Riverside must give formal consent to the sale of your property, so you should let us know as soon as you decide to sell your home.
There are a number of requirements which must be met for us to give our consent to the sale, known legally as a ‘lease assignment.’ We charge an administration fee to both the buyer and the seller for this service.
How the process works
- You will usually need to have a valuation carried out on your home, at your own cost. The valuation must be ‘RICS certified’ which means the surveyor who provides it must be accredited with the Royal Institution of Chartered Surveyors. You must send us a copy of the valuation for us to approve.
If you are a shared owner, this valuation sets the maximum price you can sell your home for.
- You can then normally put your property on the market with an estate agent, who will arrange viewings with you, similar to any other house sale.
If you are a shared owner with us, any potential purchaser must meet the shared ownership eligibility criteria, similar to when you bought your home originally. Potential shared owner purchasers must complete a Resales Application Form and be assessed by us before we can approve them as a buyer.
- When a sale is agreed, you will need to let us know your solicitor’s details and the buyer’s details. Often the easiest way is to send us a copy of the ‘Memorandum of Sale’ which your estate agent will usually put together.
- Once you instruct your solicitor, they will carry out the usual conveyancing work with your buyer’s solicitor.
We will work alongside your solicitor and the buyer’s solicitor, who will both ask us to respond to their various legal enquiries as part of the conveyancing process. We will work with them to make sure all the lease requirements are met.
- When you and your buyer have agreed a date to complete the sale, we will calculate the monies you will need to pay us, and if your scheme has a sinking fund, the amount you will need to pay into the fund.
- Once all the requirements are met and monies have been paid, we will provide formal consent to your solicitor who will finalise all the legal work.
For more detailed information, please contact us.