Subsequent Sales of Shared Ownership Shares
As a shared owner looking to sell your share, the terms of the lease require you to offer the property to qualifying applications nominated by Bernicia.
If Bernicia are unable to nominate a suitable purchasers within 8 weeks, under the terms of the lease you will be able to sell your share of the property on the open market.
When marketing the property you should ensure that “the market value is assessed by an independent RICS qualified surveyor and based on vacant possession of the whole property”. We would suggest that you ensure that any proposed estate agency are able to supply this valuation or you may be liable to arrange for an additional survey to be carried out to satisfy this requirement.
Please note that your share to be sold has to be marketed at the valuation price and cannot be sold for any more or any less than this figure. A copy of the above valuation should be forwarded us for approval and may need to be updated on a regular basis as it is only valid for three months.
In view of our continuing interest in the property if anyone is interested in purchasing the available share, our consent must be sought and prospective purchasers must submit an application form for their eligibility to be assessed. No sale can progress or offer be accepted until the applicant has been approved.
Please note prospective purchasers must have a credit check carried out by Bernicia with a Credit Reference agency to check their financial status. If any adverse information is found it may not be possible to progress the application further.
If more than one application is received and given approval, Bernicia Group will assess and make the decision as to who is most in need of the property based on the information on the application and that given at the time. We will then inform the successful applicant. It is at this stage that you can instruct solicitor’s to proceed.