Selling Your Property

You may sell at any time, but you need to notify Landmark of your intentions. You can either sell the share you own or exercise your option to buy the remaining share (see staircasing) and sell the property outright.

If you decide to sell your share, an independent valuation of the property must be obtained from an RICS*-certified valuer. The payment of the valuer's fee will be your responsibility. Landmark can arrange this valuation for you and the fee for Landmark's approved valuer is currently £250 (incl. vat). In accordance with the terms of the Lease, you will then have 3 months to complete the sale before an updated valuation is required - our approved valuer will provide a free update after 3 months, but a fee will be charged from 6 months onwards.

Unless you own the property outright, a clause in the Lease enables Landmark to nominate prospective purchasers. This is to ensure that people with priority are given the opportunity of shared ownership. Landmark will contact applicants on it's waiting list to identify a suitable purchaser, and will then arrange for them to view the property with you. A fee of 1% is payable on the share you're selling plus vat. 90% of our properties are sold in this way. The nomination period lasts for 8 weeks from the date in which you confirm that you wish to proceed with the sale, having received the valuation. If Landmark is unable to find a buyer within this time, you are free to sell on the open market.

You are also responsible for paying Landmark's legal fees for the assignment of the lease (currently between £225 and £300 plus vat) and you will need to instruct a solicitor or Licenced Conveyancer to act for you in the sale.

If you are thinking about selling your property, please contact Landmark's Marketing department for full details.

* RICS - Royal Institution of Chartered Surveyors