Selling Your Property
If you decide to move, the first step is to ask the Association to obtain a current market valuation of your home. The Association will instruct an independent valuer to do this once we have received your valuation fee, currently £125+VAT. The report will contain the maximum price at which you can sell your share of the property. If you decide to proceed we would normally have the right to nominate potential purchasers from our shared ownership list.
If you decide to sell, you will be able to sell your share only or you could sell the whole of the property. In both cases, you will have three months from the date of the valuation to complete the sale. Please telephone 0113 285 0422 for further advice on the options available to you.
Making Improvements or Alterations
You may not make any alterations or improvements to your home unless the Association gives you written permission. However, we would not unreasonably withhold permission. If you decide to buy further shares in your property the valuer will disregard any improvements you have made when determining the market value of the property. However, if you decide to sell the property, any improvements you have made will be included when determining the market value, and it is the percentage of this value that would determine the maximum price you could sell your property for.
Buying Further Shares
You can buy further shares of your home any time after the first 12 months. Buying more shares is known as “Staircasing”. Not all schemes allow for staircasing; details can be provided on each scheme. The first step in the process is for you to ask the Association to obtain a current market valuation of your home. The Association will instruct an independent valuer to do this. The valuer’s fee is paid by the shared owner. After receiving the valuation report, you will have three months to complete the staircasing process. If you exercise your right to staircase you will need to instruct a solicitor to act for you.
Difficulties with Mortgage Repayments or Rent
If you fall behind on your rent and service charge payments to us we will implement our Rent Arrears procedure, copies of which are available on request. We always try to be flexible with people who fall into arrears and to reach agreements about repayment of the debt. We can go to your mortgage lender and obtain payment of the arrears from them. However, if the arrears were not cleared we could seek forfeiture of the lease through the County Court. If forfeiture were obtained you would lose the right to occupy the property.
Re-Mortgages
If you wish to remortgage your home or obtain a further advance, your mortgage provider will need to obtain written consent from Connect Housing before they can proceed. We will not unreasonably withhold consent and will require a copy of the new mortgage offer to ensure that any additional borrowing does not exceed the value of your existing share.
Subletting
You are not allowed to sub-let your home without our consent. We may give permission for up to 12 months under certain circumstances. If you sub-let you are still responsible for making sure the terms of the lease are complied with and that all rent and service charge payments are made. You must tell us your address if you are not living in the property so that we can contact you and inform your mortgage lender and insurance provider of your intention to sublet
Back to the Leaseholder Information Page|