Selling your affordable home

Thinking of selling?

You may sell your affordable home at anytime if you own it, but you must first notify the Council in writing of your intention to sell and the Council are responsible for setting the sale price, should there be a price restriction.

Shared Ownership homes are usually provided by housing associations, so if you want to sell, you should go directly to the housing association who you pay your rent to. They will arrange to market your home through the Help To Buy agency.

For all other kinds of affordable housing for sale, you should follow this guidance.

Many affordable homes are subject to a s106 Planning obligation. This is a legal agreement which usually specifies who would qualify to buy your home, and at what price. Before doing anything else, you should check these requirements in your s106 agreement. For more about this, please see the bitesize guide: Understanding your s106 Agreement (including updating your s106).

Agreeing an advertising scheme with the Council

In most cases, your Section 106 agreement will require you to agree an advertising scheme with the Council.  Your home will need to be advertised through the Help to Buy agency, online using Rightmove/Zoopla, and we would encourage optional forms of advertising including using an estate agent, social media, local advertising (i.e. shop windows, local newsletters etc.).  Any potential purchasers identified through yourselves/estate agents will be assessed by Help to Buy South West to ensure they meet the requirements of your Section 106 agreement.

The Help To Buy agency

This is a Government-appointed agency responsible for marketing affordable homes, and for keeping a register of potential buyers. Help To Buy offers an estate agency type service, the cost of this is covered by the Council and so there is no charge for you.

Online Advertising

We require your affordable home to be advertised online using Rightmove/Zoopla.  This can either be through an estate agent who will provide additional services such as in store advertising, advertising in the local papers and directly to people on their mailing list as well as providing an advert online, or you can choose to use an online only agent/advertising company.

Valuations

Please provide 1 chartered surveyor valuation (must be RICS registered) OR 3 x valuations from local estate agents (should the 3 local agent valuations be used we will take the average, if they differ.  Where a range is given we will use the mid-point).  We also carry out our own in-house checks to ensure the valuations are in line with comparable sales in your area and we may request additional valuations should we feel that any are outside of the expected range.  We cannot accept valuations which refer to anything other than a clear ‘open market value’ so please ensure your agent is aware of this requirement as any valuations that refer to ‘asking price’ ‘marketing price’ etc will be returned to you.

Costs and fees

You will have to pay a Surveyor for an open market valuation. You will need to find a solicitor and pay legal fees. You will have to pay for advertising fees through an agent or online advertising.

What you need to do

  • Obtain your s106 agreement - this is normally with your deeds
  • Obtain proof of your discount - this is often in your Section 106 or in your TP1 transfer document from the Land Registry
  • Obtain a red book open market valuation from a RICS (or equivalent) chartered surveyor OR 3 x local agents valuations
  • Take some photographs
  • Complete a Sales Notice/Request To Advertise Form
  • Send all of this to the Council

What the Council will do

  • Calculate and agree the sale price
  • Instruct the Help To Buy Agency

What the Help To Buy agency will do

  • Market you property on their website/social media
  • Inform your local Parish/Town Council that the property is on the market
  • Send a mailshot to registered buyers
  • Check that an interested buyer qualifies, can afford it, and can go ahead

Where can I find my s106 agreement?

Your s106 agreement is usually kept with the deeds of your home. For more information, see our other Bitesize Guide Understanding your s106 Agreement.  If you cannot find a copy you can request one by emailing planning@cornwall.gov.uk -there will be a charge for this service.

What if my s106 needs to be changed?

See What if my Section 106 agreement needs to be changed?

Ready to sell?

Fill in the Sales Notice/Request To Advertise form and send this along with your valuation/s, photographs, Section 106 agreement and evidence of your resale percentage to:

By email: affordablehomeownership@cornwall.gov.uk

By post:

The Affordable Home Ownership Team,
Cornwall Council,
New County Hall
Truro
TR1 3AY

All of the information on this page can be downloaded in the bite-size guide to selling your affordable home.