You do not need our permission to sell your property, but you must tell us about any change of ownership, in writing, within one month of any change of ownership.
If you do not tell us that you have sold your property, you will still be responsible for service charges to the property or block.
Within one month of selling your property, your solicitor or licensed conveyancer will need to ensure that Trent & Dove has received a Notice of Assignment, with a fee of £40 plus VAT.
If you want to sell your home, you need to be aware of the following:
Repayment of discount
If you bought your home from us under the Right to Buy or Right to Acquire schemes, you will have received a discount..
If you then sell your home within five years of owning it, you’ll have to pay back your discount according to how long you have owned your home, as shown below:
- In the first year – all of the discount is repayable
- In the second year – 80%
- In the third year – 60%
- In the fourth year – 40%
- In the fifth year – 20%.
Trent & Dove may also be entitled to a proportion of any increase in the value of the property.
Your solicitor will be able to explain what selling your property within the discount- repayment period could mean for you.
You will not have to pay back the discount if the sale is to your spouse, or another member of your family who has lived with you for at least 12 months.
Right of First refusal
If you wish to sell your home within the first ten years of buying it from us, the property must be first offered back to us as we will have the right to buy it from you or nominate someone who will. We will pay you the market value for your property if we choose to buy it back. If we do not want to buy it back or have not accepted your offer within eight weeks, you are free to sell it on the open market.
For details about how to offer your home back to us, call our Leasehold team on: 01283 528528.
We will make a charge to your legal adviser for any enquiries they make in respect of your proposed sale and for providing the information required. We aim to provide this information to your legal adviser within ten working days
Notice of Assignment
It is the responsibility of your purchaser’s legal adviser to ensure that we receive a copy of the notice of assignment once completion has taken place. We make a small charge for processing this notification.
Notice of charge
Your mortgage lender will normally send us a notice of charge advising us of their interest in your property. We make a small charge for processing this notice.
You are responsible for paying your service charge (where applicable) for the whole of the financial year. When you sell your property, your legal adviser will usually apportion the service charge between you and your purchaser.
Variations to your lease
Leaseholders with older style leases can often find when selling their property that their lease proves unacceptable to their purchasers mortgage lender. If this is the case, we will update your lease so that it complies with the Council of Mortgage Lenders requirements. We make no charge for this service.
Extending your lease
If you wish to extend the period of your lease, then please contact the Leasehold Team on 01283 528528 or leaseholdteam@ trentanddove.org to find out more.
The Leasehold Advisory Service also have information on lease extension - www.lease-advice.org.
Outstanding fees and charges
When you sell your home, you should make sure that your service charge account, and any other money you owe to Trent & Dove is cleared.
If you cannot clear your account, we may not permit the sale to go ahead.
We may apply to the County Court for a money judgement order against you. This could result in extra costs for you and affect your ability to get credit in the future.