Affordable housing: selling
If you decide you want to sell your affordable property there is a simple procedure to follow.
Check the section 106
The section 106 says who can buy it.
Our affordable housing officer can help you understand it.
Consult your solicitor about anything you are not sure about.
Find a chartered surveyor
Nearly all the section 106's say you must get a chartered surveyor to value your property.
You must use someone local because they will know the local housing market and have experience of valuing local properties.
They will visit your property and complete a valuation. This must:
- state that the value is to the RICS definition of open market value ignoring all S.106 restrictions
- state that we can rely upon the valuation
- certify that the value has been reached independently of the parties to the transaction
Checking the valuation
Once a satisfactory valuation has been done, the surveyor sends it to Lambert Smith Hampton, independent valuers who will check the valuation.
They will confirm the discounted price.
Marketing your home
We have a database of people who are looking for affordable properties.
If your home matches what they are looking for we can pass the details on to them if you wish.
Once you have found a buyer
When an interested buyer is found they will need to send an application form so we can check that they qualify for affordable housing.
You can then go ahead with the sale.
What if your property won't sell
We have a process called "cascading" which can make it easier to find a buyer.
Before beginning the cascading process you should make sure that you are doing what you can to promote your property.
If there is no buyer after your property has been marketed for 12 weeks we can look at relaxing the local connection part of the section 106.
If after eight weeks you still don't have a buyer we can relax the restrictions completely.
This is used as a last resort.
The restrictions are only relaxed for this sale. Any future sales will still be subject to the original section 106.
For further advice please email: firstname.lastname@example.org