Staircasing and resale terms and conditions
Terms and conditions apply to the process of a staircasing application or if you’re instructing the sale of your shared ownership home. Please read the terms and conditions that apply to your circumstances.
Staircasing application terms and conditions
Clarion Housing Association (referred to as 'Clarion', which is part of Clarion Housing Group with Latimer) seek remuneration for associated administration costs in relation to this transaction.
This will be collected upon completion and will be charged at:
- £250 including VAT for buying additional shares without owning 100%, or
- £500 including VAT for staircasing up to 100% ownership.
Payment of a valuation fee, from £220 including VAT, for a RICS valuation is payable by you directly to the surveyor.
A valuation is only valid for 3 months from the date shown on the report. You'll be required to pay from £84 including VAT for it to be extended at the end of the 3 month period if we haven't completed on the transaction.
You'll be responsible for your own solicitor’s costs, and any costs associated with a mortgage lender.
Your rent and service charge account must be kept up to date during the staircasing process. Failure to do so may result in the application being delayed.
Staircasing is subject to a financial assessment.
Under Anti-Money Laundering regulation, 'Clarion' is responsible for ensuring it has verified all customers and source of funds prior to every transaction.
Therefore new due diligence will need to be carried out, to demonstrate identity and source of funds. Sight of documentary proof of address, together with acceptable certified photographic ID, such as a passport or photo license will be required. Copies may be taken and held on file.
Shared ownership resale instruction terms and conditions and right to cancel
- The nomination period is stipulated within your lease.
- The resale fee is stipulated within your lease. If you instruct Urban Moves to sell your home, you agree to waive the resale fee stipulated within your lease, and agree to pay a fee for their service of 1.5% of the share value plus VAT.
- Clarion will request payment following receipt of your sales instruction form for a leasehold information pack at the cost of £250 plus VAT for a flat / £150 plus VAT for a house.
- This money will be held on account until you have a buyer in place.
- Clarion will request payment upfront via your solicitor to cover legal costs relating to the assignment of the lease, this is typically charged at £350 plus VAT.
- If you do not find a buyer within the nomination period, you are able to sell your property outside of shared ownership through an estate agent of your choice.
- If selling your property with an estate agent after the nomination period, Clarion will charge an administration fee of £150 plus VAT and £350 plus VAT for legal fees.
- We are required by law to be able to categorically confirm the identity of the vendor(s) involved in the sale of the property.
- We will require sight of documentary proof of address, together with acceptable certified photographic ID, such as a passport or photo driving licence. Copies may be taken and held on file.
- Under the Consumer Protection from Unfair Trading Regulations anything we say or publish about your property must be accurate.
To assist with compliance, a copy of the sales details must be approved by you in order for marketing to begin.
Please inform us immediately if there are any inaccuracies.
Additionally, we are obliged to pass on any material information that would impact upon a potential buyer’s transactional decision and so you must inform us/the buyer of anything that you feel is relevant to this.
Please note: If you have chosen to appoint Urban Moves to sell your property, a separate agreement and terms and conditions will be entered in to with them. You will receive Urban Moves’ agreement, and terms and conditions directly from them.
Your right to cancel
- To exercise the right to cancel, you must inform us of your decision to cancel this contract by sending us a clear statement in writing. This must be received within 14 days of our receiving the sales instruction form.
- If you decide to cancel the sale within 14 days of submitting the sales instruction form, the leasehold information pack fee will be refunded to you. Please note this fee will not be refunded if you decide to cancel the sale after a buyer is in place.
- If you decide to cancel the sales instruction after we have begun marketing your property, an abortive fee of £500 plus VAT will be payable to Clarion.