home group - selling your retirement home

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your retirement home Made simple with SELLING

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This seller’s guide is designed to give you an insight into the level of service and commitment you can expect to receive by entrusting us to sell your retirement property. We’ll always make every effort to ensure your sale is as stress free as possible.

TRANSCRIPT

  • your retirement home

    Made simple with

    SELLING

  • Contents

    To find out more call us on 0845 230 20742 | Good living for later life

    3 Its simple with Home Group5 Enjoy a stress-free sale7 Peace of mind9 How do you sell?11 Leasehold Scheme for the Elderly15 The sales process19 Restrictions on selling21 Preparing your home for sale23 Costs

    This sellers guide is designed to give you an insight into the level of service and commitment you can expect to receive by entrusting us to sell your retirement property. Well always make every effort to ensure

    your sale is as stress free as possible.

  • Or visit us online at www.homegroup.org.uk/retirement Good living for later life | 3

    Its simple with Home GroupWhen it comes to selling property, most of us might think that going

    through an estate agent is the only route to market.

    Not so. Home Groups leasehold

    retirement in-house sales and marketing

    team has been selling retirement properties

    across East Anglia and the South East for

    over 25 years.

    Clients turn to us for our specialist

    experience and understanding of the

    retirement market and the prominent

    position we hold within the communities

    we serve. From start to finish the leasehold

    retirement team looks after you and your

    interests, from giving tips on preparing your

    home for sale through to handing over the

    keys upon sales completion.

  • To find out more call us on 0845 230 20744 | Good living for later life

  • Or visit us online at www.homegroup.org.uk/retirement Good living for later life | 5

    Weve gone to great lengths to get to

    know our local communities, forming

    relationships with older persons service

    providers, supporting agencies and those

    planning their retirement, and we hold a

    subscribers list of people potentially looking

    to buy a retirement home.

    To us every property and sale is individual

    so we create an eye-catching property

    portfolio tailored just for you and your

    home. All photographs and details of your

    property portfolio will be placed on the top-

    ranking UK property websites and listings.

    Were extremely proactive in promoting

    properties for sale and marketing

    them to the right audience. As well as

    mailing, emailing and text-messaging the

    prospective buyers on our subscribers list

    we share property release details with local

    agencies and service providers for older

    people and run national and local press

    and radio advertisements to reach

    an even bigger audience all to make

    sales smoother, easier and swifter for you.

    Benefits of selling with Home Group:

    l Comprehensive internet marketing campaigns, publicity

    via the Home Group website,

    leading UK property sales

    websites, and email campaigns

    l Individual, eye-catching property portfolio

    l Highly trained, experienced staff with local expertise

    l Offer-check procedure for complete peace of mind

    and confirmation of your

    buyers position

    l Excellent customer service

    l Regular feedback and advice

    l In-house legal team

    A successful sale is easy when you put your trust in Home Group

    We believe that with the right help, buying and selling a home can be a secure and stress-free process. Thats why our friendly, experienced and highly trained executives

    do everything they can to make it as simple and straightforward as possible.

  • To find out more call us on 0845 230 20746 | Good living for later life

  • Or visit us online at www.homegroup.org.uk/retirement Good living for later life | 7

    You can be assured that our

    team will describe and explain

    every aspect of Home Groups

    independent living developments

    to prospective purchasers.

    Our service includes:

    l Receiving and validating enquiries from prospective buyers

    l Arranging appointments to view

    l Conducting comprehensive viewings of your property as well

    as a tour of our communal facilities

    and amenities

    l A detailed explanation of our services and associated activities

    l An explanation of the service providing an overview of the

    service charge and obligations

    under the lease

    l Making sure that prospective buyers are offer-checked

    and ready to proceed with

    the purchase

    l Conduct an interview with the prospective buyers

    l Liaise with prospective buyers GPs to confirm their health and

    well-being as being suitable for

    independent living

    l An instruction to our in-house solicitor to support the conveyance

    and completion of the transaction

    l Progression of sale from reservation to completion by Home

    Groups sales team

    Well keep you informed throughout this

    process, so you can just sit back, relax and

    let us do the work for you.

    For your peace of mindOur service includes everything you need to make sure your selling process is as easy as possible. Over time, our solid marketing expertise has built an

    enviable reputation in attracting eligible buyers.

  • To find out more call us on 0845 230 20748 | Good living for later life

  • Or visit us online at www.homegroup.org.uk/retirement Good living for later life | 9

    Before formally notifying Home Group of

    your intention to proceed with the sale it is

    best to select your solicitor. You may wish

    to use the solicitor who originally dealt with

    the purchase as they are likely to have

    records regarding your property details.

    You may also require a solicitor to deal with

    the legal work associated with the estate

    through a Grant of Probate and/or Power

    of Attorney to support and enable the sale

    of the property.

    Please note: selling a home in England and

    Wales requires an Energy Performance

    Certificate (EPC). You can obtain an EPC

    from a local provider, or Home Group can

    order one on your behalf.

    l You can instruct Home Group to market your property solely for you.

    This way you know that the people

    being contacted are age-qualified,

    meet the defined independent

    living criteria and have come

    through our renowned targeted

    marketing campaigns

    l Owners of a property on a Private Scheme for the Elderly (PSE) can

    either solely or jointly instruct

    Home Group, or solely instruct

    an estate agent of your choice

    (subject to the terms under your

    lease) to market your property.

    Any fees charged by the agent

    would be negotiated by you

    l If you own less than 100% of your property on a Leasehold

    Scheme for the Elderly (LSE),

    under the terms of your lease, you

    must instruct Home Group to solely

    market your property for you in

    the first instance**

    NB: An estate agent will charge a

    negotiated rate for their services.

    Our charge is a percentage, as set out

    in your lease, of the sale price achieved.

    This percentage is only payable if the

    eventual purchaser buys your property

    as a direct result of our efforts.

    How do you sell?Vendors should complete and return an Instruction to Market form, along with

    the supporting evidence documentation and details as required.

    **Under the terms of your lease a valuation must be carried out by an independent FRICS or RICS qualified surveyor to determine the current open market value of your property, and this will be the fixed price the property will be marketed at. As the vendor the valuation costs incurred in connection with the selling of your property will be yours. (Please see LSE valuations.)

  • To find out more call us on 0845 230 207410 | Good living for later life

  • Or visit us online at www.homegroup.org.uk/retirement Good living for later life | 11

    A reminder: what is LSE?

    The scheme is designed to provide

    affordable and manageable properties for

    older or retired people. Under the scheme

    you pay a percentage (usually 70%) of the

    value of the property. You dont pay any rent

    to Home Group for the remaining share that

    you havent personally bought. However,

    you do have to pay for all service charges.

    The percentage you havent purchased is a

    payment discount and is locked into your

    property. This means that whoever buys it

    from you will benefit from the discount as

    well, when the property is sold.

    Selling your LSE property

    A valuation report is required when selling

    an LSE property (where you own less

    than 100%). Under the terms of the

    lease a valuation must be carried out by

    an independent FRICS or RICS qualified

    surveyor to determine the current open

    market value of your property, and this will

    be the price the property will be marketed

    at. You have the option to instruct your

    own surveyor.

    If so, the report must:

    l Be undertaken by an independent FRICS or RICS qualified valuer

    l Include photographs of the internal rooms

    l Provide imperial and metric room dimensions

    l Provide comparisons with similar properties in the area

    l Provide a sales price and the 100% market value

    The valuation is valid for a period of

    three months from the date your property is

    inspected. Its therefore imperative that you

    complete and return the paperwork quickly

    to enable us to start marketing your home.

    Once the report is issued we will do all we

    can to ensure a buyer is found before the

    valuation report expires. If a buyer cannot be

    found by this date you may incur additional

    costs for further valuation updates.

    Please note the surveyors decision on

    the valuation is final. If you decide to

    proceed with the sale, the price at which

    your home is marketed will be fixed and

    based on the valuation.

    Home Groups sales team can recommend

    qualified surveyors and instruct them to

    carry out the required valuation report.

    Again, any valuation report costs are

    borne by you.

    Leasehold Scheme for the Elderly (LSE)If youve bought your home under the Leasehold Scheme for the Elderly there

    are a few things you might have to consider.

  • To find out more call us on 0845 230 207412 | Good living for later life

  • How do you extend your lease?

    If your property is held on assignable lease

    that is running low on its remaining years

    and youd like to increase the appeal of

    your property before you sell, well help

    you extend your lease by another 90 years

    on top of your remaining term. You can

    place a request for further guidance on

    lease extensions and the steps involved.

    Or visit us online at www.homegroup.org.uk/retirement Good living for later life | 13

    Lease extensionsContact details:

    Legal Services

    Home Group

    2 Gosforth Park Way,

    Gosforth Business Park

    Newcastle upon Tyne, NE12 8ET

    Telephone: 0845 155 1234

  • To find out more call us on 0845 230 207414 | Good living for later life

  • Or visit us online at www.homegroup.org.uk/retirement Good living for later life | 15

    Step 1: Appoint a solicitor

    You may wish to use the solicitor who

    originally dealt with the purchase and/

    or has experience with retirement living

    leases. We find this helps the process run

    smoothly. Its also important that you obtain

    evidence of your legal entitlement to deal

    with the sale of the property and provide

    this to us.

    Step 2: Let us know

    In this booklet youll find an Instruction

    to Market form and the costs sheet for

    selling your property. If you wish us to act

    it is a requirement that you sign the form,

    provide documented evidence of your

    entitlement to sell and agree to the terms

    set out to sell the property. Then return it

    to us, as an official instruction for us and

    formal notification of your intention to sell

    your property.

    Step 3: Arrange for an Energy

    Performance Certificate (EPC)

    This is required for all properties being

    sold in England and Wales before

    marketing can commence. And to make

    it easier, we can order an EPC report on

    your behalf. You are responsible for the

    cost. The energy rating is used in the

    promotion of your home.

    Step 4: Valuation Only required if your home is an LSE / shared equity home ownership property

    Under the terms of the lease, where you

    own less than 100% a valuation must be

    carried out by an independent FRICS or

    RICS qualified surveyor to determine the

    current open market value of your property.

    This then fixes the price the property will

    be marketed at.

    Simple steps to selling

  • To find out more call us on 0845 230 207416 | Good living for later life

  • Or visit us online at www.homegroup.org.uk/retirement Good living for later life | 17

    Step 5: Preparing your property details

    We promote each of our properties

    through a number of channels and strive

    to highlight, accentuate and market each

    propertys best features. Your property

    will be promoted through direct mail,

    text message and email details to people

    looking for properties in your area who

    are registered with us and our partners.

    To ensure the best results well also list

    the property on the UKs leading property

    sales websites and may also include your

    property details in a variety of local and

    national press and radio advertisements.

    We then focus all our energies on getting

    as many interested buyers as possible

    to view your property. This, together with

    our advertising links with older persons

    service agencies and comprehensive

    marketing, allows us to offer a quality

    service and ability to capture the interest

    of those buyers who may not have

    otherwise have viewed.

    On receipt of the Instruction to

    Market form, along with all supporting

    documentation set out within, we will

    create bespoke sales particulars in print

    and online and commence marketing

    within as little as five days of receipt.

    Simple steps to selling

  • To find out more call us on 0845 230 207418 | Good living for later life

  • Or visit us online at www.homegroup.org.uk/retirement Good living for later life | 19

    l All leaseholders/legally entitled persons should sign an Instruction

    to Market form and agree to the

    terms set out to sell the property

    l Sellers of LSE/shared equity properties must have a valuation

    carried out by an independent

    FRICS or RICS qualified valuer.

    The seller is required to pay for a

    valuation for three months; if the

    property has not been sold within

    this time a further valuation may

    be needed after this time

    l The seller is responsible for the cost and, unless they instruct

    us to do so, the ordering of an

    EPC is required before marketing

    can commence

    l The Home Group marketing agreement has a sixteen-week

    period in which to market

    your property and find a buyer,

    starting five days from receiving

    the Instruction to Market

    form, specified supporting

    documentation and access to the

    property for promotional images

    l You will be kept informed on the sales activity, viewings and

    any feedback received from

    prospective buyers with advice

    based on the same

    l You will be formally notified of all offers from prospective buyers

    who meet the criteria. At this stage

    you will be required to confirm

    acceptance of the offer prior to us

    approving the buyer and legally

    instructing the sale

    l All potential purchasers must attend an interview with your

    developments scheme manager or

    a Home Group representative and be

    vetted on their suitability to purchase

    and meet the requirements of the

    lease. They will also be assessed

    against the Independent Living**

    criteria and, if appropriate, required

    to produce financial details,

    otherwise we cannot offer them

    the opportunity to buy. Once

    these checks are completed the

    applicants GP will be consulted as

    to whether their patient meets our

    independent living criteria. If so, their

    application will be approved by the

    Home Group Sales Team and all

    parties will be advised accordingly

    l The legal process usually takes 6-12 weeks. When a date for

    completion is agreed, you will

    need to organise the handover of

    keys with the buyer. This usually

    takes place at the property and

    should be arranged by solicitors

    Are there any restrictions on selling?

    ** Independent Living means owning your own home, in a purpose built development, that on a daily basis you are capable of maintaining; managing your own financial affairs, day-to-day living needs and are sufficiently mobile to live independently within the property and able to evacuate the building unassisted in the event of a fire, capable of using communal areas and joining in the activities and events on offer without assistance. Please note: as part of our standard application process we will seek confirmation of a buyers medical status from their GP.

  • To find out more call us on 0845 230 207420 | Good living for later life

  • Or visit us online at www.homegroup.org.uk/retirement Good living for later life | 21

    Here are a few tips to help you:

    l Clean or replace stained carpets

    l Fix leaky taps

    l Bleach and/or replace dingy grout

    l Freshen up and redecorate

    l Banish smoke or foul odours

    l Give your home a good tidy this will make it seem roomier

    l Regularly open the windows to let fresh air in

    l Make it feel homely. Air freshener or fresh flowers will do the trick

    l De-personalise. Put away personal items like family photos. Buyers

    may be a little put off if they see a

    space that youve made your home

    theyre looking for one that they

    can make theirs

    Preparing your home for saleWe all know that first impressions count, so its important to make sure your home

    is looking its best for each viewing. Its the little things that can make a big difference too.

  • To find out more call us on 0845 230 207422 | Good living for later life

  • 1. Sinking fund

    A sinking fund is the name given to a long-

    term savings account that homeowners

    contribute to in order to fund major works

    that are required over a period of time,

    such as painting of communal areas,

    lift repairs or replacement windows.

    Leaseholders contributions can either

    be collected as a percentage of the sales

    price as per the lease payable upon

    sales completion or it can be collected

    through the monthly service charge.

    2. Resale fee

    If Home Group finds a buyer there will

    be a resale fee, which is a percentage of

    the sales price plus VAT, payable upon

    completion as per the terms of your lease.

    Please see enclosed cost sheet.

    3. Administration fee

    A charge of 350.00 plus VAT will

    be charged for administering the sale.

    This fee covers the costs of approving

    the purchaser by way of application,

    an interview with a Home Group

    representative and obtaining a medical

    status report. It also covers the processing

    of solicitor pre-contract enquiries and the

    preparation of a completion statement, and

    includes 3 years service charge accounts,

    building insurance and fire risk assessment

    information, plus general purchaser/vendor

    enquiries and administration.

    4. Service charge

    This is the ongoing responsibility of the

    vendor. Upon notification of completion,

    the current quarter will be apportioned

    between vendor and purchaser.

    5. Refurbishment costs

    Any costs incurred by you to place

    the property in good order prior to sale.

    6. Assignment costs (if applicable)

    Your lease may also contain details of

    other payments known as legal/transfer

    fees payable to the landlord. Where these

    payments apply, these will be detailed

    individually within your lease and collected

    at completion.

    There will be other costs incurred from

    your solicitor. The costs shown above

    are those directly related to Home Group

    South Retirement Leasehold properties.

    CostsThe costs of selling your home will vary according to its value

    and the terms of your lease.

    Or visit us online at www.homegroup.org.uk/retirement Good living for later life | 23