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Selling your LCHO property

new build beige brick homes with hill in background

Harmoni Homes is a brand within United Welsh. When you wish to sell your LCHO property, you need to formally advise United Welsh in writing. Please note that you cannot sell your property without our knowledge or permission.

What’s the process?

Firstly, a property valuation must be obtained to establish the property’s full open market value (OMV) at the time of sale. This should be obtained from an independent valuation surveyor. United Welsh may arrange this for you but you will bear the cost.

United Welsh has a ‘nomination period’ (number of weeks will be stipulated in your legal Transfer) from receipt of the valuation report, in which to introduce a purchaser to you, from our waiting list. We may introduce up to three purchasers, one of which could be United Welsh.

If a new purchaser is identified, they will purchase the property at the same secured percentage as that purchased at initial sale. For example, if you purchased your property for £70,000 which had a full OMV of £100,000, you retain a 70% equity share.

The new purchase price for the property will be calculated using the new OMV of the property. For example:

  • If the full OMV has increased to £110,000, the purchase price will be £77,000 (70% of £110,000) or,
  • If the full OMV has decreased to £90,000, the purchase price will be £63,000 (70% of £90,000)

As part of the re-sale covenant for Shared Equity properties, United Welsh will charge the vendor a percentage (which will be less than the normal estate agents fee and will be determined, at the point of sale, by the Director of Development) plus VAT of the vendor’s equity percentage at the point of sale.

If United Welsh is unable to nominate a purchaser and do not wish to purchase the property themselves, you can sell the property on the open market via an estate agent.

The property will then be sold at its full open market value and United Welsh’s percentage equity share will be repaid upon completion of the sale.