Sell or let your leasehold property
Selling your property
You may sell your home at any time. You may offer it to us to repurchase at the current market value, but we do not have to buy it.
If you want to sell within 10 years of your purchase you must offer to sell your lease back to us or a Registered Social Landlord nominated by us. We have up to 8 weeks to decide whether to buy your lease. If we decide not to do so, or do not give you a definite response within 8 weeks, you can sell the lease on the open market.
If you received a discount when you bought your property from us under Right to Buy, and you sell within 5 years, the discount, recalculated as a percentage of the purchase price is repayable.
|Sale in year 1||Full discount repayable|
|Sale in year 2||4/5 of the discount is repayable|
|Sale in year 3||3/5 of the discount is repayable|
|Sale in year 4||2/5 of the discount is repayable|
|Sale in year 5||1/5 of the discount is repayable|
|Sale in year 6 or later||No discount repayable|
In addition, the amount of discount to be repaid if you sell within 5 years will be a percentage of the resale value of the property, disregards the value of any improvements.
Letting your property
If you are going to let your property you must get permission from us:
- If you have a mortgage you must get permission from your lender
- You must inform our insurance section or the insurance cover will be lost
- You must tell your contents insurance company or cover will be lost
- You must inform us of any different correspondence address for you, or that of your property management company
- If you do rent your home to someone else it is your responsibility to make sure that your tenants comply with the lease, failure to do so may result in action against you
- You must also remember that even if you rent your home to someone else you are still legally responsible for the payment of all service charges, ground rent, buildings insurance and major work costs
- You will have to get an annual gas safety certificate and comply with all other terms of the lease