Selling your home

Nearly all leases and transfer documents allow you to sell your home on to another private individual with our approval.

A general overview of selling your home is detailed below. Once you notify us that you plan to sell your property we will send you information tailored to the type of property you own.

Who can buy your home?

With all retirement properties, you can only sell your home to someone who meets the age criteria specified within your lease/freehold transfer. Each occupier must also be capable of leading an independent life and managing his/her own housekeeping, which, in some cases, will be achieved through help and support from relatives, friends or support agencies.

Some leases/freehold transfers have the right to pre-emption. If you have one of these leases/freehold transfers you will need to follow the process explained. Alternatively for more information speak to your manager who will be able to advise you.

Your lease/freehold transfer will usually require the approval of the landlord, or their manager, before a sale can be completed. We will take steps to make sure that the criteria, for example, any age limit, for each location is met before giving approval.

The legal process

This process depends upon the type of lease/freehold transfer you have. Certain leases/freehold transfers have a small note at the bottom of the front page indicating what type you have. Please contact your manager or the Customer Centre on 0800 731 2020 if you are unclear. Again, the following information is for quick reference only, as we have more detailed information available if you need it:

Assignable leases

Once a buyer has been found and approved, you instruct your own solicitor to carry out the legal work as in any normal property sale. Your solicitor will need to contact us regarding approval of the buyer, to establish any sums we may be owed and to obtain other information to help with the sale.

Non-assignable leases

Where you have purchased your property on a non-assignable lease, only we can carry out the legal work and complete the sale. Under the terms of this type of lease, the property cannot be sold direct from one owner to another. The lease must be returned and surrendered to us for a new lease to be granted.

We will instruct our in-house solicitors to deal with the surrender and grant of a new lease. An owner may wish to engage a solicitor to act for him/her in the sale, but there will be no conveyancing for them to do. As soon as the proceeds of sale are received from the buyer they are passed to the owner, less any sums we are owed, by telegraphic transfer or by cheque.

Government subsidised estates

If your property is on a subsidised estate, the reduced price was achieved because the property was built with the aid of a Government grant. In order to pass on the value of this grant to the next buyer we need know its full market value. The valuation will be carried out by a RICS (Royal Institute of Chartered Surveyors) qualified valuer.

There is usually a requirement in the terms of the lease that requires you to provide us with an opportunity to find a purchaser. If the property is subsequently sold to a purchaser nominated by us, we will charge a sales fee based on a small percentage (plus VAT) of the sale price, similar to an estate agent. If we are unable to find a purchaser quickly, then you will be free to go to the open market place to find someone, which is usually done by instructing an estate agent.

How much does a sale cost?

The usual expenses will be:

• Our sales fee (Government subsidised estates only) or your estate agent’s fees
• Our legal/administration fee and/or your Solicitor’s fee
• Our fee for approval of the purchaser
• Any unpaid service charge up to the date of completion
• Any contribution to the sinking fund.

Agents’ sale boards

It is usual for the terms of your lease not to allow the erection of “for sale” boards. Your manager will advise whether this is the case.

Subletting

It is usually a condition of your lease (or other legal document) that you will not sublet your property. We may in extreme circumstances consider requests from residents to sublet.

Anchor’s lease extension service

When most properties were originally bought they had a 99-year term lease. As the number of years remaining on your lease reduces, your property’s value may decline. This could affect your ability to sell your property at some point in the future. In most cases mortgage lenders don’t like to lend on properties with less than 70 years remaining.

You have a legal right to extend your lease - and to help residents who own flats, we have designed our own voluntary service which is less complex and quicker than the “statutory” procedure.

Our lease extension service allows you to purchase an extra 90 years on top of your remaining lease term. This will see you pay a one-off fee, plus solicitor’s costs, to extend the lease. It will take around eight weeks to complete. The only requirement is that the person applying for the extension is the ‘named’ leaseholder of the property.

For those who own a house or bungalow, you may want to consider buying the freehold to your property. This means you swap your lease for a freehold transfer, which is granted on the same terms, but doesn’t have depreciating years as you have in a lease.

Selling your home with Retirement Homesearch

Anchor are currently linked up with Retirement Homesearch to offer an alternative option to traditional high-street estate agents for homeowners wishing to sell their properties.

Retirement Homesearch specialise in the sale of retirement homes and also offer a fixed price guarantee up front so you don’t have to worry about additional fees when selling.

Upon receiving an enquiry, a member of the Retirement Homesearch team will contact you to explain the service they provide, carry out any initial negotiations and agree the sale price. They will also send a promotional pack, which provides more information about Retirement Homesearch.

You can find out more on the Retirement Homesearch website.

Selling your home with Anchor Resales

We also offer our own estate agent service called Anchor Resales that can provide a full suite of marketing tools and professional support with the process of selling properties in our newest developments and retirement villages.

These services include:

• Promotion through leading online property sites including Rightmove and Zoopla
• Guidance on property staging and refurbishment, including the ability to digitally furnish your property
• Arranging viewings directly with potential buyers and accompanying them on viewings, ensuring safety and security for all parties and that for any detailed questions are answered immediately
• A dedicated in-house Sales Progressor who will be on hand to provide information regarding you sale including chain updates, searches and solicitors

 You can find out more on the Anchor Resales website.