The Process Explained

You are responsible for paying for the costs of selling, including the home information pack (HIP).

You can choose to sell your property at any time and must serve us notice with a request in writing.

Once you have contacted us, we will send you an information pack, within five working days.  We will clearly explain what you have to do next in your information pack, the first step being to get a basic market valuation (at your own cost) from a member of the Registered Institute of Chartered Surveying (RICS).

You must appoint a surveyor within 14 days of your written request.  Once we have received this valuation we will assess it and write to you within 5 working days.  If we are happy that it reflects the true value of your property we will write to you confirming you can put your property on the market at this level.  Please note that you are legally bound to pay back the higher of either the mortgage valuation or the achieved sales price.

If, after a minimum period of 1 month you have not received any interest in the property at the agreed asking price you may request that this is revised. For this we will require confirmation from the Estate Agent marketing this property that they believe a revision is necessary and the proposed new asking price.  We will then evaluate this.  Within 5 working days you will be advised by letter whether the revised asking price is approved.  If this is the case they will have to wait another month until another revision can be assessed. This can happen any number of times but at least 1 month must have elapsed since the last time the asking price was assessed.

If you wish to accept an offer below the agreed asking price you may request that we approve this. For us to consider this a minimum of 1 month must have passed since the property was put on the market or the last time you asked for the asking price to be revised. We will require confirmation from the Estate Agent marketing this property that they believe the offer is an acceptable one and provide the reasons for this (generally this will be in the form of comparable sales). Once we have received this we will then evaluate the asking price and respond to you within 5 working days.

Once you have received an acceptable offer you will need to provide written confirmation of the offer and your solicitor’s details. We will then contact your solicitor to confirm how the loan must be repaid. To keep you informed you will receive a copy of any correspondence to sent to your solicitor.

Once completion has taken place, we will expect to receive confirmation of completion from solicitors along with DS1 form (this allows the charge to be released at Land Registry). The DS1 form will then be signed and sealed and sent back to your solicitor. Your solicitor will then register this at the Land Registry to release the HBD loan from your property.