Apply to buy the remaining share, or sell, your discount market sale property
If you are the owner of a ‘discounted market sale’ property and would like to buy the remaining share, or sell the property, fill in the Council Shared Equity Form (formally knows as DMS) (pdf).
You’ll need to include a valuation report to apply.
Your report must:
- include the date the valuation took place
- say that they are aware the property is a council shared equity unit
- confirm the report is valid for a minimum period of three months
- include a clause that “Hammersmith & Fulham Council can reply upon the contents of the report”
- include comparable evidence, including the square footage of the properties, sale price and date of sale.
We strongly recommend you get independent legal advice before completing your application.
Buying the remaining share
Please note that sale of the council’s interest in the Council Shared Equity homes is at its absolute discretion.
Once we’ve received your application and valuation report, we’ll seek approval of the report and, if approved, we’ll send you an offer letter.
If you accept, we’ll seek authority to sell. If this is approved, we’ll ask our legal team to contact your chosen solicitors.
You will have three months from the point of our offer letter to complete your purchase. After this date, we’ll need a new valuation.
Selling your share
Once we’ve received your application and valuation report, we’ll seek approval of the report and, if approved, we’ll send you an offer letter and a form to fill in.
If you accept, we’ll prepare an advert from your completed form and market the property to our nominated buyers for an initial period of two weeks. This will be the time for any interested applicants to express their interest and arrange viewings.
We’ll then ask you to send a list of all applicants who came and viewed the property. We will then shortlist and allocate your home to a potential buyer from the council’s nominations list.
The successful applicant will have 48 hours to accept or decline the offer, then up to a further two weeks to provide us with all the documents and information we require.
The process will then be dealt with by solicitors acting for each party, through to completion, which must take place within three months of the offer letter being issued, or a new valuation may be needed.
If we are unable to find you a buyer within the initial two weeks, we will repeat the process up until the end of eight weeks. If we are still unable to find you a buyer within this time, you will be able to sell on the open market.
Selling on the open market
When selling your property on the open market, you’ll need to let us have the following information:
- Buyers’ name and address
- Confirmation that the buyer is not a current home owner anywhere in the world (on estate agent or appointed solicitor’s headed paper)
- Confirmation that the seller and buyer are not related
- Buyer’s solicitor’s details
- Notification of if/when a buyer withdraws
- Notification of a new buyer, confirming points 2 and 3
- Open market offer (for all offers and in particular where the offer differs from the original valuation)
- Discount market sale price
- Sellers percentage equity
- Confirmation of whether you are selling your share only or whether you plan to sell 100% of the property.
We’ll seek approval from the council’s valuer about any revised offer or where the three months’ window has lapsed.
These charges are estimates only and may be subject to change.
- Home Buy administrative fee is currently £160 (no VAT)
- Council’s legal fees of £72 per hour (no VAT)
- Developer’s solicitor’s fees of £400 plus VAT