Metropolitan Cookie Policy

We have published a new cookie policy. It explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our cookie policy.

If you'd like to disable cookies on this device, please view this page. Please be aware that parts of the site will not function correctly if you disable cookies.

By closing this message, you consent to our use of cookies on this device in accordance with our cookie policy unless you have disabled them through your browser.

Translate

Pre-Owned (Resale) FAQs

Why do I have to sell my property through Metropolitan?

Your lease contains a clause stating that properties must be offered to Metropolitan to find a customer from our waiting list. This is called the nomination period. This can help you to sell your home quickly and can help us to make your home available to priority home buyers.

Where does it state the length of my nomination period?

This clause can be found within the sub sections of your lease. We apply an 8 week nomination period to most properties in the South East and 4 weeks for properties in the Midlands. Should your lease stipulate a different nomination period please let us know.

Why can’t I instruct an estate agent to carry out the valuation?

To ensure your property is sold at a fair and competitive price, an independent valuation must be carried out. This clause also stipulates that in most leases a qualified valuer registered with the Royal Institution of Chartered Surveyors (RICS) or a Fellow of RICS (FRICS) must be appointed.

Metropolitan provide a panel of RICS qualified surveyors in the information pack that is sent to you, you are also able to instruct a surveyor not on this panel list as long as they are RICS or FRICS certified and the criteria set out in the informaiton pack is followed.

Please note that Metropolitan do not personally recommend or endorse any of the listed surveyors. You are free to find another surveyor as long as they meet the criteria outlined in the information pack. 

What happens if I don’t agree with the valuation?

Valuing properties is not an exact science – valuers base their valuations on the actual sale price of similar properties and their experience of the area. If you do not agree with the valuation, you will need to put your concerns in writing, along with evidence of at least three similar (local) properties that are for sale or have sold within the last three months. We will send this information to the valuer and ask them to explain how they arrived at their valuation. We expect to receive a reply within five working days.

If you are still not happy, you can ask for another valuation. You will be responsible for the cost of this valuation. In extreme cases (if the value cannot be agreed), we will ask the RICS or FRICS to help reach an agreement.

How long will it take to sell my property?

We are normally successful in finding a buyer within the first 4 weeks of a sale. Once a buyer is  confirmed we aim to exchange contracts within 6 ‐8 weeks.

How can I sell 100% on the open market?

If Metrpolitan's Home Ownership team is unsuccessful in finding a buyer for your property within the nomination period, you can either sell your share or the full 100% of the property on the open market. The process of selling the  full 100% on the open market is called simultaneous staircasing and selling. Effectively, all that  happens is that on completion of the sale you will receive your share at the sale price and Metrpolitan will receive its share at the valuation price.

Why do I have to pay for Metropolitan's solicitors as well as my own?

To facilitate the legal process of approving the buyers mortgage, assigning the lease to the new buyer and dealing with general legal matters of the sale, we will appoint a solicitor to act on its behalf. As it is in your interest to sell, the cost is added at the end of the sale ‐ this is usually covered by any increase in equity that has accumulated over the period of ownership.

Why does MHO charge me on the full valuation and not just my share?

Due to staffing and marketing costs in providing a high level of service to all of our customers, the level of fee has been set at 1% of the valuation. Across an average number of sales per year this creates a required level of income to sustain the service.

When should I cancel my rent & service charge payments?

You will be advised when to cancel your direct debit. You will be liable for ensuring the account is up to date by the end of the month that you complete. Once you receive your exchange date you should arrange to cancel the direct debit providing your account is up to date.

I like this
I dislike this


   
You like this Article
X

Ratings for this Article (1 total)
1
 
0