Home reversions – moving home

What do I need to do?

  • Contact your adviser first
  • If you don’t have a financial adviser Unbiased.co.uk is a good place to start your search
  • Your adviser will discuss all the options with you to make sure the decision is right for you
  • If you decide to go ahead, your adviser will let us know and they’ll need to send us a completed application form and your valuation fee
  • You may have to pay to receive financial advice.

Do I need a solicitor? 

  • You’ll need to instruct a solicitor to act on your behalf. Your solicitor will undertake the conveyancing to sell your current home and purchase the new one
  • We’ll instruct a solicitor to act on our behalf. Our solicitors will transfer the loan to the new property and will need to be satisfied with all matters relating to the title of the new of the property
  • The solicitors will communicate with each other to ensure a smooth transfer
  • You’ll incur the cost of both our and your solicitor.

Will I have to pay any fees?

  • We’ll need a valuation of your new property and you may need to pay a fee for this depending on the property purchase price/value
  • You’ll need to pay both our and your legal costs. Our legal fees are variable and depend on the amount of work the solicitor must do. Please contact your solicitor for details on the fees they charge
  • You’ll need to pay your financial adviser for the cost of providing advice
  • You’ll need to pay the estate agent fees for the sale of your current property
  • Need to link in valuation fees only for tariff fees & charges.

How long does the process take?

  • Once we receive the application form and valuation fee, we’ll arrange to market your property for sale. We’ll receive offers and together we’ll accept an offer to sell your current property. At this point you can submit an offer to buy a new property and, once accepted, we’ll instruct a valuation to assess the new property and whether this is suitable security for us. This process can take a few months
  • Once we’re happy to proceed, we’ll send our solicitor a transfer agreement which instructs them to act. It can take up to three months to complete on the sale of your current property and the purchase of your new property.

I want to move soon, how do I start the process?

  • Your adviser will need to send us a completed application form, together with the valuation fee.

What happens next?

  • We’ll ask two local estate agents for market appraisals of your current property. You can choose one of these estate agents if you’d like. We’ll send you the market appraisals together with our recommended sale price. Once you approve, we’ll instruct an estate agent to market the property
  • We’ll send you the offers received and once we both approve an offer, we’ll instruct the estate agent to contact our solicitor to sell the property
  • You can then submit an offer to purchase a new property. Once accepted, we’ll  arrange for the property to be valued and a valuation report will be prepared for us
  • We’ll review the valuation report to assess whether the new property is suitable
  • If it’s acceptable, we’ll send a transfer agreement to our solicitor to instruct them to act
  • Your solicitor should then contact our solicitor to arrange for the loan to be transferred to the new property.

Will I have to repay my loan?

  • If you’re moving to a more expensive property, you’ll need to repay the shortfall on completion.

Documents:

  • Moving Home Application Form
  • Tariff of Fees and Charges

If you have any other questions, please contact us using the details below or speak with your adviser.

Our Contact Details:

Tel: 0800 731 4076

Email: HLProperty@hodge.co.uk

Important documents

Moving Home Application Form

Tariff of Fees and Charges