Home Reversion – Buy Back
I want to buy back my share of the property, what should I do next?
- You should contact your adviser first
- You must take advice
- We need to be sure you’re making the right choice for your individual circumstances. A financial adviser or broker will be able to talk you through your options in detail and apply on your behalf
- If you don’t have a financial adviser, unfortunately we can’t recommend one, however, Unbiased.co.uk is a good place to start your search
- If you decide to go ahead, your adviser will apply on your behalf
- 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 prepare the transfer documents to transfer the ownership of the property back to you and surrender the lifetime lease
- You’ll be responsible for paying your solicitor You’ll pay for our solicitors.
- We’ll instruct a solicitor to act on our behalf. Our solicitors will approve the transfer documents
- We’ll both contribute towards the cost of our solicitors based on our % ownership of the property. For example, if we own 80%, we’ll pay 80% of our solicitor costs and you’ll pay 20%.
Will I have to pay any fees?
- We’ll need a valuation of your property and you may need to pay a fee for this depending on the property purchase price/value
- You’ll need to pay for your legal costs and we’ll both contribute towards our legal costs, according to our % ownership. Our legal fees are variable and depend on the amount of work the solicitor must do. Please contact your solicitor for details of the fees they charge
- You’ll need to pay your financial adviser for the cost of providing advice
Link to tariff fees/charges for valuation fees only
How long does the process take?
- Once we receive the request from your financial adviser to proceed, together with our valuation fee, it takes a few weeks to send you the confirmation of acceptance. This depends on how quickly the valuer can access the property to conduct a survey
- Once our solicitor receives our instruction to proceed, it takes up to 3 months to complete the transfer of property back to you.
How do I start the process?
- Your adviser will need to confirm in writing (by letter or email) your request to buy back your share and confirm that they’ve advised you accordingly
- Your adviser will also need to send us a valuation fee.
What happens next?
- We’ll arrange for a valuer to visit the property and they’ll prepare a valuation report for us
- We’ll review the valuation report to assess your property and its current value
- On receipt of the valuation report, we’ll confirm the amount you’ll need to pay us to buy back our % share of the property. This will be based on the property valuation
- Once you confirm acceptance, we’ll instruct our solicitor to act on our behalf to transfer the property ownership back to you.
- Tariff of Fees and Charges (to refer to valuation fees only)
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