Under the ‘Low Cost Home Ownership Scheme, what happens if I wish to sell the property?
You may sell the property at anytime but you must notify the Council in writing of your intention to sell your affordable home. The property must be sold with the same discount percentage that you received when purchasing the property. In order to confirm the value of your property, you will need to obtain and provide the council with three written valuations for the full Open Market Value of the property from three reputable local estate agents. The sales value is then calculated and agreed by taking the average of these three valuations and applying the purchase discount. This is then the sales value which you must sell at through your chosen estate agency. As this scheme is part of the Low Cost Home Ownership scheme, prospective buyers must be eligible for affordable housing. Once you have chosen your estate agency, we will provide them with a ‘Purchaser Enquiry Form’ for prospective buyers to complete and return to us for assessment. As well as advertising your property through you
