Selling your property
You can sell your property at anytime once you have bought it from us, but if this is within three or five years you may have to repay us some of the discount you received. The information below explains how we work out how much you must pay and what you must do before selling your ex Council house, flat or maisonette.
Applied to buy your property before 18th January 2005
If you applied to buy your property before 18 January 2005 and you will be selling your property within the third year of buying it from us, then you will have to repay one third (1/3) of the discount you received from us.
Applied to buy your property on or after 18th January 2005
If you applied to buy your property on or after 18 January 2005 and you sell your property within five years of buying it from us, you will have to repay some or all of the discount we gave you.
Working out how much you will repay
The amount of money you have to pay back is worked out using the percentage discount you received and the resale price. It is on a sliding scale over the 5 years, so…
- If you sell within one year you pay back all of the discount.
- If you sell within two years, fourth fifths (4/5) have to be repaid.
- If you sell within three years, three fifths (3/5) have to be repaid.
- If you sell within four years, four fifths (2/5) have to be repaid.
- If you sell within five years, one fifth (1/5) has to be repaid.
Example
- Work out the discount you received as a percentage - If your home was valued at £100,000 when you bought it from us and we gave you a discount of £24,000, you received a discount of 24%.
- Find this percentage value of your resale price - You resell your home for £150,000 so we work out 24% of £150,000, which is £36,000.
- Calculate this as a proportion of the five years remaining (after the date you bought the property) - If you are sell within two years of buying the property you must pay four fifths (4/5) of £36,000, so you would pay £28,800
Selling an ex Council flat or maisonette
If you’re selling an ex-council flat or maisonette your solicitor must write to the Leasehold Management Team to check that all bills for the property are paid up-to-date.
Before you sell
If you applied to buy your home on or after 18th January 2005 and are selling your property within ten years of buying it from us, you must ask us if we want to buy it before you put your property on the market.
If you’re planning on selling your ex-council property please contact the Home Ownership Team.