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selling home (Read 4155 times)

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selling home
Sep 26th, 2007 at 8:22pm
as the first owner i have to payback a percentage of any profit made on a sale,can i sell at a price which is below current value to aviod this clause?
if i pay off my mortgage in full does the above still apply?it is a 10 year period originally with scottish holmes,why has my neighbor only got a 7 year clause?
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Re: selling home
Reply #1 - Sep 28th, 2007 at 2:54pm
I don't think I understand the question! Do you mean you purchased as a sitting tenant and got a discount on the purchase price? Is there a Standard Security in respect of the discoun in place? If so it will specify how much you have to repay and this will not be connected to the sale price of the house.

I vaguley recall that discound periods were initially much longer than the present 3 year period- so it may be that your neighbour bought more recently and got a different deal. I think also that the original Scottish Homes sales were done under a voluntary scheme that was very similar to, but not identical to the satutory schemed introduced by the "Right to Buy" legislation. So you would need to check the paperwork carefully.

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