If you applied to buy your property before 18 January 2005 and you intend to sell or dispose of it within 3 years from the purchase date you will be required to repay discount. If you sell within the first year of purchase the whole discount will have to be repaid. If you sell within the second year two thirds must be repaid and one third within the third year. After 3 years you can sell without repaying any discount. If you applied to purchase your property on or after 18 January 2005 and you intend to sell or dispose of your property within 5 years from the date of your purchase you will be required to pay back discount. If you sell within the first year of purchase the whole discount will have to be repaid. Four fifths must be repaid if you sell in the second year, three fifths in the third year, two fifths in the fourth year and one fifth in the fifth year. After 5 years you can sell without repaying any discount. In addition, the amount of discount to be repaid if you sell within 5 years of purchase will be a percentage of the resale value of the property, disregarding the value of any improvements.
Right of First Refusal
If you purchased your home after 18 January 2005 and decide to sell within 10 years, the Council have right of first refusal to buy back your property. The Council do not have the right of first refusal on properties sold before 18 January 2005.