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Little Cairnie, Arbroath What is Discounted Value Affordable Housing?This is affordable housing which is made available for sale at a discounted price (i.e. less than the housing market value) and intended for the Priority Client Group who may not be able to afford to buy a property at the full market value. Would I be eligible to purchase a discounted property?Discounted properties are made available for the Priority Client Group. To qualify to be able to purchase a discounted value property, households (which could include single people) have to meet the following criteria:Have a household income lower than ?29,314 (single person) or ?44,807 (couple)Be normally resident, or employed in the relevant area of Angus Have a demonstrable housing needIt may be that your current housing situation does not meet your housing needs, or you currently rent a property and would like to own your own home.What happens in the future if I want to sell my property?As part of the planning obligations to provide affordable housing, the property has been provided at a discounted price. This means that there is a standard security against the property which secures the repayment amount when the property is sold at a future date.Should you decide that you want to move home in the future and sell the property, you will need to repay the discount on the price when you bought the property. For example if the price when you bought was [20%] less than the value, you will need to repay [20%] of the sale price when you sell.For example open market value of a property ?165,000 Discounted purchase price ?132,000 (80% of the market value). Discount on market value ?33,000 (20% of the market value).If you sell the property at ?170,000 you will need to repay ?34,000 (20% of ?170,000).Can I rent out a discounted property?The terms of the planning obligations state that the property cannot be let of sub-let without the prior written consent of the Council. Changes to private residential tenancies mean that the council would not agree to the property being rented.Can I get help to buy a discounted property?As the property is already for sale at a discounted price, you would not be eligible for other assistance schemes. You should advise your mortgage provider that it is a discounted value property that you wish to obtain a mortgage for, and advise them that the discount must be repaid on the next sale.Not all lenders will do mortgages on discounted value affordable properties, and some may require a substantial deposit. The council do not provide mortgages or mortgage advice. You should seek appropriate financial advice to ensure that you could afford to purchase the property.If you have any other queries regarding discounted value affordable housing, please contact AffordableHousingTeam@.uk or telephone 03452 77 77 78 ................
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