Re-sales process
DOMV homes and First Homes can be sold on the open market to another eligible buyer, who would need to meet the eligibility criteria set out in this Policy, and with the same discount percentage applied to the current market value. The Council needs to be notified of any resales, approve the current market valuation and be satisfied the home is sold to an eligible household.
If you own a Discounted sale affordable home and wish to sell it you need to adhere to the following points, unless specified differently in the relevant planning permission and legal documents for the property:
- Notify the Council of your intention to sell your home. Please do so in writing to the Housing Strategy and Enabling Manager using the email housing.services@tmbc.gov.uk. Please include DOMV or First Home Scheme in the subject and include your address in the email.
- As DOMV homes and First Homes are part of affordable housing provision within a housing development prospective buyers must meet the eligibility criteria as set out in 3.0 unless the relevant planning obligation in force at the time specifies different criteria.
- A DOMV home or First Home must be the only and principal home of the owner/buyer. If a prospective buyer of a DOMV home owns or has interest in a residential property they must evidence that they have disposed of that property before completing the purchase of a DOMV home. As First Homes can only be purchased by first-time buyers disposal is not relevant.
- The home must be sold with the same discount percentage, on the current market value, that you received when you purchased the property.
- The open market value of the property needs to be established through a RICS valuation, and for DOMV resales you will need to submit it to the Council for approval before placing the property on the market.
- In relation to First Home re-sales the local connection eligibility requirement will apply for a maximum of 3 months from when a home is first marketed. If a suitable buyer has not reserved a home after 3 months, the eligibility criteria will revert to the national criteria set out in government guidance, to widen the potential buyers market.
- A DOMV home or First Home should be marketed for at least 6 months in total for eligible buyers. If the home remains unsold the Council will need to be satisfied that all reasonable steps have been taken to sell the property on the DOMV or First Homes basis (including, where appropriate, reducing the asking price) before agreeing to a sale at full market value on the open market. The seller and their agent will need to provide information and evidence as requested by the Council. Where the relevant S106 includes details of the eligibility restrictions being removed or relaxed to enable a resale these will take precedence over this Policy.