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Firstbuy Scheme - Selling home after one year


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Hi everyone, I would like some advice on what I can do about my property. Myself and now ex-partner purchased a property under the FirstBuy Scheme, but things between us have not been so good and now I am stuck here to pay for the place on my own.

 

I would like to sell up and move on but have this firstbuy scheme looming over my head can anyone tell me if there are any issues in selling the property within the first year? or is there some clause that prevents me from doing so.

 

Any advice would be great, many thanks

 

Shane

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  • 1 month later...

You would need to read the terms and conditions of your agreement to be sure.

 

I have looked at their website, it does not appear to be an issue providing they will be repaid but please check your agreement to be sure

 

http://www.firstbuyscheme.org.uk/firstbuy.php

 

"If you decide to sell your home, you will repay FirstBuy from the the required percentage share of the sale proceeds of the property. For example, if your FirstBuy equity loan was originally for 30% of the full market value of your home and you had not stair cased at any point; you would repay 30% of the full market value when it came to selling."

 

Jerry

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