Affordable housing - discount market sale scheme customer information guide

Conditions of Discount Market Sale applicable during the twelve week notice period: 

• potential purchasers will need to meet the eligibility criteria for Affordable Homeownership in Stockton-on-Tees 
• incoming purchasers are required to meet the local eligibility criteria as determined by Stockton-on-Tees Borough Council 

General conditions of Discount Market Sale applicable at all times: 

• independent financial advice should be sought prior to entering into any Section 106 agreement 
• consideration should be given to whether the property remains affordable to you if your circumstances change in the future 
• potential purchasers will need to have savings or funds to pay a deposit and other costs associated with buying a home, for example legal and surveyor costs 
• potential purchasers must be able to afford the property in their own right; guarantors are not acceptable 
• potential purchasers will need to arrange their own buildings and contents insurance. Sufficient buildings insurance will be a condition of your mortgage offer 
• homeowners are responsible for household bills, for example Mortgage, Council Tax, utilities, insurance 
• homeowners are not eligible for Housing Benefit  
• homeowners are responsible for maintenance and repairs of the property 
• Section 106 conditions may restrict access to mortgage products, it is recommended that you always seek independent financial advice from a qualified Independent Financial Advisor (IFA) when considering purchasing a property 
• the property cannot be sublet and must remain the purchaser's main residence during the discounted period 
• each developer will have their own terms and conditions for their sales process. Stockton-on-Tees Borough Council will not become involved in the sales process  
• the property must be sold with the same level of discount from open market value that was applied to the original purchase and remains in perpetuity. Please see the example in the next section 
• should a property owner wish to sell their home in the future, they will be required to finance a revised valuation of the property and have the maximum sale price agreed by Stockton-on-Tees Borough Council before a sale can proceed 
• the value of the property could potentially decrease as well as increase over time, depending on housing market fluctuations