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What happens if you want to sell the property

Updated: 19 Mar 2019
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We must be given the option to repurchase within 10 years
Housing Executive property, Carrickfergus
We must be given the option to repurchase the property within 10 years.  Where we are not prepared to repurchase, the property can be sold on the open market.  We will recover the equity owed at that time.  
For example, if a tenant buys 50% equity in a dwelling with a market value of £70,000 in year 1.  In year 10 the leaseholder decides to sell the property and the Housing Executive is not prepared to repurchase the 50% of the equity sold.  We will have the market value assessed on the dwelling.  If the market value is assessed at £120, 000 the leaseholder must pay us the outstanding 50% equity on the £120,000.  In this example the leaseholder has a minimum equity of £60,000 to repay any mortgage on the dwelling.
Year 1
Market Value £70,000
Tenant buys 50% equity £35,000
Year 10
Market Value £120,000
Tenant Owes Housing Executive £ 60,000