5 years
You’ll have to repay some or all of the discount if you sell your home within 5 years of buying it. If you sell within 10 years, you must offer the property back to the council or a housing association before you can sell it on the open market.
Are ex local authority houses a good investment?
There are two big advantages to buying ex-council property: space and money. As well as getting more space, ex-council properties are significantly cheaper; the Royal Institution of Chartered Surveyors (RICS) reckons ex-local authority property is about 20% cheaper than comparable private properties.
What are the rules for first time home buyers?
Benefits of Owning. The money must be used for a down payment or acquisition costs on a principal residence for the IRA owner or close family member. There is a lifetime limit of $10,000 on these exceptions, and you must use the money within 120 days. A first-time home buyer is anyone who has not owned a home for at least the previous two years.
How long do you have to live in a house before you can buy it?
You must also have owned the property for at least two of the last five years. You can own it at a time when you don’t live there or live there for a period of time without actually owning it. The two years of residency and the two years of ownership don’t have to be concurrent.
Who is liable for unexpected home defects on my house?
In theory, the inspector should have spotted problems that the seller wasn’t aware of. If the inspector missed problems that an expert (a professional peer) should have noticed, the inspector may be liable. Read over your inspection report to see what it said about the area in question.
Can a defect have started before you bought a house?
But if the problem could have started before you bought the house, keep reading. It’s not an obvious defect that you could have seen yourself before buying. If there was a huge crack running across the living room ceiling at the open house and you’ve only now decided to bring it up, no dice.
