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FTB Initiative - Selling the property
What if I want to sell a property purchased through a First time buyer’s initiative scheme?
You can sell your property at any time. The scheme however has an entitlement to a share of the future sale proceeds as this is an equity loan. If the property has increased in value the proportion of the property purchase covered by the equity loan will need to be repaid. For example if English Partnerships provided you with a £50,000 equity loan for a property that is worth £200,000. The equity loan here will represent 25% of the property’s value. At point of sale 25% of the sale value proceeds will need to be repaid back to the first time buyer’s Initiative scheme. This is recovered through a second charge being registered on the property.| Previous : Who is eligible for the First time buyers Initiative scheme? | Next : FTB Initiative - Increasing the share |
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