The ‘Purchase Price’ of your home will be the market value less any available discount. The market value will be assessed independently by a suitably qualified professional surveyor. The valuation will make deductions for any improvements carried out by the tenant.
The purchase price shall be the market value less any available discount. Available discount will be determined on the following criteria:
- 20% discount for five completed years qualifying tenancy
- An additional 2% for each completed year served thereafter
- The maximum discount applicable in any case is £24,000 or 60%, whichever is lower. This is based on the proviso that the selling price does not fall below the historic cost of the property (conditions apply).
- Tenants purchasing an equity share will have their discount calculated based upon the percentage of the share purchased. These discount percentages have been predetermined by the Department for Communities and are on an incremental scale, details of which are available from Apex.
The ‘Historic Cost’ is the amount of money spent by Apex in providing, improving or acquiring the dwelling in the year you apply to buy; as well as in the previous 10 financial years. Within the rules of the ‘House Sales Scheme’ the guidance states that the discount should not reduce the price below the historic cost.
Steps to purchasing your home
If you wish to purchase your home, you should request a ‘House Sales Booklet’ and ‘House Sales Application Form’ from the Apex Allocations Officer.