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TENANCY
AGREEMENT
HOUSE
SALES POLICY |
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HOUSE
SALES POLICY
Most
GHA tenants can apply to buy their home. It is the Association’s
policy not to sell the following:-
1. Sheltered Dwellings.
2. Bungalows.
3. Properties adapted for disabled persons (at the Association’s
discression).
Tenants
in arrears may apply but the sale will not be completed until the
rent account is clear. Applications must be in writing and tenants
may apply at any time irrespective of the length of tenancy.
GHA
will pay for an Independent Valuation Officer. He/She will value
the property and inform the Association formally of the Market Value
he/she has assessed the dwelling at. GHA will collect all relevant
information and liase with the DSD (NI) to determine the ‘Offer
Price’ to the tenant which will take account of the discount
entitlement (where applicable).
Discounts
Discount
will not be allowed where the market value of the dwelling is less
or equal to the amount it cost to provide the dwelling (Historic
Cost). In cases where the market value is less than the Historic
Cost, the selling price will be the market value. Where the market
value is greater than the Historic Cost, the discount will be allowed
subject to the final price not being less than the Historic Cost.
The Historic Cost is applicable up to 8 full financial years after
completion of the dwelling.
Discount will not be allowed until the dwelling has been in management
for eight financial years since improvements (rehabilitation/newbuild)
were financed by GHA. A desire to purchase in advance of the eight
year period will not qualify for discount and must be sold at market
value.
When
an offer price has been determined GHA will formally offer the dwelling
for sale to the tenant for the agreed price. Solicitors will execute
the legal sale on an agreed date and the sale is complete. Traditionally
the process takes about 3 months to complete.
Joint
Purchase
A tenant may purchase his/her home jointly with another person(s).
Maintenance
Costs
Once you have bought your home you will be responsible for all your
own repairs, rates, insurance cover and compliance with any conditions
which may be in your deed for the property
Resale
If you decide to resell the dwelling within three years of purchase
you may lose all or part of the discount you received when acquiring
the dwelling from GHA. Your solicitor will inform you of your rights
and implications of such action.
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