So the 106 agreement between the developer and councils states only the % of houses which must be on various schemes.
My deeds only state one restriction which is that new owner must continue paying grounds maintenance company.
Solicitors say:
>I copy an extract from our property report dated 29 October 2015:</p>
Affordable Housing
The Property that you are purchasing is an Intermediate Affordable Property in accordance with the Section 106 Agreement dated 28 June 2012, a copy of which is enclosed, and there is a restriction in the Transfer to you stating that you will not dispose of the Property otherwise than in accordance with the provisions of the same. The Property you are purchasing is one of three being sold at a discount of 20% off the open market value.</p>
T<em style=”font-size: 0.8rem;”>he purpose of the Section 106, amongst other things, is to ensure that some properties in the community cannot be bought by developers, landlords or second home owners, and will be available to people who wish to live and work in the area, and who may otherwise be priced out of the property market.<span style=”font-size: 0.8rem;”></p></span>
If you wish to sell the Property, before it can be placed on the open market Assumption Lamd District Council (or the Affordable Housing Provided nominated by the Local Authority) must first be given the opportunity to nominate a suitable person to purchase the Property from you. This person must meet the criteria which the Council has in place at the time that you wish to sell.</p>
If the Council is not able to find anyone suitable who meets the criteria within the time limit that applies, then you would be permitted to sell the Property on the open market, but the buyer must be able to show that they have a local connection. Any sale on the open market would be similarly capped to 80% of the open market value i.e. you will be passing the 20% discount onto the next buyer.</p>
In order to show a local connection, the buyer would need to demonstrate any of the following criteria:</p
That they have been resident within the parish of Assumptions, immediately prior to completion taking place;
That they have a strong local connection to the parish of Assumption Land;
That they have family associations in the parish of Assumption Land;
That they have to have permanent employment in the parish of Assumption Land
The future value of the Property will be based on what it is worth, taking account of the restriction on the Property which limits the pool of potential buyers, as it cannot be purchased by someone without any links to the area. This may therefore mean that the value of the Property will be lower than the value of an equivalent property which is not affected by the restriction.</p>
-What is a property report?
-Does the restriction have to be stated in MY deeds to actually apply?
Cheers, far too complicated for my brain