Folks,
On researching the legislation on affordable housing - and using the formula contained therein I have found that if you sell from 1 -10 years you can only get back the capital amount you originally put in - the local authority get the full amount of any capital increase on the whole property (not just on their original percentage input) in that time.
Of course after ten years this amount decreases by 10% a year, even so this is fairly restrictive from the point of view of people who may have 3 or four kids after obtaining a 2 or 3 bed property this way.
Is there some way of buying out the councils percentage or have I misinterpreted the formula?
On researching the legislation on affordable housing - and using the formula contained therein I have found that if you sell from 1 -10 years you can only get back the capital amount you originally put in - the local authority get the full amount of any capital increase on the whole property (not just on their original percentage input) in that time.
Of course after ten years this amount decreases by 10% a year, even so this is fairly restrictive from the point of view of people who may have 3 or four kids after obtaining a 2 or 3 bed property this way.
Is there some way of buying out the councils percentage or have I misinterpreted the formula?