Discount market sale
Discount Market Sale (DMS) is a low cost home ownership product where a new build property is purchased at a discounted price. This discount is usually around 20% and the scheme is to help low and middle earners get onto the property ladder.
How does the scheme work?
A purchaser buys the percentage of the property available after the discount (80%).
These properties are available in partnership with the council at 20 per cent below current market value to buyers who meet the criteria.
To qualify for one of these exclusive apartments applicants must meet these criteria:
- be a resident or be employed within the London Borough of Barnet
- earn a gross annual income household income at the date of application for the property that does not exceed 45 per cent of the discount market sale price of the property.
Where can I find a DMS property?
There are currently no new DMS properties for sale in Barnet. You may be able to find a re sale of a DMS property (Beaufort Park) in one of the local Estate Agents in Barnet.
Can I sell my DMS property?
1. You may sell the property at anytime but you must notify the Council in writing of your intention to sell your affordable home. (This is known as an Availability Notice) Please email your Availability Notice to Helen Phillips, Affordable Housing Liaison Officer (firstname.lastname@example.org)
2. As this scheme is part of the Low Cost Home Ownership scheme, prospective buyers must be eligible for affordable housing and satisfy the requirements of the covenant
(a) resident or employed in the London borough of Barnet.
(b) Gross annual household income at the date of application for a DMS unit does not exceed 45% of the discounted offer price of the property.
3. The property must be sold with the same discount percentage that you received when purchasing the property.
4. In order to confirm the value of your property, you will need to obtain and provide the council with three written valuations for the full Open Market Value of the property from three reputable local estate agents. The sales value is then calculated and agreed by taking the average of these three valuations and applying the purchase discount. This is then the maximum sales value which you can sell at through your chosen estate agency.
Fees and Charges
You will need a solicitor to act on your behalf and also you will have to cover the Council’s legal costs with regards to selling the property.