can you sell or rent out a property when the government paid 5% deposit

mercedes125

We bought a new build 2 yrs ago with 5% deposit paid through the government help to buy scheme we also put 8,000 pnd to the deposit.
Can we sell the house or rent it out .
Thankyou

kingstreet

Help To Buy didn't exist two years ago.

Please check your scheme details here and follow the links to the info for your particular scheme;-

http://www.myfirsthome.org.uk/

These are all shared equity schemes. Was it a newbuild property on NewBuy?

mercedes125

Oh right yes its a new build,you got me thinking lol now you have said that I think the builder put the 5% deposit towards it and it has to be paid back in 15yrs time..

kingstreet

That's still not clear, unfortunately.

You could have a builder's 5% deposit.

A shared equity loan, which would need to be repaid in future.

A Government shared equity loan, which would need to be repaid in future.

To give anything like helpful guidance, you need to establish exactly what you have and what the scheme was called, for example FirstBuy, then you can look at the link provided.

Atidi

mercedes125 wrote: »

We bought a new build 2 yrs ago with 5% deposit paid through the government help to buy scheme we also put 8,000 pnd to the deposit.
Can we sell the house or rent it out .
Thankyou

You are free to sell the house if you want, assuming on the sale you will have the money to repay your lender. If not, speak to your lender.

You cannot let the property without permisiion from your lender, which may or may not be granted.