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SO flat to SO flat/house
KatrinaK
Posts: 12 Forumite
Hi, is it true that if you own SO flat you can't buy different SO property untill you sell the one you own? We own 25% SO flat but looking for something else as service charge is ridiculously high -£300 per month. Unfortunately we cant afford to buy anything but SO. So, if we have to sell our first, can we at least get all legal and money stuff done? Pls help
0
Comments
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It depends on the particular SO scheme you purchase through as they vary on eligibility requirements, and some are stricter on these than others. It has nothing to do with your current property being SO, but that you already do own one.
Some require that you are either a first time buyer or a 'newly forming household' (i.e. buying after a relationship break up or relocating for work).
All require that you complete on the sale of your property before you can exchange contracts on the new one. Some also require that your local authority/housing association certify your current accommodation unsuitable.0
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