Mortgage Ownership with the Bank - HELP

lrd95

Hi all,

I've recently bought my first home which I was told was repossessed from the previous owner. I bought it very cheap for the area it's in, but I've been told it can only be sold for 75% of its true value (I bought it for around £116k which was 75% of its true value). However, will this affect the value of my property in years to come or not? Will it still go up in value like the other properties next to it?

I'd also like to buy the other 25% if possible in the future, but I'm not sure I'll be able to if it's classed as "affordable housing" - bare in mind I never used Help to Buy or anything like that.

The estate agent has said the following:

You own the property 100% but it can only be sold for 75% of the market value because it is on the Affordable housing scheme. It isn’t owned by the bank it is just with the bank at the moment. - this was said 2 weeks before exchange.

It is basically that the property is marketing and sold at 75% of its true market value and can only be sold via the local council and in the first 8 weeks has to be sold to a FTB or key worker.

Has anybody experienced anything else similar?

Advise appreciated.

Thanks.