A purchaser (or joint purchasers) should be at least 18 years old, and have a right of residence in the UK.
DMS properties cannot be purchased as buy to let properties, second homes, or holiday lets.
Eligibility checks will be carried out either by the developer (for initial sales), or - for resales - by the buyer's solicitor, or as agreed, in writing, by us.
Then - in either circumstance - confirmation that the buyer meets the Section 106 criteria should be sent to us via the relevant certificate:
- Certificate for a buyer of a Discount Market Sale property
- Certificate for a seller of a Discount Market Sale property
The main eligibility criteria are as follows:
Affordable Housing Need
- Household income does not exceed eighty thousand pounds (£80,000) per annum for single or joint purchasers
- The deposit for the DMS home is no more than 65% of the DMS price in equity, savings or a gifted deposit (unless otherwise agreed in writing with us)
- A purchaser should not have an interest legally or equitably in other property, including via trust (UK or abroad)
- Purchaser is unable to afford a suitably market property in the area (Gross Income x 4 + deposit for single purchaser | Gross Income x 3.5 + deposit for joint purchaser)
Local Connection Criteria
A person would be considered eligible if they or a member of their household, meet one of these criteria:
- Currently has their only or principal home in the district of Babergh or Mid Suffolk
- Has been a resident within the district of Babergh or Mid Suffolk prior to the application for at least two (2) years
- Has been employed permanently in the district of Babergh or Mid Suffolk and has done so for a continuous period of at least two (2) years
- A person has immediate family connections (parent, adult child, brother or sister) whose only or principal home has been in district of Babergh or Mid Suffolk District Councils and has been for at least two (2) years
- Needs to live in the district of Babergh or Mid Suffolk because they require substantial care from the relative who has lived in the district of Babergh or Mid Suffolk for at least the last six (6) months, or they need to provide substantial care to a relative who has lived in the district of Babergh or Mid Suffolk for at least the last six (6) months
The developer or seller’s solicitors can download the DMS eligibility criteria application form to carry out the necessary checks.