Campions Solicitors serve clients in Derby, Nottingham Ilkeston, Heanor, Ripley and other areas. It is well understood by most clients that if they sell one of the above property types they will have to inform the Council or Housing Association if within 10 years of purchase by them. This is because of the right of preemption. Within 10 years there is a right to buy back at market value by the Council/Housing Association. That right is very rarely used. There is also the Repayment of Discount within 5 years but that is another matter. Less well known is that if you buy a former Council House/ Housing Association from an owner who has bought from the Council/Housing Association you will yourself have to inform the Council/Housing Association who will decide whether they wish to buy back.
In other words the Right of Preemption- Buy Back occurs each time the property is sold over the 10 year period, not just the first time. For any enquiries please email firstname.lastname@example.org