Future sale of your property
If you are buying with the assistance of a mortgage you will know already that the property currently qualifies for mortgage lending. If you are paying without such finance you should check to satisfy yourself by talking to lenders to confirm that mortgages would be available to prospective purchasers if you wish to sell. If mortgage finance is not available it will be difficult to sell the property on and its value will therefore be less.
It is important to be aware that lenders can change their policy on mortgage lending over time for certain types of properties in certain locations. The fact that mortgage finance is currently available to purchasers does not mean it will always be available. This is a risk of property ownership.
If your property is in an area designated as Rural or an Area of Outstanding Natural Beauty (AONB) there are important special rules pertaining to your right to buy and the future resale of your property.
Page last updated on 24 May 2012
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