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RMV

At Avon View, Welford-on-Avon

0800 029 3099

 
 

Reduced Market Value

Reduced Market Value Properties
Plots 1, 2, 3, 4, 5, 19, 20, 21 and 22

A Qualifying Purchaser must have:

(a) certificate of Eligibility, and

(b) benefit from a Local Connection or is a member of a single household where at least one person benefits from a Local Connection.

Certificate of Eligibility

A statement from our financial advisor stating that the purchaser wishing to purchase a RMV property has been financially assessed and would be unable to purchase the property at open market value.

Local Connection

1. Born in the Parish of Welford-on-Avon or whose parent(s) were ordinarily resident in that Parish at birth

2. Currently lives in the Parish of Welford-on-Avon and has done so for at least the past 12 months

3. Used to live in the Parish of Welford-on-Avon and did so for a continuous period of not less than 3 years

4. Currently works in the Parish of Welford-on-Avon and has done so for at least the last 12 months for an average of not less than 16 hours per week

5. Currently has a close family member (limited to mother, father, brother, sister, son, daughter) living in the Parish of Welford-on-Avon and who has done so for a continuous period of not less than 3 years.

If after 12 weeks of Marketing in accordance with the approved Marketing Strategy and at the Discounted Price the property remains unsold, the owner may then offer the property to any purchaser regardless of whether they are a qualifying person but always at the price of not more than 60% of open market value.

The price is fixed at 60% of Market Value in perpetuity.

For example, Plot 1 is to be sold at £153,000 which is 60% of market value, where the market value would be £255,000.

Market value is determined by two independent estate agent valuations which are averaged and then the 60% is applied to this figure. This valuation process remains so in perpetuity.