Conservation area property with 106 re-sale clause

The challenge

The customer wanted to purchase a home in a conservation area in the Yorkshire Dales, which was subject to a 106 clause, restricting its purchase and re-sale to long-term residents of the area and their families. This limited their scope in terms of available mortgages, as many lenders won’t consider properties subject to such clauses because, in the event of the borrower unfortunately being unable to pay, they are very difficult to re-possess and sell on to recoup the debt.

We did

Undeterred, we were determined to find a solution to avoid the borrower having to give up on the chance to purchase what was an amazing potential home. So, we got in touch with the local council which had imposed the clause, and the potential buyer’s lawyer, through negotiation, managed to reach a legal agreement which would allow us to sell the property on should the worst happen.

The result

One delighted buyer who was able to purchase what will hopefully be a ‘forever home’ he can enjoy with his family and then pass on to future generations.