discounted purchase price
- price of a property that has been reduced below the open-market value, such as in the case of a right-to-buy purchase or a builder's discount. Under right to buy legislation, properties are not offered at the open market value., but at a discount. If the property is resold within a three-year period, some or all of the discount will have to be repaid
open market value
- value of a property on the basis of a willing buyer and willing seller in the open market allowing for a reasonable period for sale.
outstanding discount
- for property purchased under the Right to Buy scheme at a discounted price, the value of the discount, or a portion of it, that has to be repaid to the local authority if the property is sold within a certain period of time, normally 3 years from date of purchase.
remortgage with outstanding discount
- refers to a property that was purchased under a Right to Buy legislation, where the owner now wishes to remortgage whilst there is still an outstanding discount remaining.
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