The Government of Gibraltar has written to the management companies of affordable housing estates confirming that resale conditions on properties granted underleases 30 years ago or more will no longer apply, as long as certain conditions are met.
The requirements for the resale conditions of an affordable property to be lifted are that the underlease for the flat must have been granted at least 30 years prior to the proposed sale, and the vendor must have owned the flat for at least 10 years prior to the proposed sale.
Chief Minister Fabian Picardo said: "Whilst many young people look forward to the completion of the first phase of Hassan Centenary Terraces, it is fair that those who purchased in estates that were constructed more than 30 years ago should no longer be restricted by the resale conditions of the original underlease, as long as they have lived in that property for at least 10 years."
“This will allow families whose needs may have changed in that time to sell on the open market, whilst maintaining the prevention of speculation on new affordable properties so that the policy continues to work in the way that it was always intended, to provide affordable homes for generations of Gibraltarian families.”
It will still be necessary to seek consent for the sale of any flat within an affordable housing estate.
The only difference will be that the resale restrictions will be waived, as long as the proposed sale is in respect of a qualifying flat.
Land Property Services will verify whether a flat qualifies to have the resale restrictions in its underlease lifted.