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What Is The Right To Buy?
The government Right to Buy scheme is a policy in the UK which allows tenants of councils and some housing associations the legal Right to Buy the home they are living in at a discounted price.
About 1.5 million homes have been sold through the Right to Buy scheme since it was introduced in 1980. More than 33,000 homeowners have been created through the reinvigorated Right to Buy scheme since 2012.
For most people, buying their home is the biggest investment that they will ever make. It’s an exciting time, but there is a lot to think about. With the Right to buy scheme you will be given the opportunity to purchase your property for a discounted rate, this discount being increased if you live in London. These amounts will reviewed every year on the 6th April.
Becoming a homeowner is a big decision for you and your family and with inflation constantly increasing getting on the property ladder has never been harder. Do you want the freedom to move where you want, when you want?
With bigger discounts now available and the opportunity to invest in your future whilst gaining a valuable asset, the Right to Buy scheme can make all this possible. This could be your first important step to owning your home.
Right to Buy opens up many new opportunities, providing freedom that you have never had before. You may be worried about taking the next step, or simply do not know if it is an option for you. We can provide you with the information you will need to help you take the next steps.
There is nothing in law that specifies how a Right To Buy purchase should be financed. Someone apart from you may fund the purchase. However, legal ownership of the property can only be in the names of the eligible tenant/s and other eligible applicants.
What Discount Will I Receive?
The amount of discount you receive will depend on the following;
How long you have been a tenant with a public sector landlord
The value of the property
The property type e.g. a flat, house etc.
After a number of years, the maximum discount given will increase annually. This will apply to all properties across England but will slightly differ if the property is in a London Borough.
The discount you receive may also be affected by if your landlord has spent money building or maintaining your home. Individual circumstances will determine how many years this will date back. If they have spent more than the property is worth then the buyer will lose all entitlement.
If you have used the Right to Buy scheme in the past you will be given a smaller discount.
How Does The Process Work?
Once you have applied for the Right to Buy your landlord will have a limited amount of time to respond with an answer. If your landlord declines the offer they must state a reason.
If the landlord takes longer than their set time you could be entitled to a bigger discount on the property.
A freehold property is when the property and the land it resides on is owned with no time limit of ownership. A leasehold property is a property that is owned for a fixed period of time.
Once your landlord has made you an offer, you will be given a window of time to respond and choose whether you are going to take up your Right To Buy. You then have 12 weeks to accept this offer also. You can choose up to this point to not continue with the sale and carry on renting the property.
Can I Make A Joint Application?
You don’t have to do it alone – you may be able to make a joint application for Right to Buy. You can also buy the property with;
Someone who shares your tenancy
Your spouse or civil partner
Up to 3 family members who’ve lived with you for the past 12 months. They don’t have to be on your tenancy agreement but it must be their main home.
If you are making a joint application, the discount received will be based on the applicant that has been a tenant with the public sector the longest.
Looking To The Future
If you sell the property within 5 years or decide to transfer ownership of the property to someone else, there is a chance you will have to pay back some, if not all of the Right To Buy discount you received in the initial purchase. The amount you are asked to pay back will depend on the price you sell the property at and how long you have been the owner.
Like what you hear then please feel free to contact us here or call us on 0800 169 6299