The Right to Buy Scheme allows qualifying council tenants to buy their council home at a discount.
You may apply or receive notice to buy your council property if it is your main home, you are a secure tenant and you have had a public sector landlord such as the council for 3 years. It is not necessary for the 3 years be continuous.
The level of discount depends on how long you have lived in the property, the type of property, and the value of the property. For example, for houses, you can get up to 35% discount if you have been a public sector tenant for 3 to 5 years. After 5 years, the discount goes up 1% for every extra year of public sector tenancy, up to a maximum of 70% or £80,900 across England and £108,000 in London boroughs (whichever is lower).
You will have to repay some or all of the discount if you sell the property within 5 years of a right to buy purchase. The entire discount will need to be repaid if you sell within one year. After the first year the following proportions of the discount will need to be repaid:-
• 80% of the discount in the second year
• 60% of the discount in the third year
• 40% of the discount in the fourth year
• 20% of the discount in the fifth year
If you sell within 10 years you will first need to give your landlord or social landlord first refusal to purchase the property and they have 8 weeks to decide.
The sale price will be the agreed market value of the property and if it cannot be agreed then a district valuer will advise how much the property is worth. If the landlord does not decide to purchase within the 8 weeks, you can sell the property to anyone.
Our experienced conveyancing solicitors can help guide you through the process of buying or selling using the Right to Buy Scheme and the costs associated. Request a conveyancing quote from the team at Bulwell or Hucknall.
What is a Certificate of Compliance?
Overriding Interests and how they can impact on a purchaser of a residential property
Removing a deceased from the Title Deeds
What are major works and how will they impact a leaseholder?
Property: Shared Ownership with Parents
Selling a house with sitting tenants
Failure to complete on a Conveyancing transaction
SDLT: Multiple Dwellings Relief
Selling a house without a solicitor
Selling a house with subsidence?
Why have searches when purchasing a property?
What does “Exchange” mean?
Residential Conveyancing - Thank you for your continued help and keeping us calm.
Barry & Rena
Sheltons Solicitors is a trading name of Edward Hands & Lewis Limited, a company registered in England & Wales with company number 07001422 having its registered office at City Gate House, 11 St Margaret’s Street, Leicester, LE1 3EA. The directors are Jason Hathaway, Leanne Hathaway, Andrew Robinson, Paul Stubbs and Emma Fuller. We use the word “Partner” to refer to the most senior individuals at Edward Hands & Lewis Limited and its use in connection with the business of Edward Hands & Lewis Limited should not be construed as an indication that any individual carries on business in Partnership with any other individual within the meaning of the Partnership Act 1980, or that they are personally liable to you or any other party for any acts or omissions. Individuals named as Partners owe no personal obligations to you in either contract or tort, nor does the title “Partner” mean that they have any authority to bind the firm. We are authorised and regulated by the Solicitors Regulation Authority and our registered practice number is 533589. Our VAT No. is 114080418.