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.
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