What is a ‘Right To Buy’ Purchase?
You may have the ‘Right to Buy’ if you are a current council tenant or were living in your home when the council transferred it to another landlord.
A Right to Buy purchase means you may be entitled to discount of up to £82,800.00 or £110,500.00 if living in London and this amount increases each year in line with inflation. The discount you are entitled to is calculated based on the amount of time you have spent as a tenant in the Property however you must have been a public sector tenant for at least 5 years.
The property you purchase must be your only or principle home and must be self-contained however you will not be entitled to purchase your home if you have an undischarged bankruptcy against you, have a pending bankruptcy petition against you, if you have an agreement in place with creditors with money still outstanding or if the court makes a possession order which states you must leave your home.
You should, however, be aware that should you purchase under the Right to Buy scheme, if you sell your home within one year, the whole discount would need to be repaid. This amount reduces by a fifth each year for 5 years and after 5 years, you are entitled to sell without repaying any of the discount.
A Right to Buy purchase is usually more straight forward than your average purchase and here at Oakwood Property Solicitors, our fees reflect the straight forward nature of the transaction.
How do I make a start?
If you require any further information in regards to your Right to Buy purchase, simply contact our team at Oakwood Property Solicitors on 0113 218 5727 and we will do all we can to make the process as straightforward as possible.