Right to Buy Scheme
What is Right to Buy Scheme?
In a nutshell, the right to buy scheme gives secure tenants of councils and some housing associations the legal right to buy, the council house they are living in at a large discount. Often, the discounts can be used against the upfront deposit costs, meaning that those who can afford the mortgage can purchase their property without paying any deposit at all.
Given the noticeably higher house prices in London, utilising the Right to Buy scheme is ideal for those wanting to be homeowners. This will, however, be subject to certain requirements and once you have had an offer which you have accepted, we at Winters and Co, can assist you with the conveyancing process.
To make an enquiry with one of our residential property Solicitors, you can call us directly on 01920 466696, complete our online enquiry form or email us at [email protected] and one of our property law legal team will be happy to assist with your enquiry.
How can Winters Conveyancing Solicitors help me?
When remortgaging your home, our specialist conveyancing team can assist with the following:
You are most likely eligible if you:
- Live in council property
- You’ve been a council or public sector tenant for three years
- The home you want to buy will be used as your main home
- You don’t share rooms with other people – i.e. the property is self-contained
- Your landlord is the council, a housing association, NHS trust or other public sector landlord
It’s also important to note:
- You can apply for Right to Buy with someone else who shares the tenancy with you; or with as many as three members of your family if you’ve lived together for the past 12 months
- If the council sold your home to another public sector landlord while you were living there, you may still buy it under ‘Preserved Right to Buy
You are not eligible if:
- You’re under threat of eviction, are bankrupt or have large debts
- Your home is reserved for the elderly or disabled
- There’s a shortage of housing
The scheme entitles eligible tenants to buy their home at a minimum discount of 32 % of the market value for a house or 44 % for a flat. Tenants of longer standing are eligible for an additional 1 % discount per additional year of occupancy for a house, up to a maximum of 60%. The annual accruement for flats is 2%, up to a maximum of 70%.
These discounts, however, are subject to a series of maximum levels, ranging from £38,000 in some parts of the South East of England to £16,000 in Wales and some parts of London.
Right to acquire application
Ask your landlord for a Right to Buy form. Once you’ve posted it, your landlord will need to reply within four weeks. If the answer is no, he will need to specify why and if the answer is yes, they’ll send you an offer.
The conveyancing process when buying a right to buy property (council property) contains several steps which Winters and Co will handle on your behalf:
- We will raise enquires about the property and conduct thorough searches to ensure that there are no issues with the legal title to the property and that the property is serviceable i.e. has appropriate water and sewage connections;
- We will report to you on any matters you should be aware of;
- We will review the documents the council has provided to ensure that you obtain clear legal ownership of the property;
- We will review the contract that the council’s solicitors have prepared to ensure that it is fair.
Once we know the completion date, we can request any mortgage money from your lender (if appropriate). On completion we will send the purchase monies to the council. We will then ensure that you are registered as the property owner.
For Winters to advise or represent you regarding right to buy schemes, you can fill out enquiry form on our Contact us page, emailing us at [email protected] or calling us on 01920 466696.
Why Choose Winters & Co?
Based in Ware, Hertfordshire we at Winters & Co Solicitors are committed to supporting our clients. We believe in a personal, uncomplicated service in which our clients will feel more comfortable about moving forward whether it be moving home or perhaps what to do next if you’ve lost a loved one. We will always endeavour to meet a client’s needs without unreasonable fees. We believe justice should not be a daunting experience. We will provide you the service you deserve at a sensible cost.
If you have any queries please fill out the enquiry form on our Contact us page, email us at [email protected] or call us on 01920 466696.
