Right to buy schemes are ideal for you if you have lived in your council house as Council Tenant for a period of time as you may be able to buy the property from the Council at a discount.
The right to buy scheme enables local authority secure tenants with a minimum of two years tenancy to buy their current home at a discount price. It is targeted at long standing public tenants, with the right to buy discount increasing in proportion to the years that rent has been paid.
You will need to contact the local authority you currently rent from to get the exact details of the right to buy discount you may be entitled to.
You should be aware that if you subsequently dispose of the property within 3 years of the date of your purchase you will have to repay all or part of the discount, depending on how long after completion it is before a sale takes place. Further more, if you wish to dispose of the property within 10 years from you purchase you will sometimes need to offer the property back to the Council.
Right to Buy schemes are not a new idea and we have dealt with a substantial number of them as they provide a good opportunity for people to purchase their first property. Please contact us to discuss how to proceed in the purchase of your property under a Right to Buy scheme.