Right to Buy

Are you a Council Tenant and wanting to purchase your home? Then let us help you!

The Right to Buy (RTB) scheme was first introduced way back in the 80’s and it was designed to help tenants in Council properties to buy their home at a discount.

As expected over the years there have been many changes to the RTB Scheme such as increasing the maximum discounts which vary according to area. From the 6th April 2017 you could be eligible for a maximum discount of up to £78,600.00 (or £104,900.00 for London) and this amount increases every year in April in line with inflation.

Since April 2012, the money raised through sales is put towards new affordable homes for rent.

Another change in May 2015 now means that you only have to be a tenant for 3 years instead of 5 before you can apply to buy under the RTB Scheme, making it more available.

If you are a Housing Association tenant then there are other schemes available to you. There are plans by the Government to extend the RTB Scheme and you can obtain more information from https://www.righttobuy.gov.uk

You do have to fit the criteria under the RTB Scheme to be accepted, so if you wish to check to see if you qualify and take the first step then either go to https://www.righttobuy.gov.uk or contact your Council, you may even be able to find more information on the Council’s website and apply online.

After you have checked eligibility then it is important that you look into all costs associated so you know what you can and cannot afford before you make any formal application and get too far into the process. If you need a mortgage then please speak to an Independent Financial Adviser who can help you with checking what mortgage products are available to you. Once you have done this and you are happy to move forward then make the application with your Council, as I have mentioned some Council’s now allow you to do this online via their own website, making it easier than ever!

Once submitted, your application has to be processed within a set time under the Scheme and if you have been a tenant for 3 or more years they should contact you within 4 weeks to let you know if you have the right to buy or not.

You will then receive an offer notice which is called an S125 within 8 weeks, if it is a house. If your property is leasehold then this can take up to 12 weeks. The S125 will also set out details such as the property value, the discount offered and the price you will pay along with any other relevant information and terms & Conditions If you are not happy with the amount of discount offered then you can appeal and again there is a separate process for this.

You will then have 12 weeks to accept the offer and it is at this point that you will need to appoint a solicitor and make an application for mortgage, if a mortgage is required.

Buying your home is a big step, it may seem daunting and a bit confusing at times but we are here to help guide and assist you throughout the whole process.

If we can help assist you in anyway in regards to the RTB Scheme then please do not hesitate to get in touch.