Right to buy schemes are ideal for people who have lived in a council house as council tenant for a period of time and may be entitled to buy the property from the council or local authority at a discounted price.
Right to buy schemes allow local authority tenants with a minimum of two years tenancy to buy their current home at a discount price. The level of discount increases in proportion to the number of years that rent has been paid by the tenant.
You will need to contact the local authority you currently rent from to get the exact details of the right to buy discount that 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. Furthermore, 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.
We have dealt with a substantial number of transactions under these schemes as they provide a good opportunity for people to purchase their first property. Please contact us to discuss how our team can help you purchase of your property under a Right to Buy scheme.