The Right to Buy scheme was introduced in the UK in 1980. It is designed to give secure council tenants the right to buy their properties at a discounted price when compared to market rates. This makes getting onto the property ladder more accessible for a wider range of people.
Could you be Eligible?
If you have been living in your council property for three years or more then you might be eligible to purchase it through the Right to Buy scheme. The law varies depending on which part of the UK you live in, so ensure that you check the relevant guidelines for your location.
Your house needs to be your only dwelling and must be self-contained. You also need to be free from any legal debt issues. There are other criteria that you might need to meet so check the official website for more information.
The Process You Need to Go Through
You will need to fill in an application and send it to your landlord. They will send you a yes or no within four weeks, giving you an explanation if the answer is negative. If they agree to your request for purchase, they will send you an offer within eight weeks. This will detail the price you need to pay and the discount they have added with any relevant explanation. The discount you get depends on how long you have been a tenant but will be a minimum of 35% off market value rising by 1% for every year over five that you have lived in the property. You have 12 weeks to reply to the offer.
Choosing A Solicitor
There are solicitors, like Saracens Solicitors in London, who are specialists when it comes to right to buy house sales. These offer competitive rates and an understanding approach to first time buyers. They can help you to buy your property. If you decide to move from the property within a set period of time, you may need to offer to sell it back to your landlord or local housing authority before you can offer it on the open market. A Right to Buy solicitor can also help you with this aspect of the process.