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Right to Buy

Right to Buy involves the tenant of a council property who has the right to buy that property and in most cases, they will qualify for a significant discount.

Right to Buy requirements

You may apply or receive notice to buy your council property if it is your main home, you are a secure tenant and you have had a public sector landlord such as the council for 5 years. For the Right to Buy scheme, it is not necessary for the 5 years to be continuous.

Right to Buy discounts

Discounts when buying the property through the right to buy scheme will be rewarded and the level of the discount depends on how long you have lived in the property, the type of property, and the value of the property. For example, for houses, you can get up to 35% discount if you have been a public sector tenant for 5 years.

You may have to repay some of the discount if you sell the property within 5 years of owning the property and the level of repayment will depend on when during the 5 years you sold the property:-

  • 80% of the discount in the second year
  • 60% of the discount in the third year
  • 40% of the discount in the fourth year
  • 20% of the discount in the fifth year

Right to Buy and Selling

If you sell the property within 10 years you will first need to give your landlord or social landlord first refusal to purchase the property and they have 8 weeks to agree to purchase the property.

The sale price will be the agreed market value of the property and if it cannot be agreed then a District valuer will advise how much the property is worth.

To get the ball rolling with right to buy, get a quick, instant conveyancing quote today: CLICK HERE

Other topics related to buying a house:

Click on the links below to find out more about:

Conveyancing process

Selling a house

Buying a house

Unregistered properties

First-time buyer

Leasehold property or freehold property?

Shared ownership

New builds

Buy to let

Remortgaging

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