Right to Buy is where the tenant of a council property has the right to buy that property and in most cases they will qualify for a significant discount.
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. It is not necessary for the 5 years to be continuous.
Discounts on the property value can 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. The maximum discount available in England is £75,000.00.
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:-
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.
We are very familiar with the Right to Buy process at EHL and our Property team will be more than happy to guide you through the process.
Rebecca Gunn specialises in Employment law, Commercial Property & Residential Property and is a solicitor in our Leicester office.
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