The Right to Buy scheme allows you as a council housing tenant to purchase the property you have lived in at a discounted price from the council.
The discount becomes greater for every year you have lived in the property. The maximum discount is £96,000 across England except in London where it is £127,000. However, you must pass certain eligibility to apply to exercise your right to buy.
The eligibility is below:
- Its your only or main home
- Its self-contained
- You’re a secure tenant
- You’ve a public sector landlord (Council or Housing Association) for 3 years.
The discount is also based on:
- how long you’ve been a tenant with a public sector landlord
- the type of property you’re buying – a flat or house
- the value of your home
Right to Buy Purchasing your Council House
The Right to Buy conveyancing process is differs slightly to the standard conveyancing process.
- You will need to apply to your local council and fill out the Right to Buy application form (RTB1 notice).
- Valuation – you’ll need to obtain a RICS valuation of the property to confirm the open market value (what the property is worth before the discount).
- Once you have instructed HSR Law will review all legal documents and act on behalf of your lender (if applicable). It is important to remember that if you are buying with the aid of a mortgage we are still required to order searches, even if you feel you are familiar with the property.
- HSR Law will order the property searches – these include the local authority search, drainage and environmental and review and report to you on our findings
- There is no exchange of contracts under the right to buy conveyancing process. Once, HSR Law are ready with your consent we can set a Completion date.
- HSR Law will deal with Land Registry to deal with the transfer of the property into your name.
Right to Buy Selling Your Ex-Council House
Selling your right to buy home is an option. However, If you sell your home within 10 years of buying it through any Right to Buy scheme, you must first offer it to either:
- Your old landlord or
- Another social landlord within the area
The property should be sold at the full market price agreed between you and the landlord. If this price cannot be agreed, then a district valuer will set the price for you.
You can sell your home to anyone if the landlord doesn’t agree to buy it within 8 weeks. Once a sale is agreed you may have to pay back some of you discount depending on timescales.
You will have to pay back some or all of the discount you received if you sell your Right to Buy home within 5 years of purchasing it. You will have to pay back all of the discount if you sell within the first year. After that, the total amount you pay back reduces to:
| 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 |
Should you have any question about purchasing or selling with the Right to Buy scheme, please do not hesitate to contact us at HSR Law.
We are CQS Accredited
The Conveyancing Quality Scheme (CQS) accreditation demonstrates that HSR Law Solicitors can provide residential conveyancing advice of the level expected by clients, lenders and the wider residential conveyancing community.
Being CQS accredited means we have the expertise to deliver quality residential conveyancing advice and use standardised processes to manage and reduce risks.
Your Right to Buy Team
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