What is the Right to Buy?
The Right to Buy is the right enjoyed by most council tenants to purchase their home at a discounted price.
Who can buy?
You can buy your home if you have been a public sector tenant for two years or more.
Can I buy any council property?
No, the Right to Buy allows you to buy the home you are renting, in which you live. Up to three family members may share the Right to Buy if the property is their only or principal home and they have lived with you throughout the last 12 months.
What type of tenure will I receive?
If you live in a house you will receive the freehold. If you live in a flat you will be granted the leasehold. The lease is usually for 125 years.
How much will my home cost?
The open market value less the discount.
The cost the council has incurred to build, repair, maintain or improve your home in the 10 years before you applied to buy may limit the amount of discount.
The discount must not reduce the price you pay below what has been spent on it. However, where the market value is less than the amount spent you will pay the market value.
How much discount will I receive?
If you live in a house your discount will start at 32 per cent after two years of public sector tenancy. This will increase by one per cent for each additional year of tenancy, up to a limit of 60 per cent for 30 years or more.
If you live in a flat your discount will start at 44 per cent after two years of public sector tenancy and this will increase by two per cent each year to a top limit of 70 per cent for 15 years or more.
However, the maximum discount for both houses and flats is £16,000.
What will I have to pay the Council after I have bought my home?
If you buy a flat or maisonette you will have to pay service charges for the upkeep of common areas and services to the building, for example caretaking, repairs, garden maintenance, estate lighting etc. You will be given an estimate of these costs before you buy.
If you buy a house you may have to contribute to the cost of upkeep of open spaces and estate roads that lie within the boundary of the estate.
Whether you buy a house or a flat you will be required to pay council tax and water rates.
Are there any exceptions to the scheme?
Yes. For example, if your home was built with special adaptations you may not be able to purchase it.
