A Leigh property expert has welcomed the news that council house tenants will be able to gain discounts of up to £50,000 in a proposed revamp of the Right-to-Buy scheme.
The Government has launched a consultation into its plan to increase the maximum discount available in Right-to-Buy schemes to £50,000. In certain parts of the country, this will mean discounts are trebled, making it easier for some of the two million tenants of social housing in England to buy the property they live in.
Tom Bridge, managing partner of the Residential Conveyancing department at Stephensons Solicitors LLP, said: “This is good news for council tenants with ambitions of owning their own home. It’s also positive step for house builders, as for each home purchased under the Right-to-Buy scheme, another new social housing property will be built.”
Under the proposals, someone in the West Midlands who has been a council tenant for eight years on a household income of £20,000 could buy their £90,000 flat with a discount of £50,000, compared with the £26,000 discount now.
Whereas In London, a tenant for five years buying a flat worth £160,000 would also receive a discount of £50,000, three times the previous cap of £16,000.
According to housing minister Grant Shapps, restrictions on discounts over the past few years made right-to-buy “meaningless” in many places, resulting in just 3,700 sales last year compared with a peak of 84,000 a decade ago.
Stephensons has been helping people to move home for more than 30 years, and undertakes all areas of residential conveyancing including purchases of all types of property, including right to buy purchases, sales, and re-mortgages. During January, the law firm is also offering a free basic Will with every conveyancing instruction, subject to terms and conditions.
For more information on Stephensons’ home moving expertise, visit www.5starconveyancing.co.uk or call 01616 966 229 for further details or to obtain a quote.
ENDS
Notes to editors
Stephensons is a North West regional law firm with a national reputation and reach.
Media information Lianne Tracey
Stephensons Solicitors LLP
T: 01616 966 229
E: lianne.tracey@stephensons.co.uk