The Department for Communities and Local Government (DCLG) has now provided an even bigger incentive for council tenants to exercise the Right to Buy.
It has announced an increase in the maximum Right to Buy percentage discount for eligible social tenants in houses to 70% (from 60%). This means tenants could receive a discount of up to 70% and so just pay just 30% of the market value as the purchase price for their home.
The effective date of the increase to the maximum discount available to eligible tenants of houses is not yet known but once confirmed is expected to increase the number of Right to Buy applications.
For more information on the Right to Buy process visit: Right to Buy
By Kate Bullen, commercial property solicitor and Stephensons' Partner
Stephensons is a specialist in acting for tenants and landlords in Right to Buy applications. For more information on the legal process contact Kate Bullen by email: firstname.lastname@example.org.