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In the UK, London as a region has the overall highest house prices, meaning those living in the area may struggle to make the transition from renter to homeowner. However, the Right to Buy scheme means most secure tenants of council properties and some housing association properties have the legal right to purchase the property for a discounted price. Given the noticeably higher house prices in London, utilising the Right to Buy scheme is ideal for those wanting to be homeowners due to the discount.
Specific requirements can vary based on whereabouts in the UK you are based, but it is likely that you will be eligible to buy your council home if:
Currently, the maximum Right to Buy discount in London boroughs is £103,900. This amount will increase every April in line with the consumer price index. Your own specific discount will depend on how long you have been a tenant in the property, the type of property (ie. a house or apartment) and the total value of your home.
If you are buying your home with somebody, you must count the years of the person who has been a public sector tenant for the longest period of time in order to be entitled to maximum discount. If you have used Right to Buy in the past your discount may be less, and if you sell your home within five years you may have to repay some or all of your discount back.
Given all the above information, if you are looking to buy your property in London through Right to Buy, you will need a specialist London conveyancing solicitor to help you through the process. When you have officially applied for the right to buy and your landlord has agreed that you qualify, you will receive a Section 125 notice from your landlord. This will provide you with the following details:
If you are based in London and interested in purchasing your home through the Right to Buy scheme, contact Stephensons today on 01616 966 229 for a free, no obligation initial chat with one of our legal advisors. Speaking to one of our residential conveyancing solicitors who specialises in properties in London will give you a clear view on your options, in addition to further information you may be unaware of. Furthermore, if you choose Stephensons as your solicitors of choice, you will have the added benefit of being able to stay in touch with your transaction 24 hours a day through the use of our case tracking system. Call us today to see how we can help.
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