Right to buy allows tenants of the council to purchase their home at a large discount. The Scheme has now been extended to Housing association tenants.
This article describes the Right to buy process and will give you an insight into how it all started, where we are now and the future plans.
- Articles include:
- Right to buy Origin
- Where is the Scheme Available?
- The Discount available
- Has Your Landlord spent Monies on your Home?
- How it all actually works
- Finding a Mortgage
Right To Buy Origin
Right to buy was the brain child of Margaret Thatcher (The Iron Lady) , who enabled tenants to buy there council property’s with a substantial discount as part of the 1980 Housing Act.
Heseltine noted that “no single piece of legislation has enabled the transfer of so much capital wealth from the state to the people”.
The Present rules allow you to apply for the right to buy your home on these conditions;
- It is your main home
- It is all contained into one unit ( another words you don’t have to share your facilities
- with other tenants)
- You are currently a secure tenant for 3 years( It needn’t be 3 consecutive years )
- It also allows you as the tenant to include other people who have lived with you for at
- least the last 12 months-
- You can make an application with someone else that is currently registered on the
- tenancy agreement.
Where is the Scheme Available?
It is available throughout England
The Government in Wales has reduced the discounts in half and has plans to stop the right to buy all
together, which its plans to happen by 2021.
The government in Scotland have now stopped right to buy’s all together, this happened on the 31st
However your council still might sell you your property but won’t give you any discount- You would
need to contact your local housing department for further information- for more information see
this link https://www.mygov.scot/right-to-buy/
They still have the Right to Buy Scheme available for secure Tenants up to a discount of £24,000. This discounts is based on the amount of years you have lived in your home.
To get further information of the different schemes please click on these links:
Alternatively please contact us at Total Home Loans and we will help you.