Right to buy schemes are ideal for you if you have lived in your council house or flat as Council Tenant for a period of time as you may be able to buy the property from the Council at a discount.
The right to buy scheme enables local authority secure tenants with a minimum of two years tenancy to buy their current home at a discount price. It is targeted at long standing public tenants, with the right to buy discount increasing in proportion to the years that rent has been paid.
You will need to contact the local authority you currently rent from to get the exact details of the right to buy discount you may be entitled to.
You should be aware that if you subsequently dispose of the property within 5 years of the date of your purchase you will have to repay all or part of the discount, depending on how long after completion it is before a sale takes place. Further more if you wish to dispose of the property within 10 years from you purchase you will sometimes need to offer the property back to the Council.
Once we have received the legal papers from the Council we will check the title to the property and carry out searches as with any other purchase transaction. If you are having a mortgage we may also need to obtain a letter of postponement from the council in respect of the discount received on the price. Once all of these formalities have been carried out we will prepare a report on the property and foward this to you. We will then ask you to sign the legal documentation and arrange a suitable completion date with you.
On the completion day, the purchase monies will be sent by us to the council by CHAPS transfer as with any other purchase. After that we will register you as the owner of the property at the Land Registry, and we will forward proof of ownership to you.