Have You Been Considering The Right To Buy Scheme?

If you are a council tenant in the UK, you may have heard about the Right to Buy scheme. It might seem like a dream way of being able to buy and own your property, but what does it actually mean? In this blog post our Right to Buy conveyancing specialist break down what the right to buy scheme is and how it could work for you.

The Right to Buy is a government programme. It allows eligible council tenants, and some housing association tenants to purchase the home they currently rent. This will often be possible at a significant discount.

So, who can apply for the Right to Buy scheme? You have to have been a public sector tenant for at least three years. The council home must be your only or main home. You must have a secure tenancy and not be facing bankruptcy. If you tick these boxes and want to know how we can help you, call our Right to Buy conveyancers in Peterborough. We will be only too happy to talk you through the pros and cons, for your personal circumstances.

It is possible to get up to 70% off the market value of your home, so it is definitely worth thinking about. However, the discount offered will depend on how long you have been a tenant. It will also depend on the type of the property; how much it is worth and where you live. Generally speaking, the longer you have been a good tenant, the bigger the discount. If your council property is a flat, you will tend to qualify for a bigger discount than if you rent a house.

There are a lot of benefits to the Right to Buy scheme. For example, you will have the opportunity to own your own home and gain the security of being a home owner. The property may increase in value overtime. While a deposit will be needed, this will be a smaller deposit due to the discount applied.

However, it’s important to remember that you will then have legal and financial responsibilities. It will be your responsibility to pay for any repairs, insurances and council tax too. You will need a mortgage, and a credit history to apply for a mortgage. If it is a flat, you may also have service charges to pay.

If you have been considering the Right to Buy scheme, call our Right to Buy conveyancing specialists in Peterborough. It is a big decision, and it comes with a lot of responsibility. Our Right to Buy solicitors can help you make an informed decision that is best for you and or your family.