Your right to buy
If you are the tenants of a council house or flat, you have the general right to buy your home for its current market value less a discount.
The amount of discount you get will depend on your personal circumstances. It can be no more than a maximum amount set by the government each year. For information on how discounts are calculated and the maximum amount available, go to GOV.UK: Right to Buy discounts.
You may qualify for the right to buy your home if:
- it's your only home or your main home
- it's self-contained
- you have a secure tenancy
- you've had a public sector landlord such as a council, a housing association or a NHS trust for at least 3 years – it doesn't have to be 3 years in a row
In some circumstances your home may be exempt from the right to buy. These include, but are not limited to, your home being:
- sheltered accommodation or housing for the elderly
- subject to a Possession Order
- subject to Demolition Order
If you sell your home within the first 5 years of buying, you will have to repay all or some of the discount. You must repay the whole discount if you sell during the first year, after which the amount reduces by 20% for each complete year of ownership.
If you do buy your home with mortgage finance and you don't keep up payments, you risk the lender taking possession and selling it.
For full details of the Right to Buy scheme, go to HM Government: Own your home – Right to Buy.
For more information, including calculation of discounts, contact us below.