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Right To Buy

Purchase of a rented house or flat with the Right to Buy program

The Right to Buy is a government scheme with the aim to help council tenants buy the home they currently live in with a discount of up to £112,300 (£84,200 outside London). The discount is based on how long you’ve been a tenant with a public sector landlord, the type of property you’re buying – a flat or house and also the value of your home.

Houses

You can get a 35% discount if you’ve been a public sector tenant for at last 3 to 5 years. After the 5th year, the discount goes up by 1% every year to a maximum of 70% – or £84,200 (England) and £112,300 (London).

Flats

You can get a 50% discount if you’ve been a public sector tenant for at last 3 to 5 years. After the 5th year, the discount goes up by 2%  every year to a maximum of 70% – or £84,200  (England) and £112,300 (London).

Do I need a deposit for Right to Buy?

Right to Buy scheme offers a discount of a minimum of 35% and more depending on how long you have lived in your property. Typically, the whole discount will be used as a deposit without using your own savings. However, some lenders will require a deposit. The broker will be able to  advise you about the required deposit or the possibility to use the discount from your Council.

Making a joint application

You can make a joint application for Right to Buy. If you’re eligible, you might be able to buy your home with:

  • Someone who shares your tenancy
  • Your spouse or civil partner
  • Family member who has lived with you for the past 12 months. (up to 3 family members)

What else you should know about Right to Buy

  • If in the last 10-15 years your landlord has spent money on your home, your discount will be reduced.
  • If you’ve already used Right to Buy in the past, most probably you will get a smaller discount.
  • When you’re buying your house or flat with someone else, you count the years of whoever’s been a public sector tenant the longest.
  • If you sell your house or flat within 5 years, you may have to repay your discount or some part of it.
  • Legal ownership of the property has to be in the names of the eligible tenant/s and other eligible applicants.

If you have any questions regarding Right to Buy program or our services, please do not hesitate to contact us. Our mortgage advisers will be happy to answer your questions and explain all the details.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Conveyancing services are not regulated by the Financial Conduct Authority.