4 FAQs About The Right To Buy Scheme

There are many different routes to home ownership and the most appropriate one will largely depend on your personal circumstances, whether you’re a first-time buyer, a second stepper, how much deposit you have, whether you live in a council house and so on.

If you’re a council tenant, then you might want to look into the Right to Buy government scheme, which allows you to apply to buy your house and get on the property ladder that way.

Here are some of the more frequently asked questions about this scheme that we get here at BR Needham – and, of course, if you need any further help or advice, get in touch with the team to find out more.

4 FAQs about Right to Buy

 

1. What is the Right to Buy scheme?

Under this scheme, you’re able to purchase your home at a lower price than the full market value. The length of time you’ve lived in the house as an eligible tenant entitles you to a discount.

2. Am I eligible for the Right to Buy scheme?

You could be eligible for this scheme if you’re a council tenant or if you were one when your home was transferred to your current landlord. You could also qualify if you’ve been a public sector tenant for three or more years and if the self-contained house is your only or main home.

You must also not live in sheltered housing or other accommodation suitable for elderly or disabled people. Your home must also not be due to be demolished.

Other eligibility criteria includes not having any legal issues with debt, not having any outstanding possession orders and not having any antisocial behaviour issues.

3. Can you apply for Right to Buy with someone else?

You are able to make joint applications for Right to Buy with someone who shares your tenancy, your spouse or your civil partner. You can also apply with up to three family members if they’ve lived with you for the last 12 months and are over the age 18.

4. What are the Right to Buy discounts?

The maximum discounts available under the Right to Buy scheme are between £16,000 and £38,000, depending on where you live:

North-east – £22,000

North-west – £26,000

Yorkshire & the Humber – £24,000

East Midlands – £24,000

Eastern – £34,000

South-east – £38,000

South-west – £30,000

London – £16,000

Note, as well, that the level of discount you’re eligible for will depend on how long you’ve spent as a public sector tenant with your current landlord or another Right to Buy landlord.

Discounts will also be different for flats and houses. For a house, you could get a 35 per cent discount if you’ve been a public sector tenant for three years. After five years, this increases by one per cent for every additional year of tenancy, with a maximum of 70 per cent.

For flats, you will receive a 50 per cent discount if you’ve been a public sector tenant for three years. After five years, this increases by two per cent for every additional year of tenancy up to a maximum of 70 per cent.

Of course, this is only a quick guide to the Right to Buy scheme. Give the BR Needham team a call today to find out more.