Right to Buy
If you are a secure tenant, you may have the right to buy your home from us.
Under the Right to Buy scheme you may be able to buy your home at a price lower than the full market value. You may be entitled to a discount depending on the length of time you have been a tenant.
- If your tenancy started after 18 January 2005 you must have been a secure or public sector tenant for five years.
- If you live in a house or bungalow which is not specifically designated for residents over the age of 65 you may be able to buy your property freehold.
- If you live in a flat you may be able to buy a 125 year lease.
Homes which are designated specifically for those over the age of 65 years cannot be bought.
How much will my home cost?
The cost of your home will depend on:
- The property's value, which will depend on its size, and the market value of properties in the area.
- The amount of discount given, up to a maximum of £77,000.
If you share part of your home with other properties, for example, a stairwell in a block of flats, you will usually have to pay a yearly service charge.
More information on 'Right to Buy' is available on the Direct Gov website, along with application forms. Click here for further information on Right to Buy
Selling your home
If you apply for the Right To Buy from 18 January 2005 onwards and sell within 5 years of buying your home, you will have to repay some of the discount given:
- If you sell within the first year of purchase, the whole discount will have to be prepaid.
- Four fifths must be repaid if you sell in the second year
- Three/fifths in the third year
- Two fifths in the fourth year
- One fifth in the fifth year.
In addition, the amount of discount to be repaid if you sell within 5 years of purchase will be a percentage of the resale value of the property, disregarding the value of any improvements.
After 5 years you can sell without repaying any discount.
Certain sales or transfers are exempt from the requirement to repay discount, for example, transfers between certain family members.
From 18th January 2005, if in advance of your purchase, or within the discount repayment period you enter into an agreement to transfer your property to a third party in the future, then this will trigger repayment of your discount. Discount repayment is triggered from the date you enter into the agreement.
If you have any queries please call us on 01476 40 60 80.
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