The right to buy entitles you to buy the council property that you are currently renting. Depending on how long you have been renting, you will be eligible for a discount that can be as much as £38,000.
We have plans whereby additional funds can be added to the dicounted purchase price. That means cash left over to spend as you wish, home improvements or even debt consolidation.
Anyone who applies for the Right to Buy on or after 18 January 2005, and decides to sell the property within five years of buying it will have to repay some or all of the discount received. Properties sold:
The repayment of discount will be a percentage of the market value of the property when it is resold within the first five years of purchase. After five years, the home may be sold without having to repaying any discount. Those living in a rural area may only be able to resell to the council or to a person who lives or works locally.
Tenants who applied for the Right to Buy on or after 18 January 2005, purchased their home and wish to sell within ten years of buying, must first offer it back to the landlord, who will have to pay the value of the property.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.