Council House Purchase (Right To Buy)
It is your right to purchase your council house. If you make the decision to go ahead and make the local authority an offer, the first thing you need to do is find a lawyer to help you. There are special legal considerations that are different from a private sale, and Best Solicitors are experienced conveyancers you can trust to get the job done.
We’re Committed To You
Before purchasing, you should be aware of the advantages as well as the limitations involved in purchasing and owning your council property.
The most important advantage of buying your council property is the significant discount you will get, but note that every April that discount goes up with inflation.
The most important factors to consider for the discount are the current value, how long you’ve lived there, and whether it’s a flat or a house.
If you purchase your council home using the Right to Buy scheme, and then you sell it within five years, you will have to pay back some or all of the original discount you received.
You’ll have to pay back all of the discount if you sell within the first year. After that, the total amount you pay back reduces to:
- 80% of the discount in the second year
- 60% of the discount in the third year
- 40% of the discount in the fourth year
- 20% of the discount in the fifth year
The amount you pay back depends on the value of your home when you sell it.
Furthermore, if you sell your property within ten years, there are restrictions on who you must initially offer the property to. The council you purchased from will get first dibs on the property. That council or another social landlord in the area will have eight weeks to agree to pay the full market price for the property. After that, you will be free to sell to anyone.
Did You Know?
At Best Solicitors, the person managing your transaction is the exact same person you will speak to on an ongoing basis. Thanks to our ‘client first’ approach, you receive a direct telephone number to your appointed solicitor – guaranteeing your ongoing communication and peace of mind.
“There’s nothing people dislike more than speaking to a different person every time they call. Buying a new property can be a bumpy journey at times, and when your solicitor contributes to those bumps by being distant, it makes the process unpleasant. Making our clients’ buying process hassle-free is an ongoing commitment, and our internal processes reflect that. Our homebuyers’ app, for example, will keep you up-to-date with the latest developments related to your purchase.” – Liz Harris, Head of Residential & Commercial Conveyancing, Best Solicitors.
