Buying your council home
Working out your discount under the Right to Buy scheme
If you have been a council tenant for more than 5 years, or were living in your home when the council transferred it to another landlord, you may be eligible buy your home under the Right to Buy scheme at a discount.
Now you could get 60% off the price of your house, or 70% off your flat. This could mean tens of thousands of pounds off the purchase price of your home, up to a maximum discount of £75,000 or £100,000 if you live in London.
More than 19,000 tenants have become homeowners since the discounts were increased in 2012 so this could be the ideal time to consider whether buying your home is the right choice for you.
The longer you have been a tenant, the bigger the discount you get off the market value of your home. Discount levels for houses and flats are worked out differently. All discounts start at 5 years of eligible tenancy.
If you live in a house, you could get a discount of between 35% and 60% of its value, up to a maximum of £75,000 (or £100,000 in London), whichever is lower.
Discounts start at 35% for 5 years’ tenancy. Add 1% for each extra year of tenancy (so 10 years tenancy = 40% discount, 20 years = 50%).
If you live in a flat, you could get a discount of between 50% and 70% of its value, up to a maximum of £75,000 (or £100,000 in London), whichever is lower.
Discounts start at 50% for 5 years’ tenancy. Add 2% for each extra year of tenancy (so 10 years tenancy = 60% discount, 15 years = 70%).
You could also check out local estate agents and property websites such as mouseprices to get a rough idea of what your property could be worth.
Remember, buying is a big decision, and you should always get financial and legal advice before deciding whether to make your home your own
If you would like to know if you can afford to buy visit caniaffordtobuy.co.uk
If you need a survey to establish the value of your home why not give Taylor Wilkinson Surveyors a call Tel : 0845 463 897