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What is RIGHT TO BUY?
Under the legislation introduced in 1980, tenants in public sector
housing have the right to buy their home. You acquire the right to
buy once you have been the tenant of your home for a minimum of two
years if your tenancy period started before 18th January 2005, or five
years if your tenancy started after 18th January 2005.
According to the Office of the Deputy Prime Minister, the Right to
Buy Scheme has enabled 1.6 million council tenants in England to buy
their own home since 1980. On average 60,000 tenants a year exercise
their right to buy.
Does the right to buy apply to my tenancy?
The right to buy applies to tenants of "public housing." Therefore
if you rent your home from the local council, a non charitable housing
association or a housing action trust, and have been a tenant for the
required period of time, you will have the right to buy.
What discount do I get?
Under the right to buy scheme, tenants are given a substantial
discount on the market value of their home. This discount varies
depending on the type of property you live in, the area of the
country you live in and the length of time you have been a tenant.
In 2005 the Government introduced a maximum discount under the right
to buy scheme for certain areas. Detailed information is available
in the booklet YOUR RIGHT TO BUY YOUR HOME which is available from
the Office of the Deputy Prime Minister
http://www.odpm.gov.uk
How do I obtain a right to buy mortgage?
A right to buy mortgage works in the same way as any other and
the type of loan that is available to you depends upon your individual
circumstances (for example the value of your home, your income etc)
and what is available in the market at any particular time, since
mortgage lenders frequently offer new or amended schemes.
If you have the right to buy you will be able to utilise the discount
to which you are entitled as all or part of the deposit that most
lenders will require.
Fill the form below or call freephone 0800 915 3950
for free confidential advice.
Our postal address:
6th Floor Grafton Tower,
Stamford New Road,
Altrincham,
Cheshire,
WA14 1DQ
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