Do you have the Right to Buy your Council Property?
- Have you heard of the Right to Buy Scheme?
- The Coalition Government led by David Cameron, today announced at the Conservative Party Conference in Manchester that the Government intends to make more properties available for purchase through the Right to buy Scheme.
There are said to be 2 million council owned homes in the UK still available for purchase through the Right to Buy scheme.
The Prime Minister is hoping to increase the discounts currently available to council tenants who wish to take advantage of buying the home they live in and that they currently rent from the council.
- The Labour Government recently reduced the discounts available for the Right to Buy scheme which was set up by Margaret Thatcher’s Conservative Parliament.
The Right to Buy scheme offers council tenants the opportunity (if they have lived in a council home for 12 months to 5 years or more) to purchase the house or dwelling at a discounted rate. If the house was £50000 in value and the tenant was offered 50% discount then the purchase price would be approximately £25000 with possible legal costs associated. You do not have to be a mathematician to work out that you would have instantly made a profit based on current value of the home related to the discount you received.
The Right to Buy Scheme is good if you have a secure income and have been a council tenant for some time, that time being enough to justify a good discount based on the current market value. You should always check the current market value of your council house or home before entering into the Right to Buy Scheme.
Mortgage brokers and banks can help finance the money for you to buy your council house or dwelling but normal mortgage rules will still apply and if you cannot show affordability to sustain your repayments you may not get a mortgage approved. You need to check this with a qualified mortgage broker.
- For more detailed information call us on 0800 018 6868 and speak with Lewis Alexander today about our home buyer service or for more information on the Right to Buy Scheme you can visit the governments website by copying the link below and pasting it into your browser address bar.
http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_4001398
