Buying your council house.

This government scheme gives people the chance to buy the council house they are currently renting at a discounted rate.

The scheme allows secure tenants of council homes and housing association properties to buy their home with a significant discount.

The maximum discount is £77,900 across England, except in London boroughs where it’s £103,900. It will increase each year in April in line with the consumer price index (CPI).

Your discount is based on these three factors:

1. How long you’ve been a tenant with a public sector landlord
2. The type of property you’re buying (a flat or a house )
3. The value of your home

The Process., its easy.

Call your local council and ask for a Notice claiming the Right to Buy (RTB1 form)

Fill the form in Send it to your Council. They will say yes or no within four weeks

The district valuer will then come out and value your property on behalf of the council.

If your landlord agrees to sell, they’ll send you an offer. They must do this within 8 weeks of saying yes if you’re buying a freehold property, or 12 weeks if you’re buying a leasehold property.

Your offer ( called a Section 125 ).

If your application has been accepted your landlord will set out in writing:

How much they think you should pay and how the figure was worked out.

A description of the property and any land that is included.

Estimates of any service charges (if it is a flat or maisonette) for the next five years.

Any known problems with the property’s structure, eg subsidence

What’s next?

If you wish to accept the offer, you will need to arrange for a mortgage and to instruct a solicitor.

I WILL

  1. Work out exactly what is affordable for you based on income and expenditure.
  2. Obtain a lenders Mortgage Agreement in Principle/Mortgage Promise. This gives you the confidence to accept the offer and move on. In many cases it is possible to get over and above the agreed purchase price depending on affordability as long as the extra money is being used for home improvements.
  3. Complete, or help you with your mortgage application form.
  4. Recommend a competitively priced Solicitor.
  5. Once your mortgage offer is issued, I will go through your mortgage offer with you to ensure all the details are correct and that you are happy with the offer.
  6. Recommend a bespoke insurance package tailored personally for you.

Call now on 0161 465 0237 to find out more.

YOUR HOME MAY REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT