Right to Buy Solicitors

The Right to Buy scheme was introduced in the UK in the 1980’s, allowing council tenants to purchase their homes at a discounted price. This scheme has helped thousands of people become homeowners and has been a key factor in the growth of affordable housing in the UK. However, navigating the legal process of buying a property under the Right to Buy scheme can be tricky with strict time limits, which is why it is important to have specialist right to buy solicitors guiding you. Below we answer many of the common questions about the Right to Buy scheme. Should you require a solicitor to help you with your Right to Buy property sale or purchase, please get in touch.

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For a friendly initial chat and a fixed fee quote please use the contact form or call 01727 869 293.

Right to Buy Q&A

What is the Right to Buy scheme?

The Right to Buy scheme is a government initiative that allows council tenants to purchase their homes at a discounted price. The discount amount varies depending on the location and type of property, but it can be up to 70% of the market value.

Who is eligible for the Right to Buy scheme

To be eligible for the Right to Buy scheme, tenants must have been living in their council property for at least 3 years. This scheme is available to both secure and flexible tenants, as well as those living in houses, flats, or maisonettes. It is important to note that there are certain exceptions and restrictions to eligibility which will be clarified by the local council that is selling the property.

Use the eligibility checker on the Own Your Home website to find out if you can apply.

What is the Right to Buy Offer?

The Right to Buy Offer is a proposal made by the council to the tenant who wishes to purchase their council property under the Right to Buy scheme. It outlines the terms and conditions of the sale, including the purchase price, any discounts applicable, and any additional costs or requirements. The Right to Buy Offer will specify the discount amount that the tenant is eligible for, which can be up to 70% of the market value of the property. It will also include information on any restrictions or limitations to the sale, as well as the process for completing the purchase. It is important for tenants to carefully review and consider the Right to Buy Offer before proceeding with the purchase of their council property. There is normally a time limit of 12 weeks to accept the offer.

Can I negotiate the Right to Buy Offer?

While the initial offer made by the council outlines the terms and conditions of the sale, including the purchase price, any discounts applicable, and any additional costs or requirements, it is not set in stone. You have the right to negotiate with the council to try and achieve a more favourable offer. This could include negotiating a lower purchase price, requesting additional discounts, or discussing any specific requirements or conditions that you would like to be included in the offer. It is important to carefully review the Right to Buy Offer and consider your options before entering into negotiations. Consulting with a specialist right to buy solicitor can provide you with guidance and support throughout the negotiation process.

How is the Right to Buy discount calculated?

The Right to Buy discount is calculated based on several factors. The discount amount varies depending on the location and type of property. In general, the discount can be up to 70% of the market value of the property. However, there are certain limitations and caps on the discount amount.

The discount is calculated as a percentage of the market value of the property. The longer the tenant has been living in the council property, the higher the discount they may be eligible for. For example, tenants who have been living in the property for 3-5 years may be eligible for a 35% discount, while those who have been living there for 5-10 years may be eligible for a 50% discount. The discount percentage increases with each additional year of tenancy, up to a maximum of 70%.

It’s important to note that the discount is subject to certain restrictions and exceptions, which may vary depending on the specific circumstances and the council that is selling the property. It is recommended to consult with a specialist Right to Buy solicitor to understand the exact calculation of the discount in your particular case.

What Happens when I want to sell my Right to Buy property?

When you want to sell your Right to Buy property, there are a few things you need to consider.

• Check the terms of your Right to Buy agreement: Some agreements may have restrictions on selling the property within a certain period of time. Make sure you comply with any requirements or restrictions outlined in your agreement.
• Offer the property to the council: Before completing the sale, you are required to offer the property back to the council that sold it to you. The council has the right of first refusal, which means they have the option to buy the property back at the market value. If the council declines to buy the property, you can proceed with the sale to your chosen buyer.
• Repay the discount: When you sell your Right to Buy property, you may be required to repay a portion of the discount you received when you purchased the property. The amount you need to repay depends on how long you have owned the property. The repayment amount decreases over time, and after a certain number of years, you may not be required to repay any of the discount.

What discount do I have to repay if I sell my Right to Buy property?

The exact calculation of the repayment amount can vary depending on the specific circumstances and the council that is selling the property. However, as a general guideline, here is an example of how the repayment amount may be calculated:

• If you sell the property within the first year of ownership, you may be required to repay the full discount amount.
• If you sell the property after the first year but within the first five years of ownership, the repayment amount may be reduced by a certain percentage for each year of ownership.
• After five years of ownership, the repayment amount may decrease by a fixed percentage each year until it reaches zero.

It’s important to note that these percentages can vary depending on the council and the terms of your Right to Buy agreement. To get an accurate calculation of the repayment amount for your specific case, it is recommended to consult with a specialist Right to Buy solicitor. They will be able to provide personalised advice and guidance based on your situation.

What are the Advantages?

The Right to Buy scheme in the UK offers several advantages to council tenants. Some of the key advantages include:

1. Discounted Price: The main advantage of the Right to Buy scheme is that eligible tenants can purchase their homes at a discounted price. The discount amount can be up to 70% of the market value of the property, making it more affordable for tenants to become homeowners.
2. Security of Tenure: By exercising their Right to Buy, tenants gain security of tenure as they become the legal owners of the property. This means they have more control over their living situation and are protected from eviction, as long as they meet their mortgage payments.
3. Investment Opportunity: Owning a property through the Right to Buy scheme can be a good investment opportunity. As homeowners, tenants can benefit from any increase in property value over time, potentially building equity and wealth.
4. Freedom to Customise: Homeownership gives tenants the freedom to customise and make improvements to their property according to their preferences. They no longer need to seek permission from the council for changes or renovations.
5. Pride of Ownership: Owning a home can bring a sense of pride and accomplishment. It allows tenants to establish roots in their community and have a place they can truly call their own.

It’s important to note that the advantages may vary depending on individual circumstances and the specific property. Consulting with specialist Right to Buy Solicitors can provide more personalised advice and guidance based on your situation.

What are the Disadvantages?

The Right to Buy scheme in the UK offers several advantages to council tenants however, there are also some disadvantages to consider. Some of the disadvantages of the Right to Buy scheme include:

1. Loss of Social Housing: When a council property is sold under the Right to Buy scheme, it is no longer available for social housing. This can lead to a decrease in the availability of affordable housing options for those in need.
2. Limited Housing Options: Selling a council property under the Right to Buy scheme may limit the housing options available to tenants. They may not be able to find another affordable property in the same area or with the same level of support and services.
3. Financial Responsibility: Owning a property comes with financial responsibilities, such as mortgage payments, maintenance costs, and insurance. Some tenants may find it challenging to manage these additional expenses, especially if their financial situation changes in the future.
4. Potential for Negative Equity: The value of a property can fluctuate over time. If the market value of the property decreases after it has been purchased under the Right to Buy scheme, the homeowner may end up in a situation of negative equity, where the outstanding mortgage is higher than the value of the property.
5. Loss of Rights and Protections: As a council tenant, there are certain rights and protections in place, such as the right to repairs and the right to challenge rent increases. When purchasing a property under the Right to Buy scheme, tenants may lose some of these rights and protections.
6. Difficulty in Selling: If a homeowner decides to sell their property in the future, they may face difficulties in finding a buyer, especially if the property is subject to certain restrictions or limitations imposed by the Council.

It’s important to consider both the advantages and disadvantages of the Right to Buy scheme before making a decision. Consulting with a specialist Right to Buy Solicitor can provide more personalised advice and guidance based on your situation.

Why do I need a Solicitor?

Specialist Right to Buy Solicitors are essential when navigating the legal process of buying a property under the Right to Buy scheme in the UK. Here are a few reasons why you need a Right to Buy Solicitor:

1. Legal Expertise: Buying a property involves complex legal processes, conveyancing searches and documentation. Right to Buy solicitors specialise in property law and can guide you through the entire conveyancing process, ensuring that all legal requirements are met and protect your interests.
2. Contract Review: Your solicitor will review the purchase contract and ensure that it is fair and favourable to you. They will also explain any legal jargon or clauses that you may not understand, ensuring that you are fully aware of the terms and conditions of the purchase.
3. Title Search: Right to Buy solicitors will conduct a thorough title search to ensure that the property you are purchasing has a clear title and is free from any legal issues or disputes. This will help you avoid any future complications or disputes regarding ownership.
4. Legal Advice: Throughout the process, your solicitor will provide you with legal advice and guidance. They will explain your rights and obligations as a buyer, answer any questions you may have, and ensure that you are making informed decisions.
5. Completion and Registration: Your solicitor will handle the completion of the purchase, including the transfer of funds and the registration of the property in your name. They will ensure that all necessary paperwork is completed accurately and submitted to the relevant authorities.

Having specialist Right to Buy solicitors by your side will ensure that the purchase process is smooth and legally sound. They will protect your interests, provide expert advice, and handle all legal aspects of the transaction.

How Do I Apply for the Right to Buy Scheme? 

To apply for the Right to Buy scheme, you need to follow these steps:

1. Check your eligibility: Make sure you meet the eligibility criteria for the Right to Buy scheme. This includes being a council tenant for at least 3 years and having a secure or flexible tenancy.
2. Contact your local council: Get in touch with your local council to express your interest in applying for the Right to Buy scheme. They will provide you with the necessary application forms and guide you through the process.
3. Complete the application form: Fill out the application form provided by your local council. You will need to provide information about yourself, your tenancy, and your property.
4. Submit the application: Once you have completed the application form, submit it to your local council. Make sure to include any required supporting documents, such as proof of identity and residency.
5. Wait for a decision: After submitting your application, the council will review it and assess your eligibility for the Right to Buy scheme. They will notify you of their decision in writing.
6. Receive the Right to Buy Offer: If your application is approved, the council will send you a Right to Buy Offer. This offer will outline the terms and conditions of the sale, including the purchase price, any discounts applicable, and any additional costs or requirements.
7. Accept or decline the offer: Review the Right to Buy Offer carefully and consider your options. If you decide to proceed with the purchase, you will need to accept the offer within the specified time limit, usually 12 weeks.
8. Arrange financing: Once you have accepted the Right to Buy Offer, you will need to arrange financing for the purchase. This can include obtaining a mortgage or using your own funds.
9. Complete the purchase: Work with your solicitor and mortgage lender to complete the purchase of your council property. This will involve legal processes, such as exchanging contracts and transferring ownership.

It is important to note that the application process may vary slightly depending on the specific council and the terms of the Right to Buy scheme in your area. Specialist Right to Buy solicitors can provide you with personalised advice and guidance throughout the application process.

How Can we Help ?

We are based in the centre of St Albans City. Our right to buy solicitors provide residential conveyancing services across the UK and our team can help you with your property transaction with a level of client care not offered by many conveyancing firms. Over the last 50 years we have built an enviable reputation – but don’t just take our word for it, take a look at what our clients say about us in our testimonials.

Please get in touch for a fixed fee conveyancing quote via the contact form or call us on 01727 869 293. (If you telephone us your call will be answered by a real person no recorded voice. saying press this and that number).