Right to buy Discount

danmc_2

Hoping somebody can advise me, I have applied to buy my council house on the right to buy scheme & have just been accepted. I know the discount for five years is 35% and twenty years is 50%. The problem is I have only been in my home for four and a half years does anyone know if this means I wont recieve a discount at all or if I will get a reduced discount?. Any help would be greatly appreciated.
Thanks in advance.

Richard_Webster

There are cash limits on the amount of the discount which vary between £16K and I think £38K depending on the area so whatever percentage you qualify for you won't get more than the cash limit whatever happens.

danmc_2

Richard_Webster wrote: »

There are cash limits on the amount of the discount which vary between £16K and I think £38K depending on the area so whatever percentage you qualify for you won't get more than the cash limit whatever happens.

I'm aware of this already in my area the limit is 30k which doesn't really apply to me as my home is probably only worth 65k.

danmc_2

Thanks for all the help.

Rabiddog_2

Your local council will be able to tell you this, surely? and in more definite form.
The point is if you wait, the value of the prop might go down, therefore you end up paying less, plus you get your five year discount. Win, win (except for us council tax payers)

danmc_2

Rabiddog wrote: »

Your local council will be able to tell you this, surely? and in more definite form.
The point is if you wait, the value of the prop might go down, therefore you end up paying less, plus you get your five year discount. Win, win (except for us council tax payers)

I'm sorry but I resent the implication that because I live in council accomodation I musn't be a taxpayer. I am infact working and paying council tax.
If that wasn't your meaning I apologise.

Rabiddog_2

No I meant the fact that a presumably good Council house/flat is sold off (wrong IMO) and a discount is given (more wrong, IMO), nothing to do with your tax paying status.
So, I may have merely upset you in a different way.

rita-rabbit

discounts were capped several years ago & percentages as high as 50% are no longer applied - best to check with you local council

Alias_Omega

Were in the process of buying our house.

I have 7 years discount through living in armed forces accomodation, the wife has 4 years.

For my 7 years discount, we received £22,200 discount.

The house was £60,000, so we picked it up for £37,800. No deposit was needed. Mortgage pretty easy to get with the low LTV rate.