Right to buy

fgaughan

How long do you have to be living in council house before you have to right to buy?

Any tips before buying? i know we are not gonna do it it before buying to keep the cost down but do anybody have any tips?

Penny-Pincher!!

Who has the Right to Buy?

You probably have the Right to Buy if you are a securetenant of a 'Right to Buy landlord'. The word 'landlord' is used in this booklet to cover all these different bodies.

If your secure tenancy was in existence before18 January 2005, or you were a public sector tenant before 18 January 2005 (and you have been a public sector tenant continuously since that time), you do not have the Right to Buy until you have spent at least 2 years as a public sector tenant. A public sector tenantis a tenant whose landlord is either a 'Right to Buy landlord'; or one of the public bodies listed under 'Other public bodies'.

For anyone else, you do not have the Right to Buy until you have spent at least 5 years as a public sector tenant.

You will only be able to purchase under the scheme if your house or flat is your only home and is self-contained.

You cannot buy your home if a court makes a possession order which says that you must leave your home. Neither can you buy your home if you are an undischarged bankrupt, have a bankruptcy petition pending against you, or have made an arrangement with creditors (people you owe money to) and you still owe them money.

You may be able to exercise the Right to Buy jointly with members of your family who have lived with you for the past 12 months, or with someone who is a joint tenant with you.

Any land let together with your home (for example, gardens and garages) will usually be treated as part of your home.
Qualifying period

Subject to these maximum limits, the amount of discount for which you are eligible depends on the time you have spent as a public sector tenant, with:

• your present landlord;
• another 'Right to Buy landlord';
• any of the public bodies listed.

If you must have spent 2 years as a public sector tenant in order to qualify for the Right to Buy, the discount available to you after two years is 32% for houses and 44% for flats. If you are buying a house, you are eligible for 1% more discount for each extra year, up to a maximum limit of 60%. If you are buying a flat, you are eligible for 2% more discount for each extra full year, up to a maximum limit of 70%. But, whatever percentage you are eligible for, your discount cannot be greater than the maximum discount for the area in which you live.

If you must have spent 5 years as a public sector tenant in order to qualify for the Right to Buy, the discount available to you after 5 years is 35% for houses and 50% for flats. If you are buying a house, you are eligible for 1% more discount for each extra year, up to a maximum limit of 60%. If you are buying a flat, you are eligible for 2% more discount for each extra full year, up to a maximum limit of 70%. But, whatever percentage you are eligible for, your discount cannot be greater than the maximum discount for the area in which you live.

The qualifying period for discount can include time spent in different homes and with different landlords. This doesn't have to be continuous, so long as it was a public sector tenancy. You may also be able to count a period when your husband or wife was a public sector tenant or lived in housing provided by the armed forces. If you lived with your parents after the age of 16 and you later became the tenant of the same house or flat, you may be able to count that time too.

If you are buying jointly with someone who has a qualifying period longer than yours, you will get their higher rate of discount (subject to the maximum limit for your area).

The table below gives some examples of the discount you could receive on a home worth £75,000. But you should note that you may not get the full amount of discount shown in the table because of the cash limits listed above.

Qualifying period

Houses

Flats/Maisonettes

2

32% £24,000

44% £33,000

5

35% £26,250

50% £37,500

10

40% £30,000

60% £38,000

15

45% £33,750

70% £38,000

20

50% £37,500

70% £38,000

25

55% £38,000

70% £38,000

30

60% £38,000

70% £38,000

Over 30

60% £38,000

70% £38,000




The info for the above is from website:
http://www.odpm.gov.uk/index.asp?id=1151285

titewad_2

You should also be aware than some councils now have a ceiling for the maximum discount you are entitled to.I had 17years tenancy when I bought last year but I was only allowed a maximum £24k discount.

robwend

i think its better to get out, my council paid me £23000 to ship out and buy on the open market!! best thing ive ever done coz we have just sold this house at a price the council house would never have reached, look into it alot of councils do that