Councils right to buy back property timeline

alokdhari

Hello everyone,

The seller told us yesterday that the council has first right to buy their property as they bought from council about 6 years ago.

They have checked in with the council and the council is yet to come back to them.

May I ask:
1. How long does this take in general? The property is in Harrow, London
2. Will I be bound by the same covenant as well?
3. For any advice or things I should look out for.

I am a first time buyer and from India. So, don't really have a lot of people to give me general advice.

Many Thanks
A

heston2014

alokdhari wrote: »

Hello everyone,

The seller told us yesterday that the council has first right to buy their property as they bought from council about 6 years ago.

They have checked in with the council and the council is yet to come back to them.

May I ask:
1. How long does this take in general? The property is in Harrow, London
2. Will I be bound by the same covenant as well?
3. For any advice or things I should look out for.

I am a first time buyer and from India. So, don't really have a lot of people to give me general advice.

Many Thanks
A

The covenant is set for 10 years so you'd be bound by the same until it expires. The process to sell it back to the council involves:
- writing to the council serving the an offer notice by which the council would have 8 weeks to either accept or reject'
- if they accept, they would purchase the property at current market value and would be a 'cash' buyer which in total would take up to 20 weeks from offer notice to completion;
- if they reject (as they did with ours), they grant 12 months for you to sell on the open market;
- if not sold within 12 months, you start all over again if you decide to sell up in the future within the remainder of the term;

G_M

duckduckgo is great! All the answers........


https://www.norwich.gov.uk/info/20046/council_tenants/1130/right_to_buy_-_buy_back